3 ms·

Why would anybody make a bet if they don't know the odds or payout?

• TimTheTinker 8mo ago
  A lot of people habitually make bets out of addiction without thinking carefully about the expected payoff.
• mathgeek 8mo ago
  Slot machines are popular for a reason. Most folks playing them don’t know or care about the odds.
• gcr 8mo ago
  One reason could be to correct uncalibrated markets. This only works if your intuition is better than the market's current intuition. If a big whale with a big idea makes a big splash, you can profit off of the instability by gently betting against them. This doesn't require you to have any particular knowledge.
• bandrami 8mo ago
  That's how pari mutuel betting works; the odds are set by the bettors betting and unknown until the book closes. That's in fact the entire argument behind Kalshi: the betting is the means of odds discovery.