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EV TradingSports betting analysis · AFL / NRL / NBL

← The NBL model

The numbers

The out-of-sample numbers, with their intervals. Walk-forward accuracy over a decade, the 2025 holdout, the entry-timing diagnostic, and the equity curves. Handicap stakes are sized by the model's conviction. Pushes excluded; every interval is a ten-thousand-sample bootstrap.

Walk-forward accuracy

Against a naive baseline (predict the historical mean margin, with the historical spread) forecasting skill accumulates steadily, every season, including the two the model never saw. Per-season accuracy and interval coverage stay in a tight band.

2025 is the loosest season, at about 0.81 interval coverage against a 0.90 target: mildly over-confident. Nothing about 2025 was used to tune anything; this is what the model did on a clean season.

A line rising steadily from zero over the 2021–2025 NBL seasons, showing cumulative forecasting accuracy relative to a naive mean-margin baseline.
Cumulative accuracy gained over a naive baseline. Above zero and rising means the model adds real information.

Predicted vs actual

Plotting every predicted margin against what actually happened, with the model's own 50, 80 and 90% intervals drawn on: roughly the right share of results fall inside each band, across the whole range of predicted margins.

A scatter plot of predicted NBL margin against actual margin over 2021–2025, with the model's 50, 80 and 90% predictive interval bands shaded around the diagonal. The scatter widens as expected and the bands contain roughly the right share of points.
Predicted against actual margin, walk-forward 2021–2025, with the model's own intervals.

2024 and 2025

On the 2025 holdout the model's win probabilities sit close to the diagonal. The margin forecast for 2025 is slightly wide: the one blemish, and we report it as one. Nothing about the season was used to tune the model.

Two calibration curves for the model's home-win probability, one for the 2024 test season and one for the 2025 holdout. Both hug the diagonal; the 2025 line is close to perfectly calibrated.
The model's home-win probability against outcome, 2024 test season and untouched 2025 holdout. On the diagonal means the probabilities matched what happened.
SeasonMatchesMargin biasMargin CRPS90% interval cover
2024159+0.438.190.84
2025178-0.439.140.81

Entry timing

The model's claimed edge is flat across lead times and roughly equal for bets that eventually won and bets that eventually lost. What moves realised profit is when the bet is entered: it climbs steadily as entry moves from tip-off back to three or four days out. Earlier, the market's price reflects less of the idiosyncratic player and team news that sits outside the backtested model's scope, therefore an early bet is much less exposed to being adversely selected on information the model has not seen. The served strategy is defined by an entry window for that reason, and the backtested profit is a lower bound: live, the model is given the same team news the market has before it prices the bet.

Two panels. Left: the model's mean claimed edge is flat across entry windows and roughly equal for bets that won and bets that lost. Right: realised profit per unit rises from slightly negative at tip-off to strongly positive three to four days out.
Claimed edge is flat across entry windows; realised profit rises the earlier the bet is entered.

Equity curves

Every curve is plotted against the real calendar, each bet at its actual date, not against a bet counter. A bet-number axis silently compresses the off-season and the sparse weeks; against time, the flat stretches are calendar time with no served bet in it.

The served handicap curve is sized by the model's conviction: every served bet is still placed, but the stake ramps from a quarter-unit to a full unit as claimed edge rises. This was added because the worst drawdown under flat stakes traced to a clustered run of large prediction misses that no claimed-edge level or entry window could have isolated in advance. Excluding those bets would have meant knowing the outcome first. Sizing by conviction is decided purely from what is known before the bet resolves, and it cut the worst drawdown from about −25 units to about −15.9 with the edge intact.

Cumulative units for the served handicap bets against calendar time, 2024 through 2025, rising to about +69 units, worst drawdown near -16 units, the 2025 holdout marked partway along, a bootstrap band around the line.
Served handicap bets, out of sample, stake sized by model conviction.

Summary

A calibrated probabilistic model, checked out of sample across the 2016–2025 seasons (1459 matches) including one untouched holdout, with one pocket of betting edge that clears our bar: early-entry handicap bets, bootstrap interval excluding zero on the pooled sample and on each season on its own. Every figure on these pages is reproducible from the model's own frozen predictions and the recorded market history.

Two forces work against a static model from here: the irreducible noise in the sport, and a market we expect to price these games more efficiently over the coming seasons. We expect our own edge to widen against both: the served model already carries a live information layer the backtest cannot use, and the method behind it is still being extended.

BetsMatchesProfit / $ stakedWin rate95% interval
Handicap: all claimed-edge bets726275+11.7%57.6%[+3.6%, +15.9%]excludes zero
Handicap: served by our system532204+15.9%59.4%[+6.0%, +20.0%]excludes zero
Handicap: served, 2024 only24482+17.6%59.8%[+3.9%, +24.8%]excludes zero
Handicap: served, 2025 holdout only288122+14.4%59.0%[+1.9%, +21.5%]excludes zero
Handicap: bets the system did not serve19482+1.0%52.6%[-11.1%, +13.0%]