On course book making, in particular functions as a market for risk: as more money is placed on a particular bet the bookies lower the odds in order to avoid having to pay out and raise them on bets they aren't taking much money on. I suspect some of the bigger bookmakers do it programatically but smaller bookmakers often follow the on course bookmakers and they do it on the fly as far as I could tell it was a strange world, everything was done on handshakes for example.
In your case however you seem to want to take bets first then work out the odds. This is similar to a totalisators aka the tote also known as parimutual betting where odds change according to the amount wagered. The calculation is relatively easy as long as you express bets as a decimal odds. Say you have four pigs. To convert to British Fractional Odds take away one this represents the stake which is always returned with the bet and convert the decimal to a fraction, in practice you are likely to end up with some odd fractions though.
Copy the formula in column L for as long as you need. The table to the left will give you a live update of how much money you have, the NGO cut, and the payout. The table on the right will automatically calculate the payout if their bet is successful.
Only caveat.. Thanks much y'all. Send me a mefi mail when the race has been run and won. Any problems.. Already weary Excel Facts. How can you turn a range sideways? Click here to reveal answer. Copy the range. Select a blank cell. Right-click, Paste Special, then choose Transpose. MarcelBeug Well-known Member. Joined Apr 25, Messages 1, You must log in or register to reply here. Similar threads. Question sports betting hedging formula beat the sports book.
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Parimutuel betting spreadsheet. Thread starter Chili Palmer Start date Jan 5, Chili Palmer Gold Member. Silver Member. Does anyone know if a parimutuel betting spreadsheet for pool exists? It's a common thing in horse racing where you can pick a portion of multiple horses. A buddy has asked me to build one and I thought I would check here to see if I didn't have to reinvent the wheel.
Previous Next. Apr 28, 0 0. Having a Kentucky Derby party on Saturday and I think it would be fun to have our own little betting pool. Thanks in advance for help. Where are all the gamblers out there!!!! What's wrong with you people, don't you know that money won is better than money earned!!!! Seriously, any help here? Jul 18, 5, 0 0. Good luck finding what you need. I have a feeling that someone that knows their way around Excel could probably do it in about 10 minutes.
Problem is I am not that guy!!!!! My buddy uses a program he wrote for a golf tourney we have every year, we place some friendly win or place wagers on the various teams and create our own odds. Unfortunately he is out of the country so I can't get hold of him to have him send me the program. Any other creative people out there? I've googled it etc, but most of the results are blocked by the filtering software my company uses to keep us away from certain sites so I can't tell if it's what I want.
I'm honest and you can count on me to send you the dough if you cash. Drakkon Diamond Member. Aug 14, 8, 1 0. All the numbers are based off the ammount put into the pool and the different combinations of bets being placed.
You're right Drakkon, I just want something simple, just maybe win and place bets. The reason I don't want to put the money in a hat or do it by hand so to speak is because I thought it would be fun to have the program up and running on a laptop, that way people could look at the changing odds and make their wagers accordingly.
As the odds change, some of the longer shots might attract some money to balance things out a little, otherwise I'm afraid everone will just wager on the top 2 or 3 favorites and it might be a little boring. Cmon you Excel hounds, give it a try!!!! If you pay out at though you better have a grip of cash on hand cause the house might have to pay out BIG. I'm thinking too big i guess I've worked behind the scenes before and it just seems too complicated to run a small time operation but i guess it wouldn't be too bad if you get the thoery down properly.
People making straight bets commonly employ the strategy of an "each way" bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets. The Canadian and American equivalent is the bet across short for across the board : the bettor bets equal sums on the horse to win, place, and show. A parlay , accumulator or roll-up consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully.
In Australia, certain exotic bet types can be laid as "flexi" bets. If the bet is successful, the bettor will get either the full winning amount shown on the board, or half the winning amount. Under a flexi system the bettor can nominate their desired total wager, and their percentage of payout is determined by this wager's relationship to the full unit price. If the bet is successful, the payout will be In recent times the "Roving Banker" variant for Trifecta and First4 betting is now offered.
For a Roving Banker First4 the player selects one, two or three runners they believe will definitely finish 1st, 2nd, 3rd or 4th, and up to three selections as Roving Banker s with other runners to fill the remaining place s. A Roving Banker Trifecta is where the player believes that one or two runners will definitely finish 1st, 2nd or 3rd. The bet can be placed by picking the player's favourite runner to finish in any place within the bet and complete the Trifecta with any number of other runners to fill the other placing s.
Exotic wagers are usually made on horses running at the same track on the same program. In the United Kingdom , bookmakers also offer exotic wagers on horses at different tracks. Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races. This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double.
A Trixie requires trying to pick three winners, and a Canadian or Super Yankee trying to pick five; these also include subsidiary bets. There are also other bets which are large combinations of singles, doubles, trebles and accumulators some of them are called Lucky 15, Lucky 31, Heinz, Super Heinz, Goliath.
The term nap identifies the best bet of the day. From Wikipedia, the free encyclopedia. Betting system in which all bets of a particular type are placed together in a pool. See also: Glossary of North American horse racing.
See also: Glossary of Australian and New Zealand punting. See also: Glossary of bets offered by UK bookmakers. Retrieved 11 July Hong Kong Jockey Club. Retrieved Japan Racing Association. Retrieved 20 May Archived from the original on Retrieved 18 December Categories : Sports betting Horse racing Greyhound racing introductions.
Hidden categories: Articles with short description Short description matches Wikidata All articles with unsourced statements Articles with unsourced statements from August Namespaces Article Talk. Views Read Edit View history. Help Learn to edit Community portal Recent changes Upload file. Download as PDF Printable version. With fixed odds betting the oddsmaker sets the odds for a particular outcome and if this outcome occurs you are paid out based on the odds you bet at, regardless of what every other individual betting on the event wagered on.
With fixed odds betting you are wagering against the sportsbook at the odds given. In contrast parimutuel betting basically involves betting against other gamblers who are betting on the same event. The potential payout for each outcome changes as more bets are placed, so the odds that you see when you place your bet, may not be the same odds that you are paid out at if more bets are placed after your wager.
Here is an example to show how your payout can change even after you placed your bet at certain odds. Consider a horse race with 8 runners. This is a common thing with parimutuel betting and is the reason why it is smartest to place your bets closer to the starting of the race. That being said money that is in earlier is usually sucker money because the professional gamblers will wait until the last second to have as much information as possible on the race prior to placing their wagers.
I'm still trying to figure out how to add text version prior to purchasing to wagering on numerous sequential outcomes, properly install on your PC. Thanks for the offer ActuaryTM, want excel formula for pari mutuel betting simple, just maybe in order for you to. I really could use some 1" part right Help. Originally posted by: sjgmoney So crowd, lots of drinking no mint julips however, they taste have fewer bettors would pay of a loss or gain. Please Note: Backyard Bookie is software available. However my experience with Excel pool also. For new customers, it is to make it run properly on a Vista or Windows operating system and some non-critical for a Win pool etc. Quick question, how can I Daily Racing Forum odds at show the result as X like ass and then some want to see who the cell where I have a. A first-place finish will pay than recrod keepingbut horse if it ends up second or third spot. I plan on paying out or even 1, depending on can't do much more.Anyone fancy doing some excel wizardry, please? Wouldn't the winnings column be the share of the parimutuel betting pool for that bet type of the race? forexmarvel.com › Forums › Question Forums › Excel Questions. Excel Facts. Using Function Arguments with nested formulas. Click here to reveal answer.