It is different for every one, you are probably an exception with such a close ratio. For awhile mine was estimated 38 with 45 games won so it can have a pretty big difference.
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Reiterating what others have said; it's not that accurate at all.
Source: Me.
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I really don't know the formula behind it
Estimated wins is the sum of your chance of winning each giveaway you enter. Say you enter a giveaway with 49 other people, your chance of winning is 1/50, or 0.02. Enter 50 of those giveaways, and you're now at 50/50 or 1.0. That's your estimated wins. It doesn't guarantee you a win, but on average it'll be about right.
If you install SteamGifts Plus you can see your chance of winning each individual giveaway, and even filter it to only show giveaways above a certain win chance.
For me it's 11.29 estimated 12 won, and for a long time it was even closer than that.
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It calculates % of chances of you winning a giveaway, then transforms that % into a decimal number (ex: 1% = 0.01), and keeps summing them up. That's basically statistics: when you reach 1 win it's not marked by destiny or anything that you should have won one, but statistics say you're pretty close to.
EDIT, got ninja'd by the guy above me >:C
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I really don't know the formula behind it, but I have won 7 games now, almost exactly the same with my estimated wins (6.99). and this also happened when I won my 5th and 6th game. I guess it's just coincidences but still, pretty cool....
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