Rainbow said:
No, here is what I'm saying. If you bet 100 on a game, and won, then put 100 plus the winnings on the second game, won, then put 100 plus the winnings of the first two games on the third game.....at the end you would have 696 dollars. One hundred of it is yours, so the payout would be 5.96 to 1. This is assuming -110 on all three games.
If you had no juice on all the games it would go like this. Bet 100 and win 100 on the first game. Bet 200 and win 200 on the second game. Bet 400 and win 400 on the third game. You will have won 700, which is 7 to 1.
So, actually, the book does you a favor on 3 teamers and rounds up to 6 to 1, instead of 5.96.
Geesh,
The ACTUAL odds of hitting a 3-teamer is 7-1.
Based on normal -110, TRUE odds payout is indeed 5.96-1.
So the 6-1 FIXED odds from your bookie is slightly better than TRUE odds.
However, since the ACTUAL odds = 7-1 and your bookie pays 6-1, the house is capturing 12.5%.
They aren't in the business for free.
OB, a born and bred dumb hick, red-stater.
The ACTUAL odds of hitting a 3-teamer is 7-1.
Based on normal -110, TRUE odds payout is indeed 5.96-1.
So the 6-1 FIXED odds from your bookie is slightly better than TRUE odds.
However, since the ACTUAL odds = 7-1 and your bookie pays 6-1, the house is capturing 12.5%.
They aren't in the business for free.
OB, a born and bred dumb hick, red-stater.
What is confusing people here is that -110 attached. That really means nothing in terms of actual probability. -110, -120, -200 all generally arbitrary numbers attached by an outside HUMAN influence, not a true probability of an outcome.
When a book offers a prop on the coin flip at -110 or even -105, does that mean the probability is less than 50% either way? No, it hust means they are charging something to a person clueless enough to make the bet in the first place. Because they are charging 5 or 10 cents on something that has probably the most precise way of figuring odds. And something that only has two outcomes.
So asking the "odds' is a misnomer. The more correct question is what should the PAYOUT be at these odds. The actual probability of hitting it is pretty much impossible to figure out (in terms of sporting events anyways), since there are so many factors involved in getting a single win.
When a book offers a prop on the coin flip at -110 or even -105, does that mean the probability is less than 50% either way? No, it hust means they are charging something to a person clueless enough to make the bet in the first place. Because they are charging 5 or 10 cents on something that has probably the most precise way of figuring odds. And something that only has two outcomes.
So asking the "odds' is a misnomer. The more correct question is what should the PAYOUT be at these odds. The actual probability of hitting it is pretty much impossible to figure out (in terms of sporting events anyways), since there are so many factors involved in getting a single win.
With 10% Vig, the true odds are figured as follows:
Win First Wager: (1 + 1/1.1) = (1.9090909)
Win Second Wager: (1.9090909 +1.9090909/1.1) = (3.644628)
Win Third Wager: (3.644628 + 3.644628/1.1) = (6.97776)
True odds are the results of rolling over the original bet plus each successive winnings. Thus,
True Odds Are 6.97776 to 1
Win First Wager: (1 + 1/1.1) = (1.9090909)
Win Second Wager: (1.9090909 +1.9090909/1.1) = (3.644628)
Win Third Wager: (3.644628 + 3.644628/1.1) = (6.97776)
True odds are the results of rolling over the original bet plus each successive winnings. Thus,
True Odds Are 6.97776 to 1
Ted..and others. I know you know that odds is not the correct terminology. Payout is more accurate.
Odds always implies probability of happening, not the amout of hold a book takes. At least in this context.
True odds especially is not the correct terminology. True odds is most definately the expectation of something happening. Like flipping heads 3 times in a row. the true odds on that are 7-1. But if you parlayed 3 Superbowls in a row and bet heads every time and they held -110 the ODDS do not go to 5.97-1, they are still 7-1, because it is a true 50/50 propsition. The PAYOUT is 6-1. So they are robbing anyone that is betting on a con flip if they charge a dime, and most certainly robbing someone who compounds that mistake by parlaying it.
Odds always implies probability of happening, not the amout of hold a book takes. At least in this context.
True odds especially is not the correct terminology. True odds is most definately the expectation of something happening. Like flipping heads 3 times in a row. the true odds on that are 7-1. But if you parlayed 3 Superbowls in a row and bet heads every time and they held -110 the ODDS do not go to 5.97-1, they are still 7-1, because it is a true 50/50 propsition. The PAYOUT is 6-1. So they are robbing anyone that is betting on a con flip if they charge a dime, and most certainly robbing someone who compounds that mistake by parlaying it.
