Determine the number of outcomes that comprise the specified event.
-Suppose you are playing a game of chance. If you bet $5 on a certain event, you will collect $150 (including your $5 bet)if you win. Find the odds used for determining the payoff.
A)29 to 1
B)30 to 1
C)150 to 155
D)1 to 29

Question

Determine the number of outcomes that comprise the specified event.
-Suppose you are playing a game of chance. If you bet $5 on a certain event, you will collect $150 (including your $5 bet)if you win. Find the odds used for determining the payoff. 
A)29 to 1
B)30 to 1
C)150 to 155
D)1 to 29

Quizplus · Accepted Answer

The payoff is $150, including the original $5 bet, meaning the profit is $145. The odds are calculated based on the profit versus the original bet. Since you bet $5 to win $145, the casino is essentially saying the odds of the event happening are 29 to 1 against you. This is because for every $5 bet, the payout is as if you had bet on something 29 times and won once, hence 29 to 1.

Determine the Number of Outcomes That Comprise the Specified Event