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Tournament Sports Betting


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#1 BMAD

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Posted 05 February 2014 - 03:27 AM

64 teams are going to play in a tournament.  You desire to bet your $192 savings on these teams but you know absolutely nothing about these teams so you will use a fair coin to select the team that you think will win the contest.  Every correct bet doubles your money so a $1 bet awards you back your dollar plus an additional dollar and you cannot bet on two teams if they are playing each other in the same round.

 

The tournament is a single elimination contest, hence there will be 6 rounds.  Your goal from betting is to attempt to make the most money at the end of the tournament.

 

You have two friends who proposed betting strategies:

 

Jon says that you should bet $32 for each round evenly.  So in the first round, you put $1 on each team you think will win, then in the second round $2, culminating the final round with $32 on the winning team.

 

Eric, on the other hand, says you should bet $3 on each team in the first round, $3 on each team in the second round, and so on.

 

 

If you bet on the same teams regardless on the strategy chosen, which strategy will produce the most money?


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#2 dgreening

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Posted 06 February 2014 - 09:50 PM

Some thoughts - unless I am missing something

 

in round 1, there are 64 teams in 32 games. If you choose randomly, you should win about half the games [16 in round 1] for each win you will get your bet back + that same amount [2*$bet].

 

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