Odds vs Betting

[BIGRED]

Well, it seems my 4 flush question is going unanswered for some reason...

Let me ask another question. This is a more general question, so hopefully some of you will respond.

What's the math for figuring out the fair payout per unit bet if the chances of winning is x%.

[Henke]

I think Mano replied to your 4-flush question, and you got the calculations correct.

To turn a %-age into odds, use 1/x-1. So for your calculation: odds against one=1/0.35-1=1.86. A fair payout for a bet (meaning you're even money in the long run taking the bet) is the same as the odds. So if someone wants to make a side-bet that you'll get your flush with 2 cards to come, if they are laying you 1.86:1 you're about even money.

[Mano]

To convert from probability to odds:

Suppose you have a probability p of something happening. The odds of that thing happening are (p/(1-p)):1. The odds against that thing happening are ((p-1)/p), or just the reciprical. So for instance the odds of a something happening that has a .75 probability would be 3:1 in favor of it happening. If something has a .25 probability, the odds of it happening are 3:1 agianst it happening (.33:1 for).