Cranx is correct. For those of you new to betting, you can see wager details / payouts for a few simple odds (parlayed in this example, but the payoff is the same for "odds" purposes)
http://www.skybook.com/sports-betting-information.php#5
so, I'm not sure exactly what the point of this is. I suppose it depends on exactly how Wayne said it. If he said "I'll give 10-1 odds that the Phins go to the playoffs"....that means if you bet $10 you would get back (including the initial $10 wager) $100 (making $90 on the bet) if they go to the playoffs. I'd like lower odds as a better guarantee of winning the bet (higher % chance anyways). It means you have a 10% chance of winning. Odds of 21-1 mean you have a 4.76% chance of winning. It's the same as taking 1 divide by .0476 and multiply that (21) by your initial wager. The higher the odds, the lower % of it happening, and thus the higher payout.
So if you were a betting man....would you rather bet your $10 to take home $100 with a 10% chance of it happening?....or would you rather bet $10 to make $11.10 with a 90% chance of it happening? Sounds like he doesn't think we're going.
Then again, if he said "I'll give you 10-1 odds if the Phins MISS the playoffs" (which is probably what he said or meant) then he is 90% sure we will get there (low payoff for the bettin guy, but a safe bet none the less) and willing to pay someone 10x what they bet (to miss) if we don't go since he is so confident we will be going.
http://www.skybook.com/sports-betting-information.php#5
so, I'm not sure exactly what the point of this is. I suppose it depends on exactly how Wayne said it. If he said "I'll give 10-1 odds that the Phins go to the playoffs"....that means if you bet $10 you would get back (including the initial $10 wager) $100 (making $90 on the bet) if they go to the playoffs. I'd like lower odds as a better guarantee of winning the bet (higher % chance anyways). It means you have a 10% chance of winning. Odds of 21-1 mean you have a 4.76% chance of winning. It's the same as taking 1 divide by .0476 and multiply that (21) by your initial wager. The higher the odds, the lower % of it happening, and thus the higher payout.
So if you were a betting man....would you rather bet your $10 to take home $100 with a 10% chance of it happening?....or would you rather bet $10 to make $11.10 with a 90% chance of it happening? Sounds like he doesn't think we're going.
Then again, if he said "I'll give you 10-1 odds if the Phins MISS the playoffs" (which is probably what he said or meant) then he is 90% sure we will get there (low payoff for the bettin guy, but a safe bet none the less) and willing to pay someone 10x what they bet (to miss) if we don't go since he is so confident we will be going.
