The gambler makes 100 bets and wins 10. How much money does he have at the end? > A gambler who makes 100 bets of $1, each at payoff odds of 8 to 1. He wins 10 of these bets and loses 90. How many dollars has the gambler gained overall? I don't seem to understand what "odds of 8 to 1" means. Can someone please explain this to me?

Odds of 8 to 1 means that for every \$1 you wager, you could either

* win \$8 in addition to receive your \$1 wager back
* lose your \$1 wager



So from his 10 wins, he gets \$80, and from his 90 losses, he is down \$90. Net, he is down \$10.