FG: Galactic Overlord 14: Return of the Unbeaten Champion!

[Ljube]

Originally posted by civman2000
Final round of betting, folks!
Odds:
Kit Chuss 3:5
Mr. Y 3:2
Other 999:1

Civman, there will never be a bookie out of you. Who will bet on Kit Chuss with such odds? If I put 1 € on Chuss I get 60 cents? Ridiculous!

I used to work at a betting shop. Even the surest events had odds of at least 1.05, which means a return of 105% on the bet. Otherwise you don't need to include that event in your offer.

[Chaunk]

I wouldn't like to bet on either at those odds. They're truely terrible.

It's just too clear that the only winner with those odds is the house.

[Jaguar]

Originally posted by Jonny
Now Lady Luck is my only ally... and I'm not sure she's on my side yet.

For what it's worth, I'm pretty sure he has no shields.

Good luck, sir. You'll need it.

[Jonny]

What I need is for Joncha to be UDWOTed.

[Ljube]

Joncha sent his orders yesterday.

I'll process the turn later today.

[civman2000]

Originally posted by Ljube



Civman, there will never be a bookie out of you. Who will bet on Kit Chuss with such odds? If I put 1 € on Chuss I get 60 cents? Ridiculous!

I used to work at a betting shop. Even the surest events had odds of at least 1.05, which means a return of 105% on the bet. Otherwise you don't need to include that event in your offer.

The problem is that there are only two events (Events) left. Given that one is more likely than the other, if I want to make a profit I need to give a less than 100% return on the more likely one.

[Ljube]

You will never make a profit as a bookmaker.

You always give a more than 100% return on all possible bets because nobody will bet on less than 100% return bets and in addition to this you will look ridiculous.

Players might find this amusing at first, like I did the first few times you did a stunt like this, but eventually they will understand that you're not serious bookmaker and will stop coming to you.


The money you earn is from properly set odds. For instance, it is by no means a sure thing that joncha will win the final battle, in spite of all our Murrays.

So, you set odds of joncha winning at 1.2 and odds of jonny winning at 4.75. This way you attract people to bet on Jonny and hope joncha wins and you take all that money. The key is to set odds in such a way to balance the money at stake on each possible outcome.

[Chaunk]

Except you can't offer better than evens on a 2 horse race.

6:5 on joncha (i.e. bet 5 to win 6) and 4:1 (bet 1 to win 4) on Jonny is a sure loser for the bookies every time. If I put 20 on joncha, and 10 on jonny, then when joncha wins I get 24 winnings+my 20 stake-10 stake on jonny=34. If Jonny wins, I get 40winnings+10stake-20stake on joncha = 30. Win win for me, lose lose for the bookies.

Essentially, you'd need to stop taking bets on one to offer any sort of decent odds on the other. Otherwise it's a loss making move.

[Ljube]

Originally posted by civman2000
Power Rankings:
Kit Chuss: 334
Mr. Y: 303
Lord Vetko: 240
Ken Banobi: 133

Odds:
Kit Chuss 3:2
Mr. Y 5:3
Lord Vetko 4:1
Ken Banobi 10:1
Other 100:1

Come on, let's have some betting!

Also, these odds were terrible because the situation then was essentially the same as the situation now and you gave 150% return on money wagered on joncha!!!

That's really too much and will ruin you in a day or two when the time to pay comes.

[Ljube]

Originally posted by Chaunk
Except you can't offer better than evens on a 2 horse race.

6:5 on joncha (i.e. bet 5 to win 6) and 4:1 (bet 1 to win 4) on Jonny is a sure loser for the bookies every time. If I put 20 on joncha, and 10 on jonny, then when joncha wins I get 24 winnings+my 20 stake-10 stake on jonny=34. If Jonny wins, I get 40winnings+10stake-20stake on joncha = 30. Win win for me, lose lose for the bookies.

Essentially, you'd need to stop taking bets on one to offer any sort of decent odds on the other. Otherwise it's a loss making move.

That's not correct.

If I put 20 on joncha, and 10 on jonny, then when joncha wins I get 24 winnings+my 20 stake-10 stake on jonny=34 14

[Ljube]

The only chance for civman was to stop taking bets on joncha and only keep taking bets on Jonny.


But given his 3:2 odds on joncha's win a couple of rounds ago and the amount of money at stake there, I'd say he is pretty much ruined.

[Ljube]

Your win is what you get back. You never get back your stake.

[Chaunk]

Not so. That's why bookies can offer odds of less than evens.

[Ljube]

It all depends on how you define the odds, the stake, and the win.

[Spaced Cowboy]

And then what happened?