How likely are we to win big when gambling? Gambling is entirely centered around probability, the likeliness of a win or result. We bet on the likeliest result and cross our fingers for a result. Once every now and again, we will win, so how can it then be said that the bookies always win, because quite often a person wins their bet.
It is because the bookies decide the odds that they give out. They calculate the odds to ensure that they will make a profit on the bets they receive.
For example, in a game of Dundee F.C. versus Dundee United F.C. the odds of Dundee winning are 3/10, which means for every £10 bet only £3 is paid out, plus the initial bet.
For a draw the odds are 4/1, a £4 pay out, plus the initial bet. And for an away win 9/1, £9 payout plus the initial bet.
| Outcome | Bets | Odds |
| Home | £719.50 | 3/10 |
| Draw | £187 | 4/1 |
| Away | £93.50 | 9/1 |
| Total Bet | £1000 |
| Result | Bets | Payout | Amount | Profit |
| Home | £1000 | 719.50 x 3/10 | £935.35 | £64.65 |
| Draw | £1000 | 187 x 4/1 | £935 | £65 |
| Away | £1000 | 93.50 x 9/1 | £935 | £65 |
No matter what the result, there is always a return for the bookie. The mathematics behind this includes fractions, chance and probability, multiplication etc.
This relates to Liping Ma’s idea of multiple perspectives, however not mathematically. Here we are looking at the different aspects of gambling to gain a greater understanding of the foundational principles behind it. The effects for the person making the bet and the effects for the bookmakers.
In conclusion, the bookies do always win, and this is because they use their mathematical knowledge to ensure their odds are in favour of them. From this I have learned that I am studying the wrong profession, the bookmakers is evidently the way forward!
