Answer: The likelihood of winning the bet is .
Number of racers in each run = 8
Since each race stands an equal chance of winning, so
Since there can be only one winner, number of favourable outcomes is 1,
Either racer A or racer B can win the race. These events are mutually exclusive. Hence,
At the beginning of the race, the probability each racer finishing second is:
Only one racer can finish second, so the number of favourable outcomes is 1.
Either racer A or racer B can finish second. Since these events are mutually exclusive,
We can win the bet only if both the racers we select finish first and second.