In a message dated 1/20/02 9:20:07 AM, jalmar_at_... writes:
<< I've co-written a scenario which partially parodies the Garhound Contests, but know nothing about gambling and want to create some odds >>
Start with all the odds adding up to 100%, then figure out what the house cut is on top of that (in racing it is usually 20-40%) and rejigger the odds. Remember from the point of view of the house, odds are designed to make sure they make money no matter what the outcome is. If some odds change, the others (not necessarily all of them) will change too, to keep the house ahead no matter what.
Of course, if there is no single house, you can "shop" around and get different odds, but the general formula still applies. Individuals usually offer worse odds on the top prospects and better odds on the worse ones, for the reason that they can't count on everything balancing at the end (not a balanced betting pool). And, of course, if an individual loses, he may skedaddle without paying off, a prospect for more fun, as the heroes win their long-shot bet, and then find that the guy they bet with has decamped.
Best -- Jim Chapin
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