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You think that the Chiefs have a 0.68 probability of beating the Cardinals in their opener. (The Cardinals therefore have a 1-.68 0.32 probability
You think that the Chiefs have a 0.68 probability of beating the Cardinals in their opener. (The Cardinals therefore have a 1-.68 0.32 probability of winning. You could bet $210 on the Chiefs for a chance at a $100 profit if the Chiefs win. You could also bet $100 on the Cardinals for a chance at a $175 profit if the Cardinals win. Assuming your probability estimate is accurate, which of the following should you do if you always take a bet where you have a positive expectation? Bet only on the Chiefs Bet only on the Cardinals Bet on both the Chiefs and the Cardinals Bet on neither the Chiefs nor the Cardinals
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