For example, 3/1 odds mean you profit three times the amount you wagered. AR$1 bet at 3/1 would pay outR$4 in total, or aR$3 profit and yourR$1 original wager. Conversely, 1/3 odds mean you profit a third of what you wagered. AR$30 bet on 1/3 odds would returnR$40 total, or aR$10 profit and yourR$10 original wager.

If a race horse runs 100 races and wins 25 times and loses the other 75 times, the probability of winning is 25/100 = 0.25 or 25%, but the odds of the horse winning are 25/75 = 0.333 or 1 win to 3 loses.

Yes, there have been a few people who have become rich solely from casino winnings. However, it is important to remember that these cases are extremely rare. The odds of winning a large sum of money at a casino are very small, and most people who gamble will lose money in the long run.

While there are certain individuals who have become millionaires from sports betting, it is important to remember that this is the exception rather than the rule. The vast majority of sports bettors will not achieve this level of success, and many will lose money over time.