Formulas for Sports Wagering

[Jeffmonster]

I've been researching this topic for a few days and everything I have read has been overly complicated or referencing personal spreadsheets for managing personal bets.

I'm seeking insight into formulas for correctly counting bets for a sporting event, say among friends.
For Example:
Pacquiao Vs. Mayweather
Pacquiao is +188
Mayweather is -225

If I got to Bet365 and enter a wager for $100 for each of those, it will calculate the winnings. $287.50 for Pacquiao and $144.44 for Mayweather.

How do I figure the math for this using excel?
Is there a way to do this for a group of guys placing a friendly house bet on the fight?

 

[vllgv]

Excel 2010
	A	B	C	D
1		Line	Bet	Winnings
2	Paq	188	100	288
3	May	-225	100	144.4444
Sheet23

Cell Formulas
Range	Formula
D2	=+C2*(B2+100)/100
D3	=+C3*(100/(ABS(B3))+1)

 

[Jeffmonster]

Holy