Vegas Insider has Goonzales resigning odds at -180 by July 4th

[stevedeshazer]

Arlen Specter, the ranking Republican on the Senate Judiciary Committee from Pennsylvania predicted Attorney General Alberto Gonzales could step down before the Senate decides on performing a "no confidence" vote on his performance this week. Online sportsbook Bodog.com has already closed out their betting odds which had Gonzales at -180 that he would not be in office on the Fourth of July 2007.

"You already have six Republicans calling for his resignation," Specter said. "I have a sense ... that before the vote is taken, that Attorney General Gonzales may step down."

Democrats in the Senate have scheduled a rare "no confidence" vote in hopes of pressuring him to leave.

link: http://www.point-spreads.com/content/view/1840/2/

[whistle]

1. What does -180 mean?

[hlthe2b]

2. thank you... I don't understand betting jargon, either.

anyone care to educate us? :shrug:

[annabanana]

3. yeah... C'mon you gamblers... I know you're out there...

(never got past the slots, myself)

[Ghost in the Machine]

4. 180 to 1: If you place a dollar bet and win, you win $180....

$10 = $1800.00 winnings, $100.00 bet = $18,000.00 in winnings

I think I've got it right...

[hlthe2b]

6. If you place a dollar bet that he WILL be in office 7/4 and he IS

still in office 7/4, then you win $180... is that right?


So what if you bet against him being in office 7/4 and he is gone 7/1, then what, since the odds favor him being gone....?

[stevedeshazer]

10. Yes, but $100, not $1

Doesn't matter if he's out 7/1.

You win 180/100 of the dollars you bet if he's out by 7/4.

[hlthe2b]

12. Yes.. ok.... (guess I'm not at risk of a gambling addiction--lol)

[wakemeupwhenitsover]

14. I thought that as a moneyline bet you have to bet $180 to

get back $100. So, if you bet $180 & he's out by 7/4 the bettor would get back $280: The $180 plus $100.

It seems to me that they're betting he's gone. The minus (-180) means that they're giving better odds that he's out of there.

edited to add a link: http://sportsgambling.about.com/od/sportsgamblingbasics/g/Moneyline.htm

[stevedeshazer]

15. I'm ain't a gambler

But they are betting he's goone.

My understanding is if you bet $100 on Goonzales being around by July 4 and he still is, you get $180.

An experienced gambler is needed to clear this up. When I started this thread, I thought I understood the math, now I'm not so sure.

[wakemeupwhenitsover]

17. I'm not so very good at odds, but moneyline

bets (as I understand them & math tends to give me cramps) are different than odds. EG, odd bets are 7 to 5, 2 to 1, etc. but moneyline bets use plus or minus. Minus means the house is betting it's more likely to happen than not & plus signs mean it's more likely notto happen.

If they had given gonzo a plus sign (+180) the house is betting gonzo would not resign. If he does & someone had bett $100 then the bettor would get back $180.00 plus the $100 original bet, but the minus sign means the better has to place $180 to get back $100 plus the $180 original bet.

I'm going to have a drink since I now have major cramps.

[jaysunb]

18. You're correct...lay a $ 1.00 ... win...pick up .80

plus your buck....bad bet. never take a bet where the odds are not at least even.

[wakemeupwhenitsover]

8. I thought that when it was done that way

(- or +) it's a money line bet. To win $1.00 you have to bet $1.80. If it was +180 then to win $1.80 you had to bet $1.00.

[Ghost in the Machine]

13. you're probably right. I don't know much about playing the odds and

point spreads and all that when it comes to gambling... I know how to stick a $10 bill in a slot machine and play 50 cent bets... or buy scratch off lottery tickets!

[malaise]

9. So the Rethug insiders will be cashing in

with early bets.

[whistle]

16. so it is really 180 to 100 which means the odds are 1.8 to 1.0 that

...Gonzo will be gone by July 4th

[hlthe2b]

5. Does it mean the odds are 1:180 that he'll hold office 7/4

(i.e., weighted heavily against his being in office)???

[stevedeshazer]

7. If you were to bet $100 that Goonzales would retain office by July 4

You'd net $180.

Vegas gamblers think Goonzales won't last.

[hlthe2b]

11. oh, ok... thanks