Abstract
Summary In the past few years, online sportsbooks have proliferated across several U.S. states, offering promotions to entice bettors, such as free bets. As many sports bets are effectively 50/50 propositions, the expected value of such a bet would be about half its face value, but when you place such a bet, you either win the payout of the bet or nothing. In this paper, we build a calculus-based model to answer this question: how can a mathematician-bettor convert a free bet into a guaranteed win of more than half the face value of the bet?
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