The track sets the odds for a race based on the amounts wagered, to guarantee a track profit after paying the bettors. this profit is called the overround and is determined by subtracting 100 percent from the sum fo the percentage computed in the tables last column. What is the overrround for this race?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Odds of A to B against an
| odds against | win prob | win pct | |
| Siena Star | 20 to 1 | ||
| Jilly | 9 to 1 | ||
| Juan | 13 to 1 | ||
| Sport | 30 to 1 | ||
| Dinner | 7 to 2 | ||
| U O Me | 8 to 5 | ||
| Softstar | 3 to 2 | ||
| Sum |
The track sets the odds for a race based on the amounts wagered, to guarantee a track profit after paying the bettors. this profit is called the overround and is determined by subtracting 100 percent from the sum fo the percentage computed in the tables last column. What is the overrround for this race?
Given that, odds of A to B against an event means the probability of that event occurring is .
The win percentage win probability .
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