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RE: Riddle Me This! #2: SBD Earnings go to winner on payout.
He bets someone else double what he would lose on the horses. If he wins the horse bet he loses the bet with this other person. If he loses the horse bet, he wins the bet with the other person. He bets double the amount with the mystery person than what he bets on the horses. If he bets $1 on the horses he bets $2 with the mystery person. He makes sure to always pick a losing horse.
I'm going to give you and @hayleeng the vote. You for getting it the closest, and @hayleeng for the first to guess he was betting on a losing horse.
This is pretty much it. It's called lay betting, and he doubled his bet back on a losing horse by putting in a stake of 10 on the odds of his choice. He's not betting against another person, he's just saying what the odds are that the horse loses. You can put in a guess at the odds (anywhere from 1 - 10) and put a stake on the odds that this happens.
If he bets $50, then he's got to guess on odds of 10 with a stake of 10. If his horse loses, he gets $100 back.
If he bets $20, then he's got to guess on odds of 4 with a stake of 10. If his horse loses, he wins $40.
If he bets $30, then he's got to guess on odds of 6 with a stake of 10. If his horse loses, he wins $60. Doubles his money.
Hope that makes sense?
Right, this is what I meant. But since I've never actually bet on horses before I didn't know the terminology. ;) I went and looked up lay betting. I didn't even know you could make such a bet, hence my "mystery person" lol! And thanks for the riddle. I love riddles!