johnaldis on Nostr: In British odds, 2/1 means you get 2 if you win, and you pay 1 if you lose. Of ...
In British odds, 2/1 means you get 2 if you win, and you pay 1 if you lose. Of course, what you actually do is you buy a ticket for the price of 1 which is worth 3 on a win (and worthless otherwise). In order for that “3 on a win” to be even value for the price of 1, the implied probability is 1/3 (you need to win more than 1/3 of the time to make it worth taking the bet). Decimal odds are just “the amount a winning ticket you bought for 1 is worth” ((p + q)/q). 1/2 (npi)
Published at
2024-06-25 22:18:30Event JSON
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