[OOC] House Millithor in City of the Spider Queen
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Serpenteye
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If that's the case Laral would never make any money at all. Usually the odds would adjust to the amount of money being bet by each side so that the Arena never has to pay more to the winning side than he gets from the losing, and that's before he skims a bit off of the top to make his profit. I also believe that the final odds (determined when everyone has made their bets) of the fight apply to all those betting regardless of when they placed their bets, otherwise it would be impossible to weigh the odds so that the proprietor can be certain he doesn't screw himself.
Seonaid
Explorer
It could be, I suppose, but if Laral is smart about it, he doesn't "refund" what you give him, it's just part of your winnings. In essence, anything you bet is lost no matter if you win or not. (That's why gambling is usually a bad idea!Thels said:
)And the house should pay out based on the final odds. Not to mention the screwing over the house would get, the bookkeeping alone would be immense.
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Brother Shatterstone
Dark Moderator of PbP
I be honest I don't know allot about gambling but I was always under the impression that:
a) On a 1:3 bet your better 1 dollar and if you win you get 3 three.
b) On a 3:1 bet you got to bet three dollars to make 1 dollar.
c) You probably have to play some sort of "handling" fee when you first drop you bet so like a one dollar bet can really cost you like a 1 and a quarter or what not.
d) The odds don’t always change when you bet. Example I have a friend that bet 10 dollars on the Red Sox to win the World Series back in like July when the odds where 1:25. I’m sore the odds have changed a lot since then, but that doesn't change his odds. He's locked into 1:25 and has been the entire time.
a) On a 1:3 bet your better 1 dollar and if you win you get 3 three.
b) On a 3:1 bet you got to bet three dollars to make 1 dollar.
c) You probably have to play some sort of "handling" fee when you first drop you bet so like a one dollar bet can really cost you like a 1 and a quarter or what not.
d) The odds don’t always change when you bet. Example I have a friend that bet 10 dollars on the Red Sox to win the World Series back in like July when the odds where 1:25. I’m sore the odds have changed a lot since then, but that doesn't change his odds. He's locked into 1:25 and has been the entire time.
Seonaid
Explorer
Obviously, it's all at the discretion of the house, but usually it works like this:
You pay X amount. Now you're out X dollars. If you happen to win, you get Y amount. You've won Y - X dollars. You don't have to pay an entry fee for most gambling, because most of the time the house wins. Also, they aren't paying X times 3 (in these examples), because you've already put in X. I'm not real strong on math, but I guess that means they're paying X times 2. It's a loss, yes, but not as big of one.
Your assumptions (a and b) are correct (if the ratios are right), but the bettor is not really MAKING 3 dollars; s/he's making 2. Which is pretty much what you said.
As for the odds, now that it's being discussed, I'm not so sure how it goes. The way I remember it is that in "live action" betting (i.e., horse racing, etc., the kind we're interested in) bets were taken until the race/fight actually began, at which point the odds are locked in. Everyone who got a bet in before the official start of the match has the same odds, it just depends how much you bet. That way, if the favorite wins, the house doesn't get screwed over too badly. But like I said, I'm not really sure about that any more . . . And, obviously, every "house" is different and the way things are run is always different, even within the same day at the same location.
You pay X amount. Now you're out X dollars. If you happen to win, you get Y amount. You've won Y - X dollars. You don't have to pay an entry fee for most gambling, because most of the time the house wins. Also, they aren't paying X times 3 (in these examples), because you've already put in X. I'm not real strong on math, but I guess that means they're paying X times 2. It's a loss, yes, but not as big of one.
Your assumptions (a and b) are correct (if the ratios are right), but the bettor is not really MAKING 3 dollars; s/he's making 2. Which is pretty much what you said.
As for the odds, now that it's being discussed, I'm not so sure how it goes. The way I remember it is that in "live action" betting (i.e., horse racing, etc., the kind we're interested in) bets were taken until the race/fight actually began, at which point the odds are locked in. Everyone who got a bet in before the official start of the match has the same odds, it just depends how much you bet. That way, if the favorite wins, the house doesn't get screwed over too badly. But like I said, I'm not really sure about that any more . . . And, obviously, every "house" is different and the way things are run is always different, even within the same day at the same location.
