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Vegas has the two candidates in a dead heat. Pretty rare if you consider how often two racehorses are ever given the exact same odds of winning. If you had to put money down to vote, who would you bet on?
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Positive odds represent the profit a bettor will receive if they bet $100. So in the example above, if someone bets $50 on Michelle Obama and she wins, they receive $5,000 or half of 10,000. Meaning, fewer people are betting on those odds (because it’s a long shot.)
Negative odds numerically represent what a bettor would need to bet to win a $100. So if the New York Times wanted to put its money where its mouth is betting Joe Biden will win, they would have to bet $120 to make a profit of $100. Meaning a lot of people are betting he’s going to win.
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