If I put $100 on a sports bet and win, the casino keeps 10% of the winnings. I get my picks from VIP sports... they take 40% of the winnings. If I were to make 10 bets, how many of the 10 would I have to hit to make a profit?
Basically for every $100 bet and won, I will profit $50
Ash
Favorite Answer
Let x = number of winning tickets
V = winning value = $50
C = cost of each ticket
n = total number of tickets
Expected value, E = Vx − (n−x)C
To make a profit we need E > 0
Vx − (10−x)C > 0
50x - ( 10 - x)100 > 0
50x - 1000 + 100x > 0
150x > 1000
x > 6.7
To make profit, you need to win 7 bets
billrussell42
how much did you win from the first "sports bet" ?