How to Calculate Odds and Payoffs By Jeff Gordon The primary forms of sports wagering involve either the final scoring differential of a game or the odds of a team or individual achieving something. When you lose a bet, you lose the money you risked. When you win, you get your stake back plus earnings often defined by the “moneyline” on the event. When a bet results in a “push” with neither the bettor or bookmaker winning you get your stake back minus the commission (or “vigorish”) the bookmaker collects. Never bet more than you can afford to lose. Be aware than sports gambling can become addictive.
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Psychologists, economists and historians are fascinated by the process of decision making because it says a lot about how humans interact, and by studying it, we can learn how to make the best decisions with the most favorable outcomes. Many studies have been performed on group decision making, and the results have all been fairly consistent. The experiments typically don’t involve social decisions, but are visual in nature because most researchers feel that simple visual recognition experiments eliminate bias.
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