Question

In the game of craps, placing a bet that the shooter will roll a 5 pays 7:5. What is the net payoff for a person who bets $55 on the number 5 and wins?

The door prize at a party with 25 people is given by writing numbers 1 through 25 on the bottom of the paper plates used. What are the odds in favor of winning the door prize?

Answer 1

1.

payoff = (bet amount)*(payoff odds)

= $ 55*7/5

= $ 77

net payoff = payoff - bet amount

= $ 77 - 55

net payoff = $ 22

2.

odds in favour = no. of ways of winning : no. of ways of loosing

odds in favour = 1 : 24

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