Deriving the Relationship Between Quarter-by-Quarter and Game Victory Probabilities

In an earlier blog we estimated empirical relationships between Home Teams' success rate in each Quarter of the game and their Implicit Probability of Victory, as reflected in the TAB Bookmaker's pre-game prices. It turned out that this relationship appeared to be quite similar for all four Quarters, with the possible exception of the 3rd. We also showed that there was a near one-to-one relationship between the Home Team's Implicit Probability and its actual Victory Probability - in other words, that the TAB Bookmaker's forecasts were well-calibrated. Together, these results imply an empirical relationship between the Home Team's likelihood of winning a Quarter and its likelihood of winning an entire Game. In this blog I'm going to draw on a little probability theory to see if I can derive that relationship theoretically, largely from first principles.

