Tag Archives: expected value

Are you 100% sure? Betting for the same team.

Betting is often a good way of settling arguments: “I bet you so much that my sports team will beat yours”, can quickly lead to a resolution. But some of the most heated arguments are between people who completely agree with each other. So what happens when you want to gamble with someone else, but both of you want to bet on the same outcome?

You could bet on a particular score, or the timing of an event. But how about if the options are limited: is the correct direction to turn left or right? Or if you have identical views: the game will end in a nil-nil draw, or this party will win the election?

Here, the bet can go ahead as long as one of you is more sure than the other that they’re correct.  Continue reading

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Filed under Accessible, Maths in Life