Responsible gambling - Consumer Affairs Victoria
Responsible gambling - Consumer Affairs Victoria
Responsible gambling - Consumer Affairs Victoria
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CONTINUED<br />
B2<br />
Understanding the odds<br />
a) Imagine that the following was paid out for the New Year’s Races, Race 7:<br />
Race 7 Win Place<br />
Horse 4 – It’s a Wonder 18.00 4.00<br />
Horse 8 – Happy Days 1.40<br />
Horse 10 – My Way 1.80<br />
Horse 1 – Just in Time 0.00<br />
Quinella – 4 and 8 paid $54.00 for a $1 investment<br />
Trifecta – 4, 8, 10 paid $250.00 for a $1 investment<br />
First Four – 4, 8, 10, 1 paid $3500.00 for a $1 investment<br />
GAMBLER’S HELP LINE<br />
50<br />
<strong>Responsible</strong> Gambling | Section B: Gambling as a social activity<br />
<strong>Consumer</strong> <strong>Affairs</strong> <strong>Victoria</strong> | consumer.vic.gov.au<br />
Does it appear that It’s a Wonder was expected to win? Explain your answer.<br />
b) Why are the payouts more for a win and less for a place?<br />
c) What is the difference in payout between the Quinella, Trifecta and First Four? Explain this<br />
difference in terms of the chance. What kind of bets are the riskier bets?<br />
d) The dividend for Its a Wonder indicates its odds were 19 ⁄ 1 . This means it was only expected to win<br />
once (1) and lose 19 times (19) every 20 starts (1+19). How would this influence considering betting<br />
on it to win?<br />
e) Was the run by Its a Wonder luck? Explain your answer.<br />
1800 858 858 www.problem<strong>gambling</strong>.vic.gov.au
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