Betting Explained for People Who Hate Math

[LPGTAO]

20/1, 2/5, 9/10, Evens... What does it all mean?

 

Which of the three betting formats works best for you? Why do the odds change depending on your bet? Ever wonder why you sometimes bet $2500 and only earn $1000 if you win, but forfeit the entire $2500 if you lose?

 

Have YOU ever been confused about betting in GTA Online?

 

1. Odds – if probability of event A happening is 60% and probability of event A not happening is 40% then odds of event A happening are 60/40 or 1.5

 

Let's say you have the odds in format A/B where A = losing and B = not losing (winning). Let's further say A = 7 and B = 10; thus, you have 7/10. Therefore, out of 17 events, 7 times event A will occur and 10 times event A will not occur. You are expected to have 7 losses for every 10 times you win. Event B is the likelier outcome and you are therefore a better than average racer.

 

Pretend you have a really good racer. Their odds are likely <1, let's say 1/2. Therefore, they are likely to lose once for every two wins. Therefore, if they bet 2000, they will get a return of 1000. If your odds are 2/5 and you bet 2500, you will get 1000 back. Thus, your return is odds x bet.

 

Now let's say you have a terrible racer with odds of 20/1. That means they are likely to lose 20 times for every time they win. Therefore, if that person bets 2500 they are likely to see a much larger return. However, GTA doesn't like extreme profit, so there are caps on how much you win or lose with betting.

 

In sum, odds < 1 indicate better than average chance of winning, odds = 1 or "evens" = even chance of winning, and odds > 1 indicates less than average chance of winning.

 

Yes you will get more money if you make a riskier bet - if you bet on the player with higher odds of losing say 33/1; making the safer bet will get you less money; my record is about 5:1 W:L so I only ever get 1000 even though I bet 2500. The betting system does not work like a true betting system because there are caps on how much you can win!

 

Hope this helps. Please add any clarifying points below.

Edited April 24, 2014 by LPGTAO

[Sugar Free Nos]

OP is no longer a scumbag.

Edited April 24, 2014 by Sugar Free Nos

[LPGTAO]

Scumbag OP

 

Makes a thread to explain betting,

 

Doesn't explain betting.

Where's your scumbag steve meme?

Edited April 23, 2014 by LPGTAO

[Fail_At_GTA]

Lol there's people who don't understand this stuff? They must have terrible schools in their area.

[Stephen]

I've won numerous times and lost my bet completely. I can't recall the exact patch this started happening, but prior to said patch I never lost a bet when I won. As a result I don't bet anymore, I rarely see anyone betting in DMs or races these days. I have my hustler tattoo and award so it really doesn't bother me.

Edited April 23, 2014 by SteveNYC81

[Jolly Swagman]

Like most people I understand what odds are. The thing I dont understand is that when I bet a $300 when my odds are 5/1 that i only win $100.

[blingdiablo]

The House always wins in the end.

Edited April 24, 2014 by blingdiablo

[LPGTAO]

 

Scumbag OP

Makes a thread to explain betting,

Doesn't explain betting.

op be like

 

 

You want something more detailed I can post my biostatistics notes.

Edited April 23, 2014 by LPGTAO

[MontanaRedDog]

Can you explain why I bet on myself and lose money when I win.

 

This has happened a few times. I never bet anymore.

 

Also what I find confusing is why if I'm ultimately betting against the house and not other racers, why does it matter how many people place bets.

[PerceusSOZ]

 

 

Scumbag OP

Makes a thread to explain betting,

Doesn't explain betting.

 

op be like

 

You want something more detailed I can post my biostatistics notes.

It would be a better read than your OP.

[LPGTAO]

 

 

 

Scumbag OP

Makes a thread to explain betting,

Doesn't explain betting.

op be like

You want something more detailed I can post my biostatistics notes.

It would be a better read than your OP.

 

Thanks - that's very sweet. I was hoping other people would chip in instead of merely casting aspersions.

[JordanV]

The betting in races is f*cked. I bet $100 on myself with 7/1 odds or whatever. Add another $100 and it changes to 21/1 and then add another $100 and it goes to 2/5.

