Straight bet calculator
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May 29th, 2016 at 6:51:57 PM
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1st
The European system example is a poor one as the house loses.
A better example would be:
1.9 1.9 even odds
This makes $200 total wager
($100 per side) pays out $190 to either winner
Thus a house edge of ($200-$190) / $200
$10 kept, $190 paid out in $200 bet
$10/$200 = 5% house edge
(As per your calculator)
(Alt - method 2
1/1.9+1/1.9 = 0.5263+0.5263 = 1.05263
105.263%-100%=5.263%)
Or perhaps show 1.7 2.2
________
2nd
Would you please show the math of how the house edge is calculated in USA system
+100 underdog (euro 2.0, 50%)
-200 favorite (euro 1.5, 66.67%)
House edge 14.29% how?
(I'm guessing the key word is 'balanced')
The European system example is a poor one as the house loses.
A better example would be:
1.9 1.9 even odds
This makes $200 total wager
($100 per side) pays out $190 to either winner
Thus a house edge of ($200-$190) / $200
$10 kept, $190 paid out in $200 bet
$10/$200 = 5% house edge
(As per your calculator)
(Alt - method 2
1/1.9+1/1.9 = 0.5263+0.5263 = 1.05263
105.263%-100%=5.263%)
Or perhaps show 1.7 2.2
________
2nd
Would you please show the math of how the house edge is calculated in USA system
+100 underdog (euro 2.0, 50%)
-200 favorite (euro 1.5, 66.67%)
House edge 14.29% how?
(I'm guessing the key word is 'balanced')
May 30th, 2016 at 12:43:17 AM
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What?
Psalm 25:16
Turn to me and be gracious to me, for I am lonely and afflicted.
Proverbs 18:2
A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
May 30th, 2016 at 2:06:52 PM
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Please show a example of the math, that the straight bet calc does.
In both, Euro & American odds sys.
In both, Euro & American odds sys.
May 30th, 2016 at 2:13:23 PM
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/games/sports-betting/straight-bet-calculator/
The post is about HOW this calc works.
1st
1.9091 & 2.2 is a losing post for the house, losing 2% makes it a bad example.
2nd
Please Show the detail to the math to get these results.
Simple enough?
The post is about HOW this calc works.
1st
1.9091 & 2.2 is a losing post for the house, losing 2% makes it a bad example.
2nd
Please Show the detail to the math to get these results.
Simple enough?
May 30th, 2016 at 5:34:09 PM
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Quote: RoseeatsriceSo what math is it using?
According to the source code, the calculated HE is 100% x (1 - 1 / the sum of:
(a) 1 / (1 + odds/100), if odds >= 100;
(b) 1 / (1 + 100/|odds|), if odds <= -100)
For the bets of +100 and -200, this is
100% x (1 - 1 / (1 / (1 + 100/100) + 1 / (1 + 100/200) ) )
= 100% x (1 - 1 / (1/2 + 1/(3/2) ) )
= 100% x (1 - 1 / (7/6)) = 100% x (1 - 6/7) = 100% x 1/7 = 14.29%
When using European odds, HE = 100% x (1 / (1 + the sum of (1 / odds) ) )
Odds of 2 and 1.5 become 100% x (1 / (1 + (1/2 + 2/3) ) ) = 14.29%
It appears that the HE is the amount the casino / bookmaker makes in terms of the total amount bet if the amounts bet on each side are such that the amount made is the same regardless of who wins.
For example, going back to the 2 and 1.5 (+100 and -200) example:
Let A be bet on the team with the 2 odds (call this "Team A"), and B be bet on the team with the 1.5 odds (call this "Team B").
If Team A wins, the house loses A on the Team A bets, but gains B on the Team B bets, for a profit of (B - A).
If Team B wins, the house gains A on the Team A bets, but loses B/2 on the Team B bets, for a profit of (A - B/2).
The profit is equal when B - A = A - B/2, or B = 4/3 A.
The total amount bet is A + B = 7/3 A, and the profit is B - A = 1/3 A, so the HE = (1/3) / (7/3) = 1/7 = 14.29%.
Using European odds:
Let P(A) be the amount bet on Team A, and O(A) the team's odds
Let P(B) be the amount bet on Team B, and O(B) the team's odds
If Team A wins, the house loses P(A) x (O(A) - 1) on the Team A bets, and gains P(B) on the Team B bets, for a profit of P(B) - P(A) x (O(A) - 1)
If Team B wins, the house gains P(A) on the Team A bets, and loses P(B) x (O(B) - 1) on the Team B bets, for a profit of P(A) - P(B) x (O(B) - 1)
The house profit is the same regardless of the winner when
P(B) - P(A) x (O(A) - 1) = P(A) - P(B) x (O(B) - 1)
P(B) + P(B) x (O(B) - 1) = P(A) + P(A) x (O(A) - 1)
P(B) x O(B) = P(A) x O(A)
P(B) = P(A) x O(A) / O(B)
Total bet = P(A) + P(B) = P(A) x (O(A) + (O(B)) / O(B)
Profit = P(B) - P(A) x (O(A) - 1)
= P(A) x (O(A) / O(B)) - P(A) x (O(A) - 1)
= P(A) x (O(A) / O(B) - O(A) + 1)
= P(A) x (O(A) / O(B) - (O(A) x O(B)) / O(B) + O(B) / O(B))
= P(A) x (O(A) - (O(A) x O(B)) + O(B)) / O(B)
HE = 100% x Profit / Total Bet
= 100% x (P(A) x (O(A) - (O(A) x O(B)) + O(B)) / O(B)) / P(A) x (O(A) + (O(B)) / O(B)
= 100% x (O(A) - (O(A) x O(B)) + O(B)) / (O(A) + (O(B))
= 100% x (O(A) + O(B) - (O(A) x O(B))) / (O(A) + O(B))
= 100% x (1 - (O(A) x O(B)) / (O(A) + O(B)))
= 1 - 1 / ((O(A) + O(B)) / (O(A) x O(B)))
= 1 - 1 / (1 / O(A) + 1 / O(B))
Last edited by: ThatDonGuy on May 30, 2016
May 31st, 2016 at 2:52:13 AM
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It's all quite simple
I think I see my error
I had 1/(1/2)+1/(3/2)
Not 1/(1/2+1/(3/2))
So I had 0.5 + 0.6667 7/6 not 6/7
1-7/6=16.666
1-6/7=14.29
I think I see my error
I had 1/(1/2)+1/(3/2)
Not 1/(1/2+1/(3/2))
So I had 0.5 + 0.6667 7/6 not 6/7
1-7/6=16.666
1-6/7=14.29
