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Assume you find 2 horses in a race, each who you estimate has a 25% chance to win the race. You want to bet both horses as a group, so let's say your wager is $2.00 on each horse for a total of $4.00. Your group has a 25+25=50% chance of winning, so half the time you will lose your $4.00. If you are looking for an EV = 1.00, you will need to win $4.00 the other half of the time. This implies your winning mutual must be $8.00, or odds of 3-1 on EACH horse. Average odds confuses the issue.
Richard
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