I’m not exactly sure how to word this, but this is what I’m going for:
My friends and I are having a golf tournament (around 40 people total) and we want to set betting lines for everyone as nearly everyone is into sports betting. Friends who aren’t participating will be putting small bets on players mostly as a joke but we’d like to make it fair.
Our first attempt had everyone somewhere between +500 and +2000 although I know for a fact these lines are mostly too low and the implied probabilities of everyone winning sum to way above 100%.
Is there a mathematical way to set this up where the odds are realistic and wouldn’t provide an edge to either bettors or the house? For some reason we can’t seem to figure out a way to do this. American odds are confusing to begin with. Any help or guidance is appreciated. Thanks!
In: Mathematics
Let the market decide. Auction off each player, whoever buys the winner gets all the money raised from the auction.
Latest Answers