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The Money Challenge

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During the lecture on the 9th Oct we were presented with our toughest challenge yet. We were given an envelope containing €5 and given 2 hours to create as much profit as we could which will later be given to charity.

We met after class and brainstormed in what ways we could convert that sum into a profit. We tried to be creative and innovative and did our utmost best to think outside the box which we found to be one of those things that sounds simple but is actually very difficult to do.

We found the 'Money Challenge' to be very 'abstract', all of us had different ideas and understood this challenge in a different way. We weren't sure if we were supposed to spend the €5 and based on what we got try to invest in some way or if it was acceptable to not spend anything and preform some sort of tertiary activity like a carwash or bag packing and gain a profit that way. We never realized just how used to we are to being told exactly what to do for our assignments and as bad as it sounds we were all struggling to think for ourselves which we found rather disheartening since we all thought ourselves as creative.

 After a long discussion we found ourselves with may ideas ranging from creating a mystery box and auctioning it away to doing a bake sale. We talked about all the choices, making sure that everyone gave their opinion and then voted on what we were going to do.

Unfortunately it wasn't that easy because we drew with 2 people wanting to do a bake sale and 2 people wanting to try horse betting. To make it fair assigned each choice a number and used an online random number generator to help us decide.  

We ended up with doing horse betting.

On Friday 13th October we put away 2 hours and tried to make a profit. We used  the mobile app 'bet365' to bet on horses.

We topped us the account by €5 and received a complementary €5 (which was non-withdrawable) and looked at all the different races we could bet on.

We talked amongst each other, discussing how we're going to split up the money amongst the races, how many bets we'll be placing and how much will we place on each bet. The most common opinion was to place bets in the range of 50c - €1 depending on the likelihood of winning.

We ended up placing 8 bets overall on different horses which had the likelihood of winning ranging from 3:1 to 150:1. We lost our first race but on our second one we made a profit of 48c. Overall we won 3 and lost 5 races. Out off the €5 startup fund we were left with 86c. We did not make any profit but we did learn about the dangers of gambling and how even 50c bets can add up and bring the team down.

Below are the screen shots of our bets and how we performed:


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