Back to the books
TLF ID A003653
In this lesson, students will explore how bookmakers set odds, and how these odds are carefully determined in order to guarantee the bookmaker the best chance of making a profit. Students learn how to convert between odds and probabilities and calculate the expected profit or loss based on odds. The lesson is outlined in detail including NSW curriculum links, learning intentions, discussion points, materials required, student and teacher reflection points. This lesson is part of the GambleAware program from the Office of Responsible Gambling, Department of Enterprise, Investment and Trade, NSW Government.