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getting correct odds.....not poker

Viper_13

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Viper_13

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Since most poker players gamble in other areas, I was hoping someone could answer this.My friend and I each took a long-shot to win the superbowl. If both teams play each other in the superbowl and we want to split, what's the fairest way ?I have $100 on a 15/1. He has $200 on a 12/1.This is making my head hurt.

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ajs510

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Are you betting against each other, or are you looking to split your winnings from a Sportsbook between the two of you?If you're betting against each other, just take back the money you bet and be done with it. If you're looking to split the proceeds of both of your winning bets (why?), your bet will pay you $1500, his will pay $2400. Added together your total win is $3900, divided evenly is $1950 each. I probably don't understand the question, but that's the best I can do with the information you provided...

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Viper_13

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Yes, it is a bet at a sportsbook. If we our teams face each other, we were thinking about splitting the winnings so one of us wouldn't get shut out.The question was, to make the split "fair", how would it be done, taking into consideration the fact that my team was more of an underdog to win originally, and the fact that my friend's bet was $200 compared to my $100?Basically wondering, how do the original odds and the difference in the amount of our two bets affect the weight of the "split", as opposed to 50/50.

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ajs510

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Yes, it is a bet at a sportsbook. If we our teams face each other, we were thinking about splitting the winnings so one of us wouldn't get shut out.The question was, to make the split "fair", how would it be done, taking into consideration the fact that my team was more of an underdog to win originally, and the fact that my friend's bet was $200 compared to my $100?Basically wondering, how do the original odds and the difference in the amount of our two bets affect the weight of the "split", as opposed to 50/50.
If both teams make the Super Bowl and your team wins, you will earn $1500 on your original $100 investment ($1400 profit)If both teams make the Super Bowl and your friends team wins, he will earn $2400 on his original $200 investment ($2200 profit)I guess the fairest way to do this would be to make an agreement that whichever person wins will kick back a certain (pre-agreed) percentage of the profit from the win to the other person. That way, the odds against and the amount wagered aren't a factor (if you win, you take back your original bet before paying out the percentage, and vice-versa). Under this system, you would both earn a return regardless of the outcome of the game, and there would still be something to root for. I would say agreeing to split 25% of the outcome would be a fair deal:Your team wins = 25% of 1400 to your friend = $350You friend's team wins = 25% of $2200 to you = $550The winner still takes 75% of the end result:Your team wins, you get $1050 + $100 original investmentYour friends team wins, he gets $1650 + $200 original investment
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Shimmering Wang

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When they play, here's what you should do...Find a sportsbook that offers a moneyline, and figure out what they think the odds your team or his team will win. Say they're offering 2-11 on the Broncos over the Seahawks (or something).That means the Broncose are supposed to win 2/3 timesAnd the Seahawks should win 1/3 times.If you have 100 bucks on the Broncos at a 15-1 shot, your total equity is 1500 x .66, so 1000 bucksIf he has 200 bucks on the Seahawks at 12-1, his total equity is 2400 x .33 or 800 bucks.I think that means whatever happens, you should get 55% of the money (1000/800) in this case.So if the Broncos win, you split it 825/675And if the Seahawks win, you split it 1320/1080.This is just an example, but I'd use some matrix like thatWang

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goose

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When they play, here's what you should do...Find a sportsbook that offers a moneyline, and figure out what they think the odds your team or his team will win. Say they're offering 2-11 on the Broncos over the Seahawks (or something).That means the Broncose are supposed to win 2/3 timesAnd the Seahawks should win 1/3 times.If you have 100 bucks on the Broncos at a 15-1 shot, your total equity is 1500 x .66, so 1000 bucksIf he has 200 bucks on the Seahawks at 12-1, his total equity is 2400 x .33 or 800 bucks.I think that means whatever happens, you should get 55% of the money (1000/800) in this case.So if the Broncos win, you split it 825/675And if the Seahawks win, you split it 1320/1080.This is just an example, but I'd use some matrix like thatWang
go with this method, you have to look at what you put in relative to the odds....sure you friend could pony up twice as much as you, but when he bets on the colts he's risking much less than you betting your 1/2 his bet on the titans.sometimes when I come up against tough mathematical problems I search a university online, find a math or games theory prof, and then e-mail him my complicated question claiming I'm a student and it's for an independant project.You can save yourself a lot of legwork doing this.
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Shimmering Wang

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I search a university online, find a math or games theory prof, and then e-mail him my complicated question claiming I'm a student and it's for an independant project.You can save yourself a lot of legwork doing this.
This guy insinuated that I was a poker-tool recently, but this is a fantastic idea... That means I must REALLY like it.When I was in high school, I used to come up with intersting mathematical problems/ models/ questions, and whenever I needed help, I'd do something similar. I'm sure if you found a prob/stat type teacher he could give you the 100% correct answer to this question. You might have to explain to him the world of sports betting, etc, but he'd probably be a dork and just love it.Good idea, Gooze Gossage.WangPS- Seriously, I post all the time in the limit and microlimit sections. Look at the hand I posted today in the micro limit section; I like to think it's rather interesting
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goose

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I search a university online, find a math or games theory prof, and then e-mail him my complicated question claiming I'm a student and it's for an independant project.You can save yourself a lot of legwork doing this.
This guy insinuated that I was a poker-tool recently, but this is a fantastic idea... That means I must REALLY like it.When I was in high school, I used to come up with intersting mathematical problems/ models/ questions, and whenever I needed help, I'd do something similar. I'm sure if you found a prob/stat type teacher he could give you the 100% correct answer to this question. You might have to explain to him the world of sports betting, etc, but he'd probably be a dork and just love it.Good idea, Gooze Gossage.WangPS- Seriously, I post all the time in the limit and microlimit sections. Look at the hand I posted today in the micro limit section; I like to think it's rather interesting
it's creeping me out that you're still on about that post and you somehow know my last name.
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