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
Your “pot” analogy is spot on!
If I give you 2-1 odds. I am saying I will put $2 into the pot and you only have to put $1 in. The winner simply wins the pot. You can scale those numbers up proportionately to anything.
Latest Answers