The odds of horse race betting

Rich Strike surprised everyone at the Kentucky Derby horse race in early May by moving from 18th place at the half-way mark (out of 20 horses) to winning the race. Churchill Downs, the track in Kentucky where the race took place, paid out $81 for every dollar that was bet for Rich Strike to win.  How do they figure that?  Is this fair?

The activity: RichStrikeOdds.pdf

For members we have an editable Word docx of the activity, an Excel sheet of all of the race data, and our solutions.

RichStrikeOdds.docx    TotalBetKentuckyDerby.xlsx    RichStrikeOdds-solution.pdf

CCSS: 6.SP, 6.RPA, 7.EE, 7.RPA, 7.SPC, 8.EE, HSA.REI, HSS.MD

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