Gambling odds question
September 24, 2012 10:44 AM Subscribe
How would one (legally) take advantage of the change in odds of a given NFL team to win the Super Bowl?
posted by glenngulia to sports, hobbies, & recreation (6 answers total) 4 users marked this as a favorite
Say you placed a $100 bet before the season started on the Arizona Cardinals to win the Super Bowl. The odds were 150-to-1, so if they won, you'd win $15,000.
Currently, the Cardinals are 30-to-1 to win the Super Bowl. So the same $100 bet would only pay $3,000. If this was the stock market, you could trade out of your postion and pocket $12,000 (net of transaction costs).
However, since you cannot legally accept bets like a casino, what bet(s) could you make now to guarantee yourself something close to $12,000 (excluding transaction costs)?