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An explanation of odds

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01-04-2007, 12:15 AM

k20

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Quote:

Originally Posted by blondie0420

Mostly I'm confused about the payouts. If my odds are 2/1 and I bet 500, I'll win 1000. I get that, it makes perfect sense. What I don't get is why anyone would bet if their odds were, say, 1/2 then betting 500 means you win 250, but even if you won you'd lose 250 anyway, right?

No, you divide your bet by the ratio. If the odds are 2/1 and you bet 500, you win 250 (500/2), if your odds are 1/2 and you bet 500, then you divide by .5 (1/2) you win 1000 on top of 500...

right?

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