Question
On the basis of past performance, the probability that the favorite will
win the Bellevue Handicap is .46, while there is a probability of only .1
that a certain dark horse will win. If the favorite pays even money, and
the odds offered are 8-to-1 against the dark horse, which is the better bet?
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On the basis of past performance, the probability that the favorite will win the Bellevue Handicap is .46, while there is a probability of only .1 that a certain dark horse will win. If the favorite pays even money, and the odds offered are 8-to-1 against the dark horse, which is the better bet?

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