quote:
Can you please explain the odds. I'm not understanding the odds or payout.
My understanding so far:
The odds are simply the dollar amount currently bid on one team divided by the amount wagered on the other team. So if the favored team has odds of 5, that means 5x amount of money has been bet on that team versus what has been wagered for the other team.
Ex. South Carolina (odds = 11.2, wagers = $166,176) vs. North Carolina (odds = 1, wagers = 14,785)
S.C. wagers / N.C. wagers = 166,167/14,785 = 11.2
Payout: if your team wins, you take your amount wagered and divide it by the total amount wagered on that winning team to determine your percent share. Now multiply your percent share to the amount wagered on the losing team to determine your winnings.
Ex. You put $2000 on South Carolina. Your share would be 2000/166,176 = 1.2%. Your winnings would be 1.2% * 14,785 = 177.42 plus your original wager of 2000. So you now have 2177 (not sure if cents get rounded to nearest dollar).
So clearly you can win really big by picking the upsets whereas your winnings will be small if you pick a team that is highly favored to win, since there won't be much money to split from the losing team and your share will be very small.
Hope I got this all correct and it helps.