Thels
First Post
There's normally not one value. A 3:1 ain't worth betting on. Say you invest 15gp, and you win, you get 5gp so even lost 10gp.
It could be that one side has 1:3 and the other side has 3:4 or something along that nature. You never get your investment back, only your winnings.
And when you bet, you bet using the values given at that exact moment. If they change later on, that doesn't affect you.
It could be that one side has 1:3 and the other side has 3:4 or something along that nature. You never get your investment back, only your winnings.
And when you bet, you bet using the values given at that exact moment. If they change later on, that doesn't affect you.
Serpenteye
First Post
Thels said:
But that theory wouldn't work if put into practice. Why would people make bets if even winning costs them more than the profit they take out of it? Places like Laral's couldn't operate like that.
This is how i think it works:
Say the odds are even, 1:1. If the people supporting one combatant bet 100gps, all those supporting the other side would have bet the same amount, otherwise the odds wouldn't be even. You bet 100, they bet 100. There is 200 gps in the pot, winner takes it all. You bet 100, you get 200, you make a 100% profit. The proprietor takes a percentage of the profit (from the 100gps you won)
Say the odds are 3:1. One side has bet three times as much money as the other. Side A has bet 100gps, Side B has bet 300gps. There is 400gps in the pot, the winner takes it all. If Side A wins they have Quadrupled their money, if Side B wins they have made a 25% profit and have 125% of their original wealth. (minus whatever percentage of the profits (the 25%) the proprietor takes)
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Serpenteye
First Post
Pyrex said:
A goblin, perhaps. They are less likely to be considered a threat, less likely to be suspected of spellcasting.
Endur
First Post
Laral runs it the way I said he did. The paperwork is not an issue. Laral has humanoid servants who will remember all of the bets.
With regards to how 3 to 1 odds works. When the Drow bet on Dariel who was favored, at 3 to 1 odds.
If you bet 15,000 on Dariel and win, you get your 15k back and collect 5,000.
If you bet 5,000 on the dwarf and win, you get your 5k back and collect 15,000.
If one person bet 15k on the drow and one person bet 5k on the dwarf, it works fine for Laral. If the drow wins (who should win), Laral breaks even. If there is an upset win for the dwarf, Laral still breaks even.
The key is to make sure that the money wagered on both sides is somewhat even, and to always change the odds when the money is out of balance.
Laral doesn't have to treat gambling as a profit center. Its ok if the gambling is run at a small loss. He just wants to avoid huge losses, which he has never faced before.
Besides, I never said Laral was a genius.
With regards to how 3 to 1 odds works. When the Drow bet on Dariel who was favored, at 3 to 1 odds.
If you bet 15,000 on Dariel and win, you get your 15k back and collect 5,000.
If you bet 5,000 on the dwarf and win, you get your 5k back and collect 15,000.
If one person bet 15k on the drow and one person bet 5k on the dwarf, it works fine for Laral. If the drow wins (who should win), Laral breaks even. If there is an upset win for the dwarf, Laral still breaks even.
The key is to make sure that the money wagered on both sides is somewhat even, and to always change the odds when the money is out of balance.
Laral doesn't have to treat gambling as a profit center. Its ok if the gambling is run at a small loss. He just wants to avoid huge losses, which he has never faced before.
Besides, I never said Laral was a genius.
Seonaid said:
Seonaid
Explorer
Endur said:
Sorry for disputing this with you; I'm not, actually.Maybe I'm being too paranoid and cautious, but wouldn't that mean worse trouble if someone just happens to be det magic-ing (or whatever) in that direction at that moment?Serpenteye said:
Oh, screw it, it probably doesn't matter. Only if a dwarf sees it will they find out (most likely), and we all know how dwarves and magic are. Right . . . 
(I'm a little tired, excuse my poor posting.
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