Question 3: Bets and Odds (17%) Consider the following set of odds: 3-Way Odds Tottenham 4.0 The Draw 3.25 Liverpool 1.9 Correct Score Odds Liverpool to win 0-1 7.0 0-2 8.0 1-2 7.0 0.3 10.0 1-3 10.0 2-3 20.0 0-4 25.0 (Due to rounding off of numerical data, for questions related to odds answer might vary +/- 0.03, for questions related to percentages answer might vary +/-0.3% and for questions related to probability values answer might vary +/-0.03) Assume that the correct score odds were calculated with a quote key of 120%. Furthermore, assume that 'Tottenham' is the home team and 'Liverpool' is the away team. 1. Calculate the quota key for the above 3-Way odds. (2 marks) 2. Convert the above 3-Way odds to the 2-Way odds using a quota key of 108%. (2 marks) 3. Convert the above 3-Way odds to the 2-Way odds using fair odds. (2 marks) 4. Convert the above 3-Way odds to double chance odds using a quota key of 120%. (2 marks) 5. If 1 goal advantage is given to the home team, what will be the new probability of the 'draw'? (2 marks) 6. If 1 goal advantage is given to the home team, what will be the new probability of the 'Home win'? (2 marks) 7. If 1 goal advantage is given to the win'? (2 marks) ome team, what will be the new probability of the 'Away 8. If 1 goal advantage is given to the home team, calculate the new 3-Way Handicap odds. Use a quota key of 115%. (3 marks) Question 3: Bets and Odds (17%) Consider the following set of odds: 3-Way Odds Tottenham 4.0 The Draw 3.25 Liverpool 1.9 Correct Score Odds Liverpool to win 0-1 7.0 0-2 8.0 1-2 7.0 0.3 10.0 1-3 10.0 2-3 20.0 0-4 25.0 (Due to rounding off of numerical data, for questions related to odds answer might vary +/- 0.03, for questions related to percentages answer might vary +/-0.3% and for questions related to probability values answer might vary +/-0.03) Assume that the correct score odds were calculated with a quote key of 120%. Furthermore, assume that 'Tottenham' is the home team and 'Liverpool' is the away team. 1. Calculate the quota key for the above 3-Way odds. (2 marks) 2. Convert the above 3-Way odds to the 2-Way odds using a quota key of 108%. (2 marks) 3. Convert the above 3-Way odds to the 2-Way odds using fair odds. (2 marks) 4. Convert the above 3-Way odds to double chance odds using a quota key of 120%. (2 marks) 5. If 1 goal advantage is given to the home team, what will be the new probability of the 'draw'? (2 marks) 6. If 1 goal advantage is given to the home team, what will be the new probability of the 'Home win'? (2 marks) 7. If 1 goal advantage is given to the win'? (2 marks) ome team, what will be the new probability of the 'Away 8. If 1 goal advantage is given to the home team, calculate the new 3-Way Handicap odds. Use a quota key of 115%