Forecast bets calculations

[flashmcintosh]

Hello all,

Just found this forum and already seen some good stuff here, will try to help out where I can, but for now can somebody help me by explaining how the forecast is calculated in Formula1 or Horse Racing (assuming its the same method)?

Ie. If I place a bet on the first three to finish being: Schumacher follwed by Button and then Coultard and the odds are 1.5, 3.5, 4.7 respectively for each racer to win, then how is the forcast above calculated?

This is driving me crazy but I know there is away to work it out! Thanks in advance... off to read your other posts now....

[bigcumba]

There isn't actually a way to calculate it out, as it's a 'pool' bet - they pay out the amount of money in the pool minus their cut (of course) to everyone who got the winning selections. Generally it's much better doing these on the Tote than the normal bookies as most payouts, especially the bigger ones, are much higher, though you might get decent odds on Betfair on the races they cover (only 5 runners or less though)

And welcome to the forum! :D

[Workshy]

I think you can calulate CSF BigC, I dont know how though. I have a feeling SP knows and answered a thread like this in the past.

[bigcumba]

CHeers Workshy, I was just rethinking my answer to this - I reckon you're right, so there must be a formula to work it out... someone must have an idea... :)

[MarcusMel]

I think a good aproximate is to multiply the odds together and take off a small percentage for their overheads.

[flashmcintosh]

Just returned from a few days away in German, bet nobody can tell me the odds that both my planes would be cancelled!! ha (but they were- not ha)

Anyway, thanks for your replies but I am convinced there is a method used by most bookmakers that does not involve working out how much is in the pot and then taking theier cut etc... There is a simpler way of calculating the forecast from the main odds, Im just suprised its such a well hidden secret!

Maybe its as easy as this:...

Each driver in F1 is given an odd to finish in each position (ie. Schumacher 1st - 1.10, 2nd - 2.1, 3rd - 3.2) then after this is done, the punters can place a forecast of drivers finishing order but in actual fact, they are only placing an accumulator of the fixed odds for that driver finishing in that position.

Does that make sense? Arrrgghh

[sportingprofit]

This will only give you a rough idea in horse racing as now more factors are taken into account, e.g draw