Question
Please help me with this :((( For fans of the England soccer team, this summer's European Championship ended in heartbreak and disappointment. But there is
Please help me with this :(((
For fans of the England soccer team, this summer's European Championship ended in heartbreak and disappointment. But there is always next year's World Cup to look forward to - assuming England can qualify.
The team made a decent stab at qualifying when they played Hungary in September 2021 and won the match 4-0.
Ahead of that game, bookmakers were taking bets on the three possible outcomes: a win for Hungary, a draw, or a win for England. The odds offered by three different bookies are shown in Table 1.
Table 1:Odds being offered on the Hungary v. England World Cup qualifying match.
Bookmaker A | Bookmaker B | Bookmaker C | |
Win for Hungary | 13/7 | 9/5 | 17/10 |
Draw | 2/1 | 7/3 | 9/4 |
Win for England | 15/8 | 19/10 | 33/17 |
If you were to bet on a win for Hungary with bookmaker C, the odds of 17/10 tell you that you would win 17 for every 10 bet you place should the team be successful. So, let's say you bet 20 on Hungary to win, and they do: the bookie would pay you 54 - that's your 20 bet returned plus 34 profit.
Now, imagine it is August 2021 - a month before the Hungary v. England game, so you have no idea who is going to win. But you do have 99 to bet with. Based on the odds given in the table, what bets should you place to guarantee yourself a profit? Remember, you don't know the outcome of the game, so this cannot inform your betting strategy.
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