I’m confused what the word “fairly” means in this sentence.
Do you mean that they make a zero-expected-value bet, e.g., 1:1 odds for a fair coin? (Then “fairly” is too strong; non-degenerate odds (i.e., not zero on either side) is the actual required condition.)
Do you mean that they bet without fraud, such that one will get a positive payout in one outcome and the other will in the other? (Then I think “fairly” is redundant, because I would say they haven’t actually bet on the outcome of the coin if the payouts don’t correspond to coin outcomes.)
I’m confused what the word “fairly” means in this sentence.
Do you mean that they make a zero-expected-value bet, e.g., 1:1 odds for a fair coin? (Then “fairly” is too strong; non-degenerate odds (i.e., not zero on either side) is the actual required condition.)
Do you mean that they bet without fraud, such that one will get a positive payout in one outcome and the other will in the other? (Then I think “fairly” is redundant, because I would say they haven’t actually bet on the outcome of the coin if the payouts don’t correspond to coin outcomes.)