Re: Is my use of binomial distribution correct?
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7-game progressive parlay
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I was under the impression progressive meant that it grew each week someone didn't hit it. But based on your description the payouts will be constant from week to week.
If:
-the payouts are a constant $850 for 7/7 and $100 for 6/7
-there is a 52% chance of success on each game
The EV of the game is $15.38. If you charge $20 per go at this you stand to profit.
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