Why Trump to Win is a “Good” Bet — from a Gambling Perspective
Right now, PredictIt.org is offering everybody a unique opportunity to win big in November.
Because the odds appear to favor Biden by a wide margin, you will get a large return on your money if Trump actually wins.
Whether you’re going to vote for Trump or Biden, you can make money betting on Trump’s reelection.
This situation is what’s technically known as a “good” bet.
There’re Three Kinds of Bets: Bad, Neutral and Good
Bad bets are when the payoff if you win is too low. Say you’re flipping a coin, where the odds are even, 50–50. When you lose, you pay $1, but when you win you receive only 50 cents. Obviously, a good way to go broke. Almost every casino game bet is a bad bet.
With neutral bets, the payoff is equal to the odds. When you’re flipping a coin, you pay $1 when you lose and receive $1 when you win.
Neutral bets are financially pointless because in the long run you go nowhere. Only children bet on coin flips more than a few times without becoming bored.
A good bet is one where you are paid more than the odds you are beating.