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
If I give you 2 to 1 then I’m saying “For every 1 you offer, I’ll give you 2 in return if you win”.
Say we’re going to flip a coin. If it lands heads then you give me £1. If it lands tails I’ll give you £2.
If instead you put £5 in, then I’d be giving you £10 (that’s 2 of mine for each 1 of yours). If you put in £13.49 then I’ll give you £26.98.
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