Question \#2: Gambling in Sports [22 Points] When a casino accepts a point spread bet, it gives the bettor the odds of 11 to 10 . In other words, for every $11 dollars the bettor wagers, the bettor will win $10. Suppose that Sky River Casino has collected bets on the Kansas City Chiefs - Buffalo Bills game. Assume that the Bills are favored by 3 points over the Chiefs. (a) Suppose that Golden Gate Casino has collected a total of $31944 in wagers on the game and gamblers have bet equal sums on both sides. $15972 has been bet on the Bills and $15972 has been bet on the Chiefs. If the final score of the game is Bills 30 and Chiefs 28 how much profit will the casino earn? [8 Points] (b) Suppose that the casino has collected a total of $31,944 in wagers on the game but gamblers have not equal sums on both sides. Suppose that $19,283 has been bet on the Chiefs and only $12,661 has been bet on the Bills. (i) Calculate the casino's profit if the final score is the Bills 30 and Chiefs 28. [7 Points] (ii) Calculate the casino's profit if the final score is the Bills 42 and Chiefs 20. [7 Points]