Concept explainers
In sports betting odds are often given in terms of the profit on a $100 bet if your team wins. For example, if a team is listed as +130, that means if you bet $100 and win, you’ll get back $230: your original $100 plus a profit of $130. If the odds against a team winning are 5:1, it means that a $1 bet would return a total of $6, making a profit of $5. Use these facts in Exercises 43 and 44.
44. At the beginning of the 2011 Major League Baseball season, the four Las Vegas favorites to win the World Series were Philadelphia (3:1 odds against), Boston (9:2 odds against), New York Yankees (5:1 odds against), and San Francisco (15:1 odds against). According to the oddsmakers, (a) what was the probability of each team winning the World Series, and (b) how would the odds have been listed in terms of profit on a $100 bet?
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Math in Our World
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- Assuming you were lucky enough to win and the pay off odds were 35:1, how much money would you get back? Don't forget to include your original $5 bet in your payout.arrow_forwardOne casino offers only a 6:5 payout ratio for a Blackjack. How much money would you get back in total for a Blackjack if you bet $ 10 at this casino? Include the amount of your bet. For example -- if the payout ratio was 3:2 as usual, and you bet $ 10, you'd get a total of $ 25 back (win $ 3 for every $ 2 you bet, plus your money back).arrow_forwardIn monopoly, a player rolls two 6-sided dice and moves the sum of the values shown. If it's your turn to roll and a roll of 4 or 6 will mean you lose the game, what are the odds in favour of you losing on this roll?arrow_forward
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