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Sat 11 Jan, 2014 05:24 pm
A man makes a bet at a fight that is 3 to 1. He puts in $3000 and wins $9000. I understand the basic idea of betting $3000 and winning $9000, but why couldn't he have won more if there were so many people making bets at the fight and most of those people bet against his fighter???
Please explain.
@wycliffe,
What the man wins depends on the odds. The odds are fixed by the bookmaker to account for the trend in betting and maximise his gain. If as you say "most people bet against the man's choice" the bookmaker
could have increased the odds at minimum risk to himself. It's up to the punter to shop around and get the best odds.
@fresco,
Also, the odds were 3 to 1 for the very reason that most of the money was bet against his fighter. Notice I stated money and not people. It's the amount of money bet that will determine the odds.
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