So last night I was playing online trying to rank up my girlfriends character cause I'm building her garage since she doesn't play often. To do this, I had to start racing so I've been getting put in low level rooms. I'm getting close to level 200 at this point so being in a level 1 - 20 room is pretty amusing. I noticed one individual kept betting 2500$ while others were throwing in 500 - 1000. My odd's weren't looking very profitable until I put a cheeky 100$ bet.
Boom my odds jumped from 2/1 to 30/1. So I come to realize that your odds are entirely based on how much money is funded by other players in the race and that if you want to make money you probably want to be the one that bets the least. If I raised my bet to 200 my odds would change from 30/1 to 15/1 essentially telling me that I either get 3000$ in winnings if I bet 100$ OR I could get 15x 200$ which you guessed it is the same ammount, 3k.
Thus I quickly realized the two people betting 2.5k and 800$ were funding the 3k I was going to win with my 100$ bet.
What I get from this is the following.
When you want to bet, what you're doing is saying I'll bet x amount that I can beat you if you put up amount y. Depending on how confident you are you can ultimately put up 2500$ for people to win off you and you get whatever amount they'll put up. If everyone was comunicating about these things you might get more realistic figures like I'll bet 200$ to your 100$ that I can beat you. This makes more sense and isn't as one sided but since people don't seem to have a freaking clue how to bet people are just throwing 2.5k around like it's going to win them more when it isn't. Take advantage of those people by betting 100$ and you'll get an amazing return on your cash.
What you can also do is throw 100$ on every other racer.
Lets say you have 4 racers, one guy bets 2500$ and you throw 100 on yourself and the other 2 racers. You spent 300$ but you now have 3 chances to win and if any of the 3 you put cash on wins then you'll get roughly 2500$ for your 300$ investment. Good deal.
However once people start noticing what you're doing, which is what happened to me last night. EVERYONE in the room will start throwing huge bets on you. This will destroy your odds and from what I can tell you're just throwing money away. It was a 4 player room and all 3 players had bet big on me since I hadn't lost a race in roughly 10 races in a row but on that particular race I had a bit of bad luck and was in 2nd. I swear I'm not making this up the guy in 1st stopped at the finish line to let me pass lol.
Either way it didn't work out for them, I don't know how much money they had put on me individually but I had roughly 6k of bets on myself placed by others and they only got 1k each so they had to have lost cash somewhere but them putting so much on my had bumped my odds to something stupid like 5/9.
Anyone else wanna chime in on stuff they've noticed with the betting system?