[Steve Van Doorn]

I am sorry I am not much of a gambler. Does this mean if I bet $1 I get $30 back if it hits 3 bucks a gallon? Or the other way around I bet $30 and get $1 back?

[newgeezer]

I am sorry I am not much of a gambler. Does this mean if I bet $1 I get $30 back if it hits 3 bucks a gallon?

I'm not a gambler at all. But, yes, that's what it means.

The odds can change as oddsmakers adjust them to keep the payout right. If too many people bet one side or the other, the odds will go up or down accordingly.

[Enterprise]

Prices from fuelguagereport.com for regular

Mon 8/8 Gas avg hits $3 in NYC or Los Angeles by 1/1/2006?

103 Yes +423

104 No -473

I checked the site and the above are the current odds. The odds aren't 30-1 anymore and they are "baseball" type odds now. If you bet 100 dollars on yes, and you win, you will get 423 dollars back plus your bet. If you lose this bet, you lose 100 dollars. You would be taking an "underdog" bet.

If you take the -473 bet, you are betting the "favorite." If you want to win a 100 dollars, you have to bet 473 dollars. If you win, you win 100 dollars and get your 473 dollar bet back. If you lose this bet, you are out 473 dollars.

Roughly put, the underdog is a little more than 4 - 1, and the "favorite" is a little more than 1 - 4 7/10.