Decimal Odds In A Spreadsheet

[betaff]

Hi

My first post here - looks like a great forum :)

Please can anyone help me? I have a spreadsheet which I am trying to create to calculate my bets.

I'm new to betting and don't really fully understand how the decimal odds work but notice that more bookies are offering/using this method pariculalry Betfair etc. To be honest I can roughly work things out in my head with fractions but haven't a clue with decimals which is why I wish to create a little spreadsheet to help me out. All of my bets will be placed online so I can have the spreadsheet at hand as my "personal assistant" :fizz

In my spreadsheet, I fill in the profit that I wish to achieve on a bet and then enter the odds. The spreadsheet will then (hopefully) tell me how much I need to place my stake for. If the odds are 5/1, I have seen from a chart that this coverts to 6.00 in decimals. If I enter 6.00 in my spreadsheet and work out my stake from this it simply multiplies my 'target' by 6.

For example if I have my 'target' as £10 this would tell me to place a stake of £60 but it should be £2. I would quickly be in debt!!!

Does anyone have an idea how I would make it do this calculation correctly? I presume there is some kind of forumla that I could use - doe anyone know what it is??

Instead of simply multiplying it by 6 what should I set the formula up to do so that it returns the outcome correct? I can't get my head around this to do a manual calculation each time :dunce

Any ideas would be greatly appreciated

Many thanks in advance
Phil

[markwales]

Was just about to answer this, then saw Mathare viewing the thread :D....no doubt his reply will be a lot more easy to understand than mine.

[mathare]

Spreadsheets - my favourite :)

You can handle fractional odds, which is a good start. Decimal odds are just fractional odds with the stake included. Evens = 2.00, 5/1 = 6.00 etc.

You want to win £10 on an even money shot you need to stake £10. And £2 on a 5/1 shot.

So target = stake x fractional odds therefore stake = target / fractional odds

Decimal odds = fractional odds + 1 (for the stake) so fractional odds = decimal odds - 1

therefore stake = target / (decimal odds - 1)

Target = £10
Decimal odds = 6.00 (5/1)
stake = 10 / (6-1) = 10 / 5 = £2

HTH :)

[eastyorkshireracing]

Hi betaff,

It should just be a simple case of Target Profit / Odds.

i.e: You want to make £30 and the odds are 3/1, therefore 30/3 = £10 stakes!

Not quite sure if you are dutching or some other requirement?

Gordon

[mathare]

Was just about to answer this, then saw Mathare viewing the thread :D....no doubt his reply will be a lot more easy to understand than mine.:laugh

I was tempted to say "post your spreadsheet up here and by the end of the day I will make it sing and dance for you" but my boss is keeping a careful eye on me at the mo :wink

[eastyorkshireracing]

Sorry mathare, did not see that you were posting. I shall leave it to the Master :laugh

Gordon

[betaff]

Wow

Talk about a quick response!!! I was expecting to come back this afternoon and maybe have a reply. Thank you very much :0)

This makes is sound dead easy. Basically then for my profit (assuming I pick a winner) I simply deduct the 1 back off the calculation as this is my stake anyway.

I will get to work on my spreadsheet. Thanks again

Actually, one other quick question on the same topic. I have been thinking about trying to look at overseas races in the evenings as it's not always easy for me to bet on UK races in the day.

I have read on one website about the different methods in the US (+ odds or - odds). I read this here: http://www.freebetting.net/online_sports_betting/betting_odds.php

Do any of you have experience of betting on US races via US based bookies and if so, I guess I would need to create a different calculation for - or + American odds?

Again, any help would be grealty appreciated.

Thanks again
Phil

[MarcusMel]

In U.S odd the minus sign means that the normal fractional odds of say 1-5 (1.2) has been reversed to 5 divided by 1 with a minus in front.