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date: 25 May 2024

Dutch book 

Source:
A Dictionary of Statistics

In a betting situation, if the quoted odds for the possible outcomes are poorly constructed, then it is feasible for a punter to bet on every outcome and thereby guarantee a profit. Such a list of odds is a ‘Dutch book’. For example, if there are two horses in a race, each with odds of two to one against, then a punter placing 1 cent on each (total cost 2 cents) will receive back 2 cents, together with his winning stake—for an assured gain of 1 cent.... ...

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