There is an old saying in this country that Australians would bet on two flies crawling up a world. There is some truth to it. After all, two up is a legendary Australian game.
I came across an interesting example, one with a twist. It is also an example that shows why I am not a naturally good gambler.
Eldest is a member of what I can only describe as a Christmas club gambling syndicate. It works like this.
Each member of the syndicate puts a fixed amount of money into a pool each week. Half that money is placed in a high yield savings account. The other half is gambled. Each member takes it in turn to gamble that amount.
They can bet on whatever they like, and you can bet on just about anything in Australia. The results if any are then banked in the savings account. Some weeks nothing, other weeks part of the stake, sometimes significant gains. They all have some fun, knowing that at the end of the year there will be a significant minimum amount of cash available to each for Christmas presents.
I said that the example shows why I am not a naturally good gambler.
A week back, it was eldest's turn and she decided to bet on the result's of the Reserve Bank's deliberations on interest rates. She emailed me for advice. I thought that the chances were 50/50, so go for a cut. It was only a little later that I thought how dumb!
If the odds are 50/50, go for the side of the equation offering the best odds. It wouldn't affect the chances of winning, but would increase the amount won if successful. See what I mean about dumb?