Python 3 jupyter notebook demo showing coin flip betting with various biased and unbiased coins and with varying payout odds
The demo illustrates two features of betting: the probability that you win and the payout you must receive to make the bet worthwhile.
In this demo using coin flips, I choose the P(heads) as the "winning" bet.
Both biased and unbiased coin flip examples are explored along with bets with varying payouts (odds)
Finally, a number of simulations are run on specific probabilities and payouts to explore results.