Gambling Odds. Use the definition of odds in betting to find the following odds. The odds...
Gambling Odds. Use the definition of odds in betting to find the following odds.
The odds on (against) your bet are 6 to 5. If you bet $20 and win, how much will you gain?
Homework Answers
The odds against your bet are 6 to 5. That is probability of winning is 5/11=0.4545
For every 5 dollars you bet you have a chance of winning 6 dollars here.
We are betting 20 dollars. 20/5=4. So we are betting 5*4 dollars and if we win we have a chance of winnng 6*4 dollars which is $24.
We gain $24 apart from our $20 bet money which we will get back.
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