Question: Horse racing bets Two friends decide to go to the track and place some bets. One friend remarks that in an upcoming race, the

Horse racing bets

Two friends decide to go to the track and place some bets. One friend remarks that in an upcoming race, the number 5 horse is paying 50 to 1. This means that anyone who bets on the 5 horse receives $50 for each $1 bet, if in fact the 5 horse wins the race. He goes on to mention that it is a great bet, because there are only eight horses running in the race, and therefore the probability of horse 5 winning must be 1/8. Is the last statement true or false? Explain.

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