Yes, in sports betting - you put a certain amount and plan to get your amount multiplied by the odds!
If your team has won, you will receive a prize in the amount of the amount you have set multiplied by the odds!
When you insure a house against fire, then: The insurance company calculates you the insurance premium to compensate you for the loss. In reality, the insurance company first calculates the insurance ratio (gain factor) on which it is necessary to multiply the insurance premium (rate) in order to receive the insurance payment (gain).
In other words, the insurance company has slightly different conditions for the problem: She knows how much you need to pay, calculates what coefficient to apply, and from this calculates the amount of insurance premium)
And the bookmaker knows what your bet amount is, but because of the floating odds he does not know how much you will win) - and therefore constantly recounts your winnings.
Total affirm! Bookmakers and insurers are one and the same) True, their financial models are completely different!
