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Definition. Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed – in fixed-odds betting, the payout is agreed at the time the bet is sold. Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal.
Fixed-odds betting. Fixed-odds betting is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring.
Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. 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.
For example, if the team is +150, the decimal would be 150/100, or 1.5. So a $10 bet would pay $10 plus $15. Sports books typically use the odds to guarantee themselves a percentage of every ...
Spread betting is any of various types of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds (or money-line) betting or parimutuel betting . A point spread is a range of outcomes and the bet is whether the outcome will be above or below the ...
In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet) is a formula for sizing a bet. The Kelly bet size is found by maximizing the expected value of the logarithm of wealth, which is equivalent to maximizing the expected geometric growth rate. Assuming that the expected returns are known, the Kelly criterion leads to ...
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