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

1 to 23

if 23 people put in $5 you get $115 as a total.

so 1:23 are the odds

Answer 2

Answer:

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: $\frac{110}{5}=22$

So, 22 to 1 are the odds against winning.

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