Gavin is selling water bottles at a baseball game to help raise money for new uniforms. Before the game, he buys 48 water bottles for a total of $18.50. At the game, he sells all of the bottles for $1.25 each. How much profit does Gavin make?

Gavin buys the water bottles for a total of 48 * $1.25 = $60.

Thus, Gavin makes a profit of $60 - $18.50 = $<<60-18.5=41.5>>41.5. Answer: \boxed{41.5}.

To calculate Gavin's profit, we need to find the total amount he earns from selling water bottles and subtract the initial cost of buying the bottles.

Step 1: Calculate the total amount Gavin earns from selling water bottles.
Gavin sells each water bottle for $1.25, and he bought 48 water bottles.
Therefore, the total amount Gavin earns from selling water bottles = $1.25/bottle * 48 bottles = $<<1.25*48=60>>60.

Step 2: Calculate Gavin's profit.
Gavin's profit is the total amount he earns minus the initial cost.
Profit = Total earnings - Initial cost
Profit = $60 - $18.50 = $<<60-18.50=41.50>>41.50.

Therefore, Gavin makes a profit of $41.50.