The Math Forum

Search All of the Math Forum:

Views expressed in these public forums are not endorsed by NCTM or The Math Forum.

Math Forum » Discussions » sci.math.* » sci.math

Notice: We are no longer accepting new posts, but the forums will continue to be readable.

Topic: probability question about the dice game
Replies: 11   Last Post: Feb 18, 2013 10:43 AM

Advanced Search

Back to Topic List Back to Topic List Jump to Tree View Jump to Tree View   Messages: [ Previous | Next ]

Posts: 780
Registered: 7/12/10
Re: probability question about the dice game
Posted: Feb 16, 2013 8:45 AM
  Click to see the message monospaced in plain text Plain Text   Click to reply to this topic Reply

Staying with the theme of odds terminology, but moving away from the argument, in UK bookmaking, if there are two possible choices, and one of the choices is 1/1, the other event will probably be 8/11. In other words, if you bet 11 units on the more likely choice and win your bet, you will make a profit of 8 units. If a bookmaker says "evens" in this context, they probably mean the less likely 1/1 choice. If two events are equally probable, the most common bookmaking (or "pricing" as it is called in the trade) is to make the two events both 5/6. (Bet 6 and make a profit of 5 if you win). If there is an enormous amount of pressure from competing bookmakers, 10/11 10/11 is an option but this is rarer. If both events give the same payoff, and are therefore both considered equally likely, this is referred to as "pick". In summary, "evens" usually means about 46% probability in bookmaking argot, and "pick" means 50% probability.

Paul Epstein

Point your RSS reader here for a feed of the latest messages in this topic.

[Privacy Policy] [Terms of Use]

© The Math Forum at NCTM 1994-2018. All Rights Reserved.