its for a project for algebra 2
2006-09-19 05:30:47 · 3 answers · asked by Rosie M 1 in Science & Mathematics ➔ Mathematics
Algebra is used to determine how much money is to be paid out at the end of the race. There are various types of bets that can be placed on a horse race, and each particular bet has a given set of odds, and each group of odds has a pool of cash. Many years ago, the track had to do all the calculations by hand before paying out the money to winners. Today a computer does all the calculations.
2006-09-19 05:43:51 · answer #1 · answered by cyrenaica 6 · 1⤊ 0⤋
The total money paid out for the win, place or show is dependant on the money wagered. Unfortunately for math, the lowest payout is 2.20 for a two dollar bet. But, most of the time, the "house" keeps a percentage of the wagers. Make it easy at first. Only bets to win. Suppose 9 horses race and $10 is bet on each to win. The house takes 10% so $80 would be paid to the winner. Now add in another bet, Place. It pays for first or second place finishes. Same as before, 10 on each to win. 10 on each to place. Winning win ticket receives $80 and through some "other calculation" winning horse pays $40 to the ticket holder for that horse and $40 to the place guy.
2006-09-19 05:45:35 · answer #2 · answered by Steven A 3 · 1⤊ 1⤋
So it came to this, in order to attract attention to applications of math, one now advertises applications in gambling? Not that I am a ethicist but that still sounds a little bit too much for a school homework. Anyway, gambling is all about probability calculations and for discrete probability events all you need is basic algebra. You can read about it in any probability book. Most of the discrete probability questions are presented in the form of a dice or head-or-tails game and an application in horse racing is not much different from those.
2006-09-19 09:57:23 · answer #3 · answered by firat c 4 · 1⤊ 0⤋