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For example, a bet of £40 at 6 − 4 (fractional odds) will pay out £40 + £60 = £100. The equivalent decimal odds are 2.5; £40 × 2.5 = £100. We can convert fractional to decimal odds by the formula D = (b + a) ⁄ b. Hence, fractional odds of a − 1 (ie. b = 1) can be obtained from decimal odds by a = D − 1.
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Decimal odds are favoured by betting exchanges because they are the easiest to work with for trading, as they reflect the inverse of the probability of an outcome. [13] For example, a quoted odds of 5.00 equals to a probability of 1 / 5.00, that is 0.20 or 20%. Decimal odds are also known as European odds, digital odds or continental odds. [9]
Here's our handy — and downloadable — 2024 Kentucky Derby betting program to make placing bets at the Run for the Roses as smooth as a mint julep.
The mathematics of gambling is a collection of probability applications encountered in games of chance and can get included in game theory.From a mathematical point of view, the games of chance are experiments generating various types of aleatory events, and it is possible to calculate by using the properties of probability on a finite space of possibilities.
Since ,, =,, the probability of obtaining the score of 2 and the bonus ball is , = = %, approximate decimal odds of 1 in 81.2. The general formula for B {\displaystyle B} matching balls in a N {\displaystyle N} choose K {\displaystyle K} lottery with one bonus ball from the N {\displaystyle N} pool of balls is:
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