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Fractional odds are written a − b (a/b or a to b), meaning a winning bettor will receive their money back plus a units for every b units they bet. Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. For example, a bet of £40 at 6 − 4 (fractional odds) will pay out £40 + £60 = £100.
Parlay bets are paid out at odds higher than the typical single game bet, but still below the "true" odds. For instance, a common two-team NFL parlay based entirely on the spread generally has a payout of 2.64:1. In reality, however, if one assumes that each single game bet is 50/50, the true payout should instead be 3:1.
The mathematics of gambling is a collection of probability applications encountered in games of chance and can get included in game theory.From a mathematical point of view, the games of chance are experiments generating various types of aleatory events, and it is possible to calculate by using the properties of probability on a finite space of possibilities.
Even if the gambler can tolerate betting ~1,000 times their original bet, a streak of 10 losses in a row has an ~11% chance of occurring in a string of 200 plays. Such a loss streak would likely wipe out the bettor, as 10 consecutive losses using the martingale strategy means a loss of 1,023x the original bet.
For example, a wheel bet of "3-all" in a given race picks the #3 horse to win, and any other horse in the field to finish second (each permutation being a single bet - thus, in this example, if there are 5 horses in the field, a "3-all wheel" would 4 bets). Quinella or Quiniela: [a] the bettor must pick the two horses that finish first and ...
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Straight/single Bet on a single number Entirely within the square for the chosen number Split Bet on two vertically/horizontally adjacent numbers (e.g. 14-17 or 8–9) On the edge shared by the numbers Street Bet on three consecutive numbers in a horizontal line (e.g. 7-8-9) On the outer edge of the number at either end of the line Corner/square
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