2:1 odds means what?

[her209]

This probably sounds really stupid but help me understand this:

If I bet $1:
- I win $2 and get $2 back
- I win $2 and get $3 back

 

[TallBill]

You get 3 back. One for the bet, and the 2:1 odds payout.

 

[her209]

Originally posted by: TallBill
You get 3 back. One for the bet, and the 2:1 odds payout.

So if someone else takes the other side, i.e., they bet $2 and if they win, win $1, they get back $3. So how does the bookie make money?

 

[Miramonti]

Originally posted by: her209

Originally posted by: TallBill
You get 3 back. One for the bet, and the 2:1 odds payout.

So if someone else takes the other side, i.e., they bet $2 and if they win, win $1, they get back $3. So how does the bookie make money?

When I had bookies for baseball, there was always a spread, ie 2:1 if you take the favorite, and 2:3 if you take the underdog. I think Vegas simply keeps 10% off the winnings or something of the sort.

 

[her209]

Originally posted by: jjsole

Originally posted by: her209

Originally posted by: TallBill
You get 3 back. One for the bet, and the 2:1 odds payout.

So if someone else takes the other side, i.e., they bet $2 and if they win, win $1, they get back $3. So how does the bookie make money?

When I had bookies for baseball, there was always a spread, ie 2:1 if you take the favorite, and 2:3 if you take the underdog. I think Vegas simply keeps 10% off the winnings or something of the sort.

Ah, okay. That makes sense.

 

[MovingTarget]

Math! It works, bitches!