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‘Betting
From Page 10
time and nobody really likes it because they don’t get to choose their own horse — you know, the pretty gray one, or the one with the funny name — and anybody can see that whoever wins the money is a matter of dumb luck. Wouldn’t you like to put the odds in your favor? Here’s how.
Become the bookie yourself. Yes, that means that you take on the risk that someone might get lucky and hit a longshot, but follow along and see if this looks as risky for you as it is for your friends:
Take along some Monopoly money, and sell it to anybody that wants to bet — at about $10 in play money for every dollar of real money.
Once everybody has a bankroll, you set the odds. Here is where you get mathematics working for you for a change.
In any event where there is going to be one winner, there are mathematical odds. For example, in a 10-horse field, the mathematical odds are 9-1 that any specific horse will win.
Now, of course, there is rarely a field that is so evenly matched that all the horses carry the same odds. So if one horse is looked on as having more of a chance, its odds might be 4-1 or less.
94.7%