I always just nod my head when people start talking like “I’ll give you 2 to 1 odds,” but I definitely am not sure what they mean.
I THINK I do–so like if team A is playing team B, and I am trying to convince you to place a bet with me, and I am SOOO confident that team A will win, I might say, “I’ll give you 2 to 1 odds that team A wins,” it means if we both put $5 in the pot, and If I win, I’ll get $10 bucks back (my 5 and his 5), but if he wins he makes more than 10? Does he make $20?
In: 2
2 to 1 could mean you put 2 dollars to the pot, your friend puts 1. You have a chance to INCREASE your 2 dollars by 50%, getting a TOTAL of 150% of your original money, which is 3 dollars. While your friend can INCREASE their 1 dollar by 200%, getting a 300% return of 3 dollars.
Just to confuse you:
Should you ever travel, take note that the notation varies by culture. In many parts of Europe, the odds are displayed as a decimal number. To calculate your winnings, you multiply your bet with that decimal. So your odds would be 1.5, and your friends’ 3.0.
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