Gambling odds?

[AnnaMarie]

How do these things work. The odds change all the time. So, if you place a bet when the odds are 5-1, but by the end they are 3-2, which pays off?

I came across an article about Los Vegas odds on who will win American Idol. Each week the numbers change...well they would have go because each week there are less contestants. So, if you place a bet and that person gets eliminated obviously you lose your money. But, what if they win? Do you win the amount the odds were when you placed your bet, or the amount based on the odds of the last day?

 

[Bryan James]

As placed.

 

[fljoe0]

Whatever the odds were when you placed the bet is what the payoff is. The odds change depending on how many people are betting on one side. For instance you may see a football game that starts the week as New England -7 and drops to -5 by game time. That means that more people are betting against New England causing the point spread to drop.

 

[AnnaMarie]

thanks. That's what I thought, but got into a disagreement with someone. Since neither of us gamble, we could just argue in circles forever lol.

 

[blunthead]

thanks. That's what I thought, but got into a disagreement with someone. Since neither of us gamble, we could just argue in circles forever lol.

I'll still bet you wear the circle out first.

 

[GNTLGNT]

...I gamble, I lose...that's how it stacks up.....