Woman bets whopping $223,000 on Clinton beating Trump in US election - despite never gambling before

The UK Mirror ^ | October 14, 2016 | Michael Muncaster

[zeugma]

Does this article infer somehow that the betting houses knew that Trump was going to have a higher probability of winning than HRC? The bet’s would have to at least give the House even odds of breaking even.

Actually, it implies there were many more people betting on Hillary winning than Trump. The odds are calculated on the number of takers for each side of the bet. This is why the house never loses.

[kanawa]

Wanker

Tosser

Pillock

[HartleyMBaldwin]

But the chance of winning is not necessarily (or even usually) the same as the chance of losing. This is what odds are all about.

If you do not understand this, you are far better off never placing any sort of bet.

[major-pelham]

Hahahaha - I’ve profited from many a wager in my day, far more than my share. Thanks for the advice though. Too funny.

[HartleyMBaldwin]

Hurray for you. Your posts certainly led me to believe that you knew nothing whatsoever about probability, thus the well-meant advice.