Hi Guy and Ian. To clarify, I have in mind bets which involve winning or losing amounts of money of at least 1 % of the net annual income, and ideally at least 10 %. For example, for some earning 30 k$ of net income per year, at least 300 $ (= 0.01*30*10^3), and ideally at least 3 k$ (= 0.1*30*10^3). For a sufficiently large amount of money at stake, people would either not accept the bet, or accept it after significant investigation.
Hi Guy and Ian. To clarify, I have in mind bets which involve winning or losing amounts of money of at least 1 % of the net annual income, and ideally at least 10 %. For example, for some earning 30 k$ of net income per year, at least 300 $ (= 0.01*30*10^3), and ideally at least 3 k$ (= 0.1*30*10^3). For a sufficiently large amount of money at stake, people would either not accept the bet, or accept it after significant investigation.