At the time you bet on horse races, the betting house will give you odds attache

Question

At the time you bet on horse races, the betting house will give you odds attached to each horse. They are called the betting odds. These odds are computed from the total amount of money bet on every horses up that time (the A ¢poor) and the odds will determine your payout if you bet on that horse and the race happens right now. If more money comes in then the odds might change. So of the odds on Bernoulli are 11 to 2 it means that your bet of $5 will pay you $ 32.5. The betting odds are computed as follows. The betting house take a percentage of the money ( %15 Ls about right) and redistribute all the rest to the winner. Assume that there are four horses and that the following amount of money has been betted on the horses. According to the amount bet by all the players compute the odds that each horse will win. What are the betting odds given to you by the betting house (assuming they take a %15 cut).

Explanation / Answer

(Betting odds vs odds) At the time you bet on horse races, the betting house will give you odds attached to every horse. They are called the betting odds. These odds are computed from the total amount of money bet on every horses up that time (the “pool”) and the odds will conclude your payout if you bet on that horse and the race happens right now. If more money comes in then the odds might change. So of the odds on Bernoulli are 11 to 2 it means that your bet of $5 will pay you $ 32.5. The betting odds are computed as follows. The betting house take a percentage of the money (%15 is about right) and restructure all the rest to the winner. Assume that there are four horses and that the following amount of money has been betted on the horses. Euler 525 Bernoulli 900 Laplace 225 Fourier 350

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