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# Betting

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Based on the betting model in the Two-horse race_01.xls spreadsheet, prove that no matter what the posted odds and the bets received are, the expected loss/gain is always zero.

How can the bookmaker make sure he can earn a certain amount that is above the expected zero income from the betting?

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##### Solution Summary

Answers questions on payoffs from betting. The expert proves that no matter what the posted odds are.

##### Solution Preview

(1) Based on the betting model in the Two-horse race_01.xls spreadsheet, prove that no matter what the posted odds and the bets received are, the expected loss/gain is always zero.

Let the odds be n-to-m
Probability of first horse winning / second horse losing = m / (n+m)
Probability of first horse losing / second horse winning ...

##### Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

##### Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.