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Author Topic: A quick math/gambling-related question  (Read 390 times)

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Offline CysmaTopic starter

A quick math/gambling-related question
« on: November 15, 2009, 01:43:30 PM »
If you're betting on say, a horse race, for instance, and each horse has a different payout, would it be possible to bet a certain amount on every horse and turn a profit or at the very least break even with your winnings no matter which horse wins the race?

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Re: A quick math/gambling-related question
« Reply #1 on: November 15, 2009, 02:06:05 PM »
It would probably take a computer to calculate exactly how much to put on each horse...  After all, if a 50:1 horse won, then a dollar put on that horse would give you $49 that could have been distributed on all the other losing horses, while if a 2:1 horse won, each dollar that you bet on that horse would only give you a single dollar that could have been distributed on all the losing horses.

Offline OldSchoolGamer

Re: A quick math/gambling-related question
« Reply #2 on: November 15, 2009, 02:19:12 PM »
That would be an advanced calculus problem...you'd have to craft an equation and then take the first and possibly the second-order derivatives to determine the maximum profit. 

Trouble is, you're missing a key piece of data: the REAL odds of each horse, not what the handicappers believe.

Offline CysmaTopic starter

Re: A quick math/gambling-related question
« Reply #3 on: November 15, 2009, 02:40:56 PM »
Thanks. I was asking this question because I play a game called Kingdom of Loathing, and each week there's a tournament where you bet on 8 different fighters, each one with a different payoff. The payoff rates are subject to change up until the day of the tournament, however.

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Re: A quick math/gambling-related question
« Reply #4 on: November 15, 2009, 03:14:35 PM »
Horses or fighters, it's still going to go into advanced game-theory.