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Boneheaded Bookie (Posted on 2005-11-26) Difficulty: 3 of 5
For the PerplexusBowl match between the Pascal Probabilities and the Random Results, a bookie was offering the following payoffs:

  • PP to win in normal time, 3 to 2
  • RR to win in normal time, 2 to 1
  • PP to win in overtime, 7 to 1
  • RR to win in overtime, 9 to 1

  • (The first line means that if you bet $2 on PP to win in normal time, and it does, you get your money back plus $3.)

    Without knowing anything about football or the involved teams or the actual probabilities, can you show why these payoffs are illogical?

    See The Solution Submitted by Federico Kereki    
    Rating: 4.0000 (5 votes)

    Comments: ( Back to comment list | You must be logged in to post comments.)
    re: better betting spree (with apologies to Vernon) | Comment 4 of 8 |
    (In reply to better betting spree (with apologies to Vernon) by Mindrod)

    Hi Mindy

    No need to apologise. I realised that my figures were not the optimum but were chosen for simplicity and were calculated without computer - calculator or even pencil and paper.

    Besides, if I offered my Australian bookie a bet of $308.87 to $772.17 she wouldn't take it. It's cash only and she doesn't accept coins!! Not that we have 1 or 2 cent coins anymore.

      Posted by Vernon Lewis on 2005-11-27 04:47:29
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