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RE: Riddle Me This! #2: SBD Earnings go to winner on payout.
Maybe he's betting which horse is going to lose. To his wife it might look like the "wrong horse" because it's not the one winning the race, but he needs to choose a losing horse in order to win.
Yes....and how does he make the bet? Elaborate a little more. Anyone can jump in here.
if he is betting on the last horse to finish the race then winning would be losing. 2:1 odds betting on same lame horse
You are very much on the right track. Look up "Lay" betting.
Oh my, I'm not sure how to explain it. But in horse races, only 1 horse it's going to win, so you have more odds of choosing any of the others that would lose. If for example, you have 10 horses in a race, and you back a bet for 1 horse winning, the odds are 1/9. However, if you bet that all of them would lose, you will win money for the 9 that actually lose and you will lose money for the horse that won. Still, the money made by the losing horses will be bigger than the money lost with the winner.
I'm going to give you and @artopium the vote. @artopium for getting it the closest to the specifics, and you for being 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?
Facts about gambling: the house always wins! :)
I have never heard about this before, so it's great to have learn something new. Thank you!