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What's the maximum amount we can earn from this situation?

  • First bookmaker, is offering to give us 100 euros after our first bet of 200 euros. It doesn't matter if we win or lose our bet, it's an extra that will add to our profit or loss. The only restriction we have is that we need to bet on an event that has odds higher than 2 (decimal).

  • Second bookmaker, (this is an optional step), we can consider to bet against the outcome we chose in the first bookmaker in order to always show a profit. But does this lower our expected value?

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  • $\begingroup$ If we could chose the odds of the event, we could select an event with extremely high decimal odds, and bet an extremely large amount against this outcome with the second bookmaker. $\endgroup$ – ghosts_in_the_code Feb 8 '15 at 14:41
  • $\begingroup$ and do you think it does have an higher EV than just betting on 1 bookmaker? $\endgroup$ – KingBOB Feb 8 '15 at 14:48
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Bookmakers always seek to set the expected value in their favour, since they expect to cover their costs and make a profit. So making any bet, you should expect a negative expected value. The second bet should therefore reduce the expected value.

The only value of the second bet is that it may avoid the possibility of making a loss, due to the 100 euro incentive gift from the first bookmaker.

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