Congratulations to the winners great challenge you have surpassed :)

Since I've just started using steemit, this means a lot to me! Thank you very much @spectrumecons for this prize and for these competitions! Good luck for everyone for the next contest! :)

First, congrats to @cryptobserver on their win.

Now it seems that question #4 caused quite a bit of confusion, and I figured that maybe an actual betting ticket could help clear things up.  @mehta and @matriks77 in particular will want to pay close attention.  So here's the photo of a betting ticket:

!(http://thevegasparlay.com/wp-content/uploads/2014/05/kyderbyfuture.jpg)
<sub>Source: thevegasparlay.com</sub>

4 months before the Kentucky Derby in 2014, someone placed a futures bet for $36 on "California Chrome" to win the race, at 275-1 odds.  Note that 275 x 36 = 9900, and that there is a line on the ticket that says "Win $9,900.00 to pay $9,936.00" -- this kind of language is standard on futures tickets, and it is very clear that if the ticket won (which it did), the bettor would receive a net win/profit of $9900 __plus their original $36 wager back__.

The bettor paid their wager before the race, and when they won, they received 276 times that amount back.  275x was their net win/profit (the 275-1 odds), and the other 1x was the original wager.  This is standard practice.

So in question #4, when Jack goes to make his futures bet on the final race, if he bets his $99 on sprinter B, he would get a ticket that includes these lines:
```
$99.00 Straight Bet
TO WIN FINAL RACE
SPRINTER B
12/1
Win $1,188.00 to pay $1,287.00
Ticket Cost $99.00
```


If Jack's ticket wins, he gets a net win/profit of 12 times his wager, and he also gets his original wager back, for a total of 13x.  So when Jack pays for the ticket he's left with nothing, and when sprinter B wins, he'll cash that ticket for $1287.

Now the 275-1 odds... how was that number established?  Certainly not based on the probability of "California Chrome" winning the Kentucky Derby at that time.  In 2014, the field for that race wasn't finalized until April.  There was no way in January that anyone could say, "California Chrome's chance of winning the Kentucky Derby right now is exactly 1/276."

Why 1/276?  Because in race betting, odds listed indicate the odds __against__ a particular racer winning, that the racetrack or sportsbook is willing to offer.  However, there are very few circumstances in race wagering in which it's even theoretically possible to determine the exact probability of any racer winning, and in practice it just doesn't happen unless someone agreed in advance to throw the race.

In the absence of other information, trying to use those odds to establish probabilities of a racer winning is typically an exercise in futility (I made this mistake myself after I had submitted my answers).  This can be proven mathematically, but the entire probability argument is rendered moot anyway because we were asked in question #4 to determine the highest chance that Bill had of winning.  With a proper-sized wager ($15.17 to $15.99) on sprinter B, that chance was 100%.

I lost? 😭

I think You have to review no 4?  probability or also known as the probability is a way to unlock the knowledge or belief of an event will prevail or have happened, For example, Sprinter b  has record 12-time win and 1-time lose, it is that happened 13 attempts.  it wil be give 92,307% win and it just happened 100% if it has 13/0, not 12/1.
it's not according to mathematical logic.
Your answer talking about probability not absolutely.

Thanks and sorry

congrats @cryptobserver

@spectrumecons
![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1517383263/u7eksennmwohl1fyqi1f.png)
# I am not agree with your answer for  this question. You have the right, which is right and wrong. If I am wrong, please give the reason. But my explanation for this is below:

Why jack has win 13 x 99 = 1287  instead of 12 X 99 = 1188. If jack give 99 for gambling than he receive 12 times of that, not 13 times as i understand.  If anybody put 1 on sprinter B than he wins 12 times not 13 times. So I think your calculation is wrong.
If you do like 12 X 99 = 1188 than you find answer 8$.
so bill have 1105 and, if he put 8 $ on B sprinter than he will get 12 x 8 = 96
so now bill have 1105 - 8 + 96 = 1193 and jack will have 1188. So bill is the winner.
## Waiting for your reply.
 ![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1517383299/ynpqwflpa9dfzjljsh8v.png)

Wait for next contest . i hope i am the winner of next contest

Question 3 Ans: 23.
I think 23.

My username is wireless07 not wireless