expected outcome
I know this is a sports example, but I figure this is a general probability problem. Is this the correct way to figure out the expected outcome of a game? (Assuming the line is accurate.)
Team1 odds: -135 (Must bet $135 to win $100)
Team2 odds: 115 (Must bet $100 to win $115)
Actual odds that Team1 wins (removing the house's take): -125
(Potential money won)/(Potential money lost) = 100/125 = 0.8
Therefore, Team1 will win 80% of the time, or 4 out of 5 games.
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