Quote:
Originally Posted by rdiam
Use the formula EV = (Odds +1) x (Probability Estimate). Using your example, EV = (3+1) x (0.30), or 1.20. An EV =1.00 is breakeven, so you have +EV in your example.
Richard
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That’s a lot easier, doing the $1 EV than the $2 one... proof positive is that I messed my outcome up (I posted +0.30, should have been +0.40 for a $2 EV).
What about calculating EV on multiple contenders? Say I narrow the field down to 3 horses, and Horse A has a 30% chance at 3-1, Horse B a 20% chance at 7/2 and Horse C a 12% chance at 8-1? If I am to bet two out of those three to Win, how would I do so?