Part V: Are you a betting man (or machine)?
Part I • Part 
  II • Part III 
  • Part IV
One of the neat things about chess ratings is that they give us a way to calculate 
  the estimated odds of winning a chess event. If you were a frequent visitor 
  to the KasparovChess website during its three years of existence, you probably 
  read several of my tournament articles where I would calculate everyone's chance 
  to win, using statistical models and random simulations. I think I exhausted 
  every possible variation on the phrase "Garry Kasparov is the statistical 
  favorite to win...", because the highest-rated player in the world was 
  inevitably the favorite, whenever he played.
Based upon my latest statistical model, I have calculated that Kasparov is 
  indeed the statistical favorite again, with a 48% chance to win his four-game 
  match against X3D Fritz. There is a 30% chance for the match to end in a 2-2 
  draw, and a 22% chance for Fritz to win the match. 

Kasparov is the highest-rated human player on the planet, with a FIDE rating 
  of 2830. Computer ratings are much trickier to figure out, and there is no official 
  list which relates to games against humans. I have been working on this computer 
  rating problem for an entire year, and I am still very unclear on the best way 
  to solve it. David Levy and the ICGA (International Computer Games Association) 
  are sponsoring an effort to gather historical data about computer chess games, 
  in an attempt to calculate historical computer ratings, and that effort is the 
  source of most of my raw data. My best guess at this point is that Fritz's strength 
  is about 2760, relative to a top human player. Of course, these calculations 
  would all be very different if that guess turned out to be quite wrong.
Obviously, there are some very subjective factors which come into play when 
  trying to make a statistical prediction for this match. How much of a factor 
  will the virtual reality goggles be? And can Garry Kasparov overcome his natural 
  aggressive playing style, which seems particularly unsuited for play against 
  a strong computer, and instead play with the necessary amount of mechanical 
  precision? If you read Part IV, you will remember that historically, Kasparov 
  has performed considerably worse against computers than expected, which is not 
  a surprise given his inclination to sacrifice material and win brilliantly. 
  Ultimately, this is a subjective factor, and so I have decided upon a subjective 
  penalty of 45 rating points for Kasparov, under these particular match conditions.
Kasparov definitely gains a relative advantage through the shortness of the 
  match. As we saw in Part III, as a match drags on, the fatigue factor plays 
  an increasingly important role for the human player facing an untiring machine. 
  Even in a four-game match, fatigue will be an issue. I estimate that Kasparov 
  will play 40 points worse in Games Three and Four than he will in Games One 
  and Two. If there were a Game Five and Six, it would have been 130 points worse, 
  rather than 40.
Because of the fatigue factor, it will be important for Kasparov to capitalize 
  upon his opportunities in the first half of the match. If the match is tied 
  halfway through, Kasparov's chances to win the match drop from 48% down to 33%, 
  whereas Fritz's chances to win the match rise a little bit (up to 23%). At that 
  point a draw would become the most likely outcome of the match. Of course, if 
  someone actually does take the lead by the halfway point, they will become the 
  overwhelming favorite to win the match, with about a 70%-80% chance to hold 
  onto their lead until the end.
In chess it is very important to keep track of who has the white pieces, because 
  there is a definite advantage to the player who keeps the initiative in the 
  opening. It is tempting to say that everything will hinge upon who can manage 
  to win once with the white pieces. In that scenario, the two big questions are 
  "Will Kasparov manage to win once with White and draw the rest?" and 
  "Will Fritz manage to win once with White and draw the rest?" However, 
  I don't think it's quite that simple.
Admittedly, in Kasparov's twelve games against Deep Blue, the advantage of 
  the White pieces was very great, with White winning six games and Black merely 
  one game. However, the story changes in recent years, when you look at the top 
  grandmasters against the top computers. During Vladimir Kramnik's match a year 
  ago against Fritz, White won twice and Black won twice. In Kasparov's match 
  earlier this year against Junior, White won once and Black won once. These are 
  not isolated incidents; it seems that the advantage of the White pieces is much 
  smaller at the very highest level, when computers are involved. When top-20 
  humans play against each other, it's worth about 50 rating points to be White. 
  When they play against a computer, it's only worth half as much to be White.
Interestingly enough, you can see the same trend for Kasparov himself, when 
  he plays against human opponents rated 2700+. In the decade leading up to the 
  Deep Blue matches, Kasparov's games showed the standard pattern of a 50-point 
  rating advantage for White. Over the past five or six years, however, Kasparov 
  has stopped defeating his strongest opponents so frequently with the white pieces. 
  On the other hand, he also is losing less often to them when he has Black. This 
  implies that the initiative given to White is not quite as important in Kasparov's 
  games any more, and so the advantage of White is only worth about 35 points 
  when Kasparov plays a very strong opponent. Because of all of this, it looks 
  like a 50-50 chance that we will actually see somebody win a game with the black 
  pieces.
It is reasonably likely that we will see some decisive games. My calculations 
  show a 52% chance of at least two decisive games, and only a 13% chance of four 
  straight draws. Fritz has a 47% chance to gain at least one win, whereas Kasparov 
  has a 69% chance of winning at least one game. However, the ESPN2 viewers will 
  be disappointed to hear that there is a 97% chance that at least one of the 
  games will end in a draw…
Feel free to contact me regarding these articles at: jeff@chessmetrics.com