Q1) Answer the following 3 part question (Show all your work) a). A horse named Dusty...

Q1) Answer the following 3 part question (Show all your work)

a). A horse named Dusty Diamond is going off at 9 – 2 in the 5th race at Woodbine. You bet $5 on him to win. If he wins, what’s your payout?

b) The over/under for the Saturday night game at Bodog is 54.5 and at BetUS is 51.5. If a better wanted to play it safe and minimize losses, how would they bet $100?

c) The total betting pool on the 7th race at Pimlico is $10000. The amount bet on Sugar is $3000 and the track has a take of 20%. Calculate the betting odds on Sugar.

Solutions

Expert Solution

a) The horse-trading quotes win-odds in numerical terms which show your profit against your wager. Dusty Diamond is quoting as 9-2 which means $9 will be profit for every $2 bet if the horse wins the race. A $5 bet will bring $22.5 as profit and $27.5 as a payout.

5 + ( ( 9 * 5 ) / 2 )
= 5 + ( 45 / 2 )
= 27.5

b) The better can split his $100 to bet on $50 under at Bodog while remaining $50 over at BetUs.
The better will have a breakeven if over 54.5 or under 51.5.
If it remains between over and under that is 5405 and 51.5 then the payout will $200 which includes $100 profit and $100 of the initial betting amount.

c) The calculation includes the pool money and 'take' which is 20% here.

Total pool: $10000
Amount bet on Sugar: $3000
Take amount: 20%

$10000 - ( 20%* 10000 ) = $8000
$8000 - $3000 = $5000
$5000 / $3000 = $1.67

It's actually odd is 1.67 but generally could be rounded off to 1.5 and mentioned as 3 - 2.
However, the payout is done on the basis of $1.67.

Rahul Sunny answered 1 year ago

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