a. In the casino game craps, you can bet that the next roll of the two dice will result in a total of 2. The probability of rolling 2 is 1/36. Find the odds against rolling 2.
b. If you bet $5 that the next roll of the dice will be 2, you will collect $155 (including your $5 bet) if you win. First identify the net profit, then find the payoff odds.
c. How do you explain the discrepancy between the odds in parts (a) and (b)?