1. Cash out both
Guaranteed €85.97
2. No cash out
Real Madrid wins: €42.50
Liverpool wins: €160.00
3. Cash out Real Madrid for €23.30
Liverpool wins: +€160.00 (€183.30)
4. Cash out Liverpool for €62.67
Real Madrid wins: +€42.50 (€105.17)
Current odds to win CL:
Real Madrid = 1.64
Liverpool = 2.28
Let's say these odds accurately reflect their chances:
1.64 = 60.98%
2.28 = 43.86%
How do I calculate which option has the highest EV?