simple expectation question

thedude4life · #1 05-20-2005, 02:12 AM

i layed 450-30 (15-1) against the sonics making the nba finals a while back. i had looked up the odds on bodog and saw that it was 18-1. having just won the bet i tried to figure my net profit and expectation given that 18-1 are the true odds.

i got the following

win 30 dollars 18 times for +540
lose 450 dollars 1 times for -450
net gain: 90 dollars

expectation: 90/19= +$4.74 positive expectation

did i do these calculations correctly? i have doubts since ive never done this before.

thanks

gaming_mouse · #2 05-20-2005, 02:20 AM

You can check it like this:

30*(18/19) - 450*(10/19)= 4.73684211

BruceZ · #3 05-20-2005, 02:21 AM

[ QUOTE ]
i layed 450-30 (15-1) against the sonics making the nba finals a while back. i had looked up the odds on bodog and saw that it was 18-1. having just won the bet i tried to figure my net profit and expectation given that 18-1 are the true odds.

i got the following

win 30 dollars 18 times for +540
lose 450 dollars 1 times for -450
net gain: 90 dollars

expectation: 90/19= +$4.74 positive expectation

did i do these calculations correctly? i have doubts since ive never done this before.

thanks

[/ QUOTE ]

Yes.