[tex] \quad\quad\quad\quad\huge\tt{Answer \: ☕}[/tex]
┈──────────────────────────┈
The formula looks like this:
- (Probability of Winning) x (Amount Won per Bet) – (Probability of Winning) x
- (Amount Won per Bet) – (Probability of Losing) x (Amount Lost per Bet).
So, in our example we would plug in these variables, a 50% chance of winning, winning $6, a 50% chance of losing, and $5 lost.
The formula for expected value =
- (fair win probability) x (profit if win) - (fair loss probability) x (stake).
This is the formula in the OddsJam sports betting expected value calculator.
[tex] \LARGE \tt{Example: \color{purple}{ Amount \: of \: Win}}[/tex]
┈──────────────────────────┈
[tex] \quad\quad\quad \large\tt{Solve \: for \: \color{red}{Amount \: of \: Win}}[/tex]
[tex] \quad\quad \quad\quad \large\tt{x = Amount \: of \: Win}[/tex]
_ _ _ _ _ _ _ _ _ _ _ _
[tex]\quad\quad\quad \implies\sf{0 = \frac{2}{3} * \times - .50} [/tex]
[tex]\quad\quad\quad\implies\tt{0 + .50 = \frac{2}{3}* \times - .50 + .50 }[/tex]
[tex]\quad\quad\quad\implies\tt{0 + .50 = \frac{2}{3} * \times + 0}[/tex]
[tex]\quad\quad\quad\implies \color{blue}\boxed{ \tt \color{red}{.50 = \frac{2}{3}* \times }}[/tex]
_ _ _ _ _ _ _ _ _ _ _ _
Therefore, the amount of win is [tex] \tt{.50 = \frac{2}{3}* \times }[/tex]
[tex] \large\tt{From: \: \#Brainly.PH}[/tex]
┈──────────────────────────┈
