If a game were "fair," the payoff on a bet would be the same as the odds for the event. In one game, the odds for winning are 1:13. If the game were "fair," what would the payoff be
for a $5 bet? Of course, games in casinos are designed to make a profit for the casino
investors. Supposing the casino makes the payoff at 1:11 odds, what profit does the casino
make on your winning bet?

Question

Quizplus · Accepted Answer

The Answer of If a game were "fair," the payoff on a bet would be the same as the odds for the event. In one game, the odds for winning are 1:13. If the game were "fair," what would the payoff be
for a $5 bet? Of course, games in casinos are designed to make a profit for the casino
investors. Supposing the casino makes the payoff at 1:11 odds, what profit does the casino
make on your winning bet?

If a Game Were "Fair," the Payoff on a Bet