Backing Question
I am considering about backing a friend of mine, and have a couple questions.
We are going to do a deal where I would get 50% the winnings but have to cover his losses.
Say he lose $200 6x in a row but then cashes for 600. How much should I get back?
Should be getting paid 200, even though overall he is -800?
They are each +ev individually so, they don't collectively become -ev. Something just feels off.
I seem to remember Fossilman making a good post about this, but I can't find it. If anyone has a link that would be awesome.
Thanks,
Dan
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