Down by 16 points with 9 minutes left in an NBA playoff game in May, the Los Angeles Clippers faced 57-to-1 odds and a 1.7 percent chance of defeating the Oklahoma City Thunder. The odds were so steep that if you had bet $25 on the Clippers winning, at that exact moment, you would have won $1,425. But is that a bet you would’ve been willing to take given how much the odds were stacked against you?
These are the kinds of real-time assessments that gamblers make all of the time. They absorb all of the information they can about an event, whether it’s the past history of competitors, external factors like weather, or just intangibles and “gut feel,” before making a decision.
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