Question

Suppose you are playing a game of chance. If you bet $5 on a certain event, you will collect $115 (including your $5 bet) if you win. Find the odds used for determining the payoff.

Answer 1

If you bet $5 on a certain event, you will collect $115 (including your $5 bet) if you win.

So, if you lose the game, you lose $5 and if you win, you win 110$

We can relate these as:
`(110)/(5)=22`

So, 22 to 1 are the odds against winning.

You lose 22*$5=110 and you win $110 once.