Can someone help with an answer to this please?

[dcossey]

16 horse field
Place pool increased from 13k to 15k in last 3 minutes.
Number 7 went from $10 with 1 minute to go to $6.70.
How much of the 2k change in the last 3 minutes would need to be have invested on Number 7 to reduce the dividend to $6.70?

 

[HallsofIvy]

That's a little hard to understand. My first thought was that "16 Horse Field Place Pool" was a property whose price had gone up!

So you have a horse race betting pool in which, in the last two minutes the total amount bet has gone from 13k to 15k and, at the same time, the return on Number 7, the amount you win if that horse wins, has gone down from 10 to 7.

In order to use the restricted knowledge we have, I will assume that the entire amount will be divided among those who bet on the winner and that each bet is "1". Initially, there was a total of 13k in the pool and the return on number 7 was 10 That means that if number 7 won, the 13k divided by the amount bet on number 7 would be 10: so the amount be on number 7, initially, was 13000/10= 1300. Let the additional amount bet on number 7 be "x". Then we have 15000/(1300+ x)= 7.

 

[dcossey]

That's a little hard to understand. My first thought was that "16 Horse Field Place Pool" was a property whose price had gone up!

So you have a horse race betting pool in which, in the last two minutes the total amount bet has gone from 13k to 15k and, at the same time, the return on Number 7, the amount you win if that horse wins, has gone down from 10 to 7.

In order to use the restricted knowledge we have, I will assume that the entire amount will be divided among those who bet on the winner and that each bet is "1". Initially, there was a total of 13k in the pool and the return on number 7 was 10 That means that if number 7 won, the 13k divided by the amount bet on number 7 would be 10: so the amount be on number 7, initially, was 13000/10= 1300. Let the additional amount bet on number 7 be "x". Then we have 15000/(1300+ x)= 7.

Thank you so much for taking the time to respond. It is a horse race betting [place not win] pool and I forgot to mention there are 3 place dividends in the race and imagine that would have an impact on your answer and it is assumed all bets are for $1. I didn't think that with only an additional $2,000 bet in the last 3 minutes there was likely to be sufficient placed on number 7 across a 16 horse field to reduce the dividend from $10 to $6.70 and was trying to work out how much of that additional $2,000 needed to be placed on number 7 to achieve that result. Any assistance to calculate that would be much appreciated.