It was just very weird and they were very. >> [LAUGH] >> They did not like what I was doing in the least and it kind of showed that there was something else going on. Andreas, yes, there are many many upper cuts.
We'll talk mainly about these. We'll get into the other ones a little bit. There has been an increase in okay. Linda will get beat out if that person Makes first place. A place that will pay up if a person wins first or second place. A show bet will pay up if the horse wins first, second, or third. So this is really important because people misinterpret these bets all of the time. We'll do this example real quick. When placing show bets for this we have furling speed, fast familiar last Can the slope though and we're looking at the pools here. Right? The wind pool, the place pool and the show pool. I'm not going to show the actual calculations but if you do this right the one force wind, it's the last chance for second. Capacitor is third place. This is what the pay on sulphur weight. Now in the parentheses indicates the actual value of what should happen, It's always rounded to the nearest five to zero cent, because that's kind of the. There's a technical term for it. I forgot it. But yeah, it'll always reduce down to the. So you see here, Win, Place, and Show. And in general this is how it looks. We'll see the example but early, if you had a dollar ticket, and obviously would be $1.85. Place, $1.60. 2.05 for show. What's funny there? >> Seems like Joe is >> [INAUDIBLE] >> Some of that math problem [INAUDIBLE] yes. >> [LAUGH] >> Yes there is something strange going on here right? With the $1 win method there's only one way to win with that. However, we only made $1.85 on our $1 win. $1 Show method there is actually three ways to win Right the horse came first second or third. This kind of leads to our first real misconception that a lot of people have. They think that these bets are for that specific race and not the ones above. Right? This happens quite often and this is actually an actual technical term in the stock market >> Called arbitrage. Arbitrage for investments are the simultaneous purchase and sale of an asset in order to profit from a difference in the price. So if exactly what we're doing, right? We're not buying and selling this thing immediately, what's actually happening is we have something from the same price, but different risk bluffs, right? Different risk of not winning or winning [INAUDIBLE] so whenever this thing happens, trend two. Win, place, and show pools should all be proportional to each other, right? If a horse is a favorite to win, you should see their, you know, show pool being kind of the favorite, as well, right? Because that's proportional. If it's not, then you get a situation like. Like this, right? Where that show pool was really under that. So that shouldn't more of that. So this leads us to our trend two with the show pool, under that as we saw on the show pool in Yeah? >> So the reason that the show pool was overvalued, or under bet, is the people doing the betting. >> Exactly. >> Some of the public did not realize what was going on, it's not [INAUDIBLE] >> No, no, no, no. We'll talk about the track's involvement a little later on, but yet, that's kind of the core issue here, we're betting against other people, and their misconceptions of what these bets may or may not [INAUDIBLE] So that's kind of the core idea, we're betting against everyone else and their information.
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March 2019
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