Justin places a bet on the Steelers to win the Superbowl. The odds are 2:3.
Find P(Steelers win)
Odds in favor = Success : failure
P(Odds in favor) = Success / (Success + failure )
So,
P(Steelers win) = 2 / (2+3)
= 2/5
= 0.4
Justin places a bet on the Steelers to win the Superbowl. The odds are 2:3. Find...
The odds on (against) your bet are 1 to 6. If you bet $24 and win, how much will you get?
. Finite Probability Spacea). In a swimming race, the odds that A will win are 5 to 6 and the odds that B will win are 3 to 4. Find the probability p and the odds that A or B wirus the race.
1. Consider a bet with 2.1.1 odds. This means that if you wager $1, you get back $2.10 if you win and $0 if you lose. Assume you start with $1 and place a single $1 bet. Let the RV X denote the change in your final wealth, i.e., P(X € (-1,1.1}) = 1. (a) (2 points) If the probability of winning is 45%, find your expected change in wealth E(X). (b) (2 points) If the probability of winning is...
3. A player has $2.They bet 1 at a tive and win 1 wrth probobility p .The player stops playing wten tey lose $2,or win 4.Whct is the probabil ty te (a)ployer loses their maney at he end ot tre plays? (b) gare lasts rore than saer plays Hint: PO 0, 0,1,0, 0, o, o 2 3. A player has $2.They bet 1 at a tive and win 1 wrth probobility p .The player stops playing wten tey lose $2,or...
2. (BONUS) The any 7 bet is a one roll bet that the next roll is 7, otherwise the bet is lost. The payoff odds are 4 to 1. Find the house advantage Ho.
Question 6 Write the correct values in the boxes. For this question, working is not required and will not be marked. Two of many kinds of bets you can make on a horse race are Win' and 'Place'. In each of these you nominate a horse, say 'Neddy', pay some money (your 'stake) and maybe get some money back (your 'payout'). The payout, if paid, is stakexodds, where 'odds is a number greater than 1 specified by the betting agency....
Question Write the correct values in the boxes. For this question, working is not required and will not be marked Two of many kinds of bets you can make on a horse race are ‘win, and Place. In each of these you noininate往horse, say 'Neddy', pay some money (your ‘stake') and maybe get some money back (your 'payout'). The payout, if paid, is stakexodds, where 'odds is a number greater than 1 specified by the betting agency. The odds number...
Question 2.9 lt Wieelr With a bet of $5 on black and a bet of $2 on the specific group of four numbers pictured in Figure 2.1 (13, 14, 16, 17). What is the bettor's expectation on this combined bet? Conclude, as suggested in the text, that the bettor's expected loss is 5.26 cents for every dollar bet. 2.9 A European roulette wheel has 37 sectors including a zero but no double zero. Furthermore if the zero comes up, any...
Sometimes probability statements are expressed in terms of odds. The odds in favor of an event A is the following ratio. P(A)/P(not A) = P(A)/P(A^c) For instance, if P(A) = 0.60, then P(A^C) = 0.40 and the odds in favor of A are 0.60/0.40 = 6/4 = 3/2, written as 3 to 2 or 3:2. Show that if we are given the odds in favor of event A as n:m, the probability of event A is given by the following....
A local amateur ice skater estimates that the probability she will place first in the next regional competition is 0.60. What are the odds she will win this competition? a) 3 to 2 b) 7 to 3 c) 3 to 8 d) 2 to 3 e) 8 to 3 f) None of the above.