My Math Forum  

Go Back   My Math Forum > High School Math Forum > Probability and Statistics

Probability and Statistics Basic Probability and Statistics Math Forum


Reply
 
LinkBack Thread Tools Display Modes
February 2nd, 2018, 04:26 AM   #1
Newbie
 
Joined: Feb 2018
From: Ocala

Posts: 7
Thanks: 0

Can you calculate how to do this?

I bet your math skills can't help me, but maybe I'm wrong and there's a genius out there. Let's see. Can anyone show me how to make a profit from the following scenario?

Scenario: I bet \$1 each on 8 favorites in 8 horse races and I get 4 winners and 4 losers...

Race 1: Win: Dividend \$1.50

Race 2: Loss

Race 3: Win: Dividend \$1.50

Race 4: Win: Dividend \$1.50

Race 5: Win: Dividend \$1.50

Race 6: Loss

Race 7: Loss

Race 8: Loss

The question is ...... \$8 in total is invested, and the total return is \$6 ..... so using creative mathematics how can I produce a return from these 8 results that amounts to more than \$8? I reckon there's some mathematical way to do it.

The 4 bets are not allowed to be increased and must remain at \$1, and the dividends must remain at \$1.50 per win, and the precise order of the wins must remain. All bets are for the win only and no other types of bets allowed.

Can anyone do it? Most people would say "the dividends add up to \$6, so that's the maximum return you can get for \$1 bets". I need a mathematical genius to find a way to do it.

Last edited by skipjack; February 2nd, 2018 at 04:54 AM.
Jumbo is offline  
 
February 2nd, 2018, 05:37 AM   #2
Senior Member
 
Joined: Oct 2009

Posts: 436
Thanks: 147

Can't be done. Mathematically it can be rigorously proven by the martingale optional stopping theorem that this is an impossibility.

https://en.wikipedia.org/wiki/Optional_stopping_theorem
Micrm@ss is offline  
February 2nd, 2018, 05:46 AM   #3
SDK
Senior Member
 
Joined: Sep 2016
From: USA

Posts: 413
Thanks: 227

Math Focus: Dynamical systems, analytic function theory, numerics
Quote:
Originally Posted by Jumbo View Post
Can anyone do it? Most people would say "the dividends add up to \$6, so that's the maximum return you can get for \$1 bets". I need a mathematical genius to find a way to do it.
I figured out a way.
\[1.50 + 1.50 + 1.50 + 1.50 = 8\]
I guess I'm a genius. Mom will be so proud.
SDK is offline  
February 2nd, 2018, 12:48 PM   #4
Global Moderator
 
Joined: May 2007

Posts: 6,555
Thanks: 599

Don't bet on losers!
mathman is offline  
February 2nd, 2018, 01:01 PM   #5
Senior Member
 
Joined: Aug 2012

Posts: 1,971
Thanks: 550

Quote:
Originally Posted by Jumbo View Post
The question is ...... \$8 in total is invested, and the total return is \$6 ..... so using creative mathematics how can I produce a return from these 8 results that amounts to more than \$8?
Invest the six bucks in bitcoin and HODL!
Maschke is offline  
Reply

  My Math Forum > High School Math Forum > Probability and Statistics

Tags
calculate



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
Help me calculate this moralvirus Algebra 2 November 28th, 2012 05:22 PM
How do I calculate this? KM_ Applied Math 1 August 7th, 2010 09:20 AM
Calculate F'(x) 450081592 Calculus 2 January 18th, 2010 03:52 PM
how calculate Espanol Algebra 3 April 2nd, 2009 10:03 PM
Calculate x as a % of y? zudecke Abstract Algebra 1 December 31st, 1969 04:00 PM





Copyright © 2018 My Math Forum. All rights reserved.