I really have no clue here.
Thus, say RKC gets the odds 6-4 of winning boston, does that mean that his chance of winning are 4 out of 6, aka two from 3, aka 2/3, aka about 66 percent??
And RKC small, say, has odds of 25-1 is like stating 4 from 100, aka 4 percent????? If so, who the hell came up with these odds? The Brojos pulled these numbers for the sake of it and sat together for a pint?
For helping me out, thanks. Will return to toddler play group.
You have made it pretty close. But what those listed chances are really saying is when the odds are N-M is a successful wager of dollars will win you N dollars. So 25-1 means you bet 1 dollar on RKC, he wins, you win $25. Not the odds of them winning since the house pads it into their own favor.
Who sets the worth? Originally a statistician or”bookmaker”, but as folks actually place bets the odds shift in favor of whoever is getting the maximum bets placed on them and from people not being bet on, so the home proceeds to minimize its chances of losing money as consensus assembles one of those putting their money at stake.
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