I’ve always wondered about this. Thx bump!
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Speaking of brigands, there is a lot more gambling at a horse track, or OTB parlor, than just betting on which horse wins a race. Assume you and I have a side bet of $1000 as to who can pick the most winners, at a particular track, on a particular day. Just to make the numbers easier, there are ten races with ten horses in each race. I bet $2 on every horse to win. I’m wagering $200 knowing that I’m going to win all ten races (and realize that my winners must average payouts higher than 10 to 1 if I’m going to get my money back from the track). Unless you’re a really good handicapper or have matched my bets, the best you can hope for is a tie and then we’re both out $200. If you only pick nine winners (congratulations), I’m up $800.