THE SCIENCE OF BETTING.
Mr C. Dodgson, mathematical lecturer at Christchurch, Oxford, writes to the * Pall Mall Gazette' that the rule of betting may be stated thus: — Write all the possible events in a column, placing opposite to each the odds offered against it ; this will give two columns of figures For the third column add together the odds in each ease, and find the least common multiple of all the numbers in this column. For the fourth column divide this least commou multiple by the several numbers in the third column. For the fifth and sixth columns multiply the original odds by the several numbers in the fourth column. These odds are to be given or taken according as the sum total of the sixth column is greater or less than the least common multiple. The last two columns give the relative, amounts to be invested in each bet—
An example will make this clear .— Suppose that in a race about to be run there are four horses in the betting, the odds being 3 to 2 on the favorite, which is equivalent to 2 to 3 against. The least common multiple of the third column is sixty, and the sum total of the last sixtyeight, and as this is greater than sixty, the odds in this ease are all to be given. Suppose, for example, that I multiply these columns by ten, and make the bets in pounds— that is, I take £360 to £240 on A, I give £480 to £120 against B, and so on. Now, suppose Cto win the race ; in this case I lose £500 and win £360 plus £120 phis £60 plus £40— equal £580. It will be found on trial that I win the same sum, £80, in each of the five events. If all betting men tried to work this system, they would be all either offering odds or taking odds on each event, and so no bets could be made. But the fact that this system of winning is ever possible arises from the fact tbat the odds are unevenly adjusted, so that they do not represent the real charces of the several events. Supposing this syßtem to be applied only in cases where the odds are evenly adjusted, the sum total of the sixth column would always be equal to the least common multiple, and thus, whether the odds were given or taken, ihe concluding entry in every bettiDg-book would be " gain equals loss equals nil" — a most desirable result.
12 3 4 5 6 A ... 2to 3 ... 5 ... 12 ... 24 to 36 B ... 4to 1 ... 5 ... 12 ... 48 to 12 C ... sto 1 ... 6 ... 10 ... 50 to 10 D ... 9to 1 ...10 ... 6 ... 54 to 6 Field ... 14 toi ...15 ... 4 ... 56 to 4
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https://paperspast.natlib.govt.nz/newspapers/BH18770413.2.33.2
Bibliographic details
Bruce Herald, Volume IX, Issue 897, 13 April 1877, Page 7
Word Count
466THE SCIENCE OF BETTING. Bruce Herald, Volume IX, Issue 897, 13 April 1877, Page 7
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