 

If you win you don't get the amount you should win. It's all f*cked up.

[PerceusSOZ]

 

 

 

 

Scumbag OP

Makes a thread to explain betting,

Doesn't explain betting.

 

op be like

You want something more detailed I can post my biostatistics notes.

It would be a better read than your OP.

 

Thanks - that's very sweet. I was hoping other people would chip in instead of merely casting aspersions.

 

tbh I'm actually kind of interested. Sounds like both science and math, 2 of my favorite subjects.

[Stephen]

@JordanV

 

^^^Thank You. When you go to the horse track bet $ 7000 on a horse with 20/1 odds and it wins, you win $140,000 not $1400 bucks. The betting in this game is f*cked to put it nicely.

Edited April 24, 2014 by SteveNYC81

[dudclub55]

Hold on, I don't get it. So you get more money if you bet on a lousy racer? because you're taking chances?
What about betting on myself? How does that work?

Excuse me, I'm crap at maths and I haven't taken my IGCSE exam just yet.

[LPGTAO]

 

1.  

   1. Odds – if probability of event A happening is 60% and probability of event A not happening is 40% then odds of event A happening are 60/40 or 1.5

    

2. Yes you will get more money if you make a riskier bet - if you bet on the player with higher odds of losing say 33/1; making the safer bet will get you less money; my record is about 5:1 W:L so I only ever get 1000 even though I bet 2500

 

 

The betting system does not work like a true betting system because there are caps on how much you can win!

 

Edited April 24, 2014 by LPGTAO

[Deadly Aviator]

The Betting is just Bull****, if you bet on anyone their odds of winning instantly go up, so you will make about the same amount of money if you bet low or high, totally pointless. Also If you bet on someone the other people's odds go lower, but of course when you bet on them their odds go up again -.-.

 

I just bet $100 on myself and some random person usually, cause even if I bet on myself for $2500 I only get about $700 profit.

Edited April 24, 2014 by Deadly Aviator

[Kachii]

@JordanV

 

^^^Thank You. When you go to the horse track bet $ 7000 on a horse with 20/1 odds and it wins, you win $140,000 not $1400 bucks. The betting in this game is f*cked to put it nicely.

Lol like rockstar will ever let us make that

[homeskillet]

The bottom line is if you are going to make a bet, only betting $100 will give you a higher ratio of winnings then if you bet more.

[Stephen]

@Kachii

 

^^^Exactomundo

Edited April 24, 2014 by SteveNYC81

[DiveGummi]

it thought it is what ur bet is multiplied by, the more other people bet the higher your multiplier and when you bet the multiplier lowers (ex. 2/5 multiplier 33/1 multiplier) not winning odds

[Stephen]

For those who think the Casino will ever open LOL. R* is pro nerf, and anti anything towards players looking to seek massive amounts of fictitious digital wealth in a short amount of time. For those seeking a fast injection of liquid assets the only thing coming out of the slot machine for you are cash cards.

[Gutslab]

 

 

Scumbag OP

Makes a thread to explain betting,

Doesn't explain betting.

op be like

 

 

You want something more detailed I can post my biostatistics notes.

 

m8, biostats is my bitch. what degree u working towards?

Edited April 24, 2014 by pokemon4ever

[MaxCady98]

I stopped reading at '2'.

[LPGTAO]

Can you explain why I bet on myself and lose money when I win.

 

This has happened a few times. I never bet anymore.

 

Also what I find confusing is why if I'm ultimately betting against the house and not other racers, why does it matter how many people place bets.

I believe that there is a glitch in the game (shocker) that if you bet and win and someone else bets and leaves you will lose the money regardless. Is it possible when this happened someone else bet and left or just left?

[BondageKitty]

I'd like it if it was more like a poker pot. The winner getting what they can match in bet from each player.

[I3AZZAI2]

Well I was looking at betting odds in this game all types of backwards lol. Thanks OP

[darkwar854]

I like the odds where it says + or -. It's faster to see them. But I don't understand why the odds change once someone bets on them.

[jeremy34567]

Simple- if you lose a lot(bad odds) and every bets against you and you win, you will get a tremendous profit!

[captainhowdy22]

I once won like 35k in a dm