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Betting formula

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  1. #1
    Registered User
    Join Date
    06-15-2009
    Location
    Southampton
    MS-Off Ver
    Excel 2003
    Posts
    14

    Betting formula

    Hi all,
    I'm trying to create a spreadsheet for placing two bets - one at a bookie and one at an exchange which leave equal profit or loss.
    Basiclaly - I need to fill a cell with a number which will cause my two profits at the bookies and exchange to be as close to equal as possible.
    Here is an example.

    Place £10 at Ladbrokes on Man U to win at odds of 2.0 meaning either £10 loss or £10 win
    At Betfair I need to place a lay bet of ?? in order to cover the 5% commission and leave me with as nearer profit or loss to the bookies.
    i.e if I placed a lay bet of £10 at Betfair if the bookies won I would end £0 profit/loss while if Betfair won I would end up -50p due to the comm, I need a formula which will give the lay figure to ensure both these numbers were as close as possible - in this case a lay of £10.26 would leave me with a -25p at both bookies - but how do I get the spreadsheet to work out this £10.26 figure for me?
    Sorry for the long message!!
    Last edited by starman102; 06-18-2009 at 06:06 PM.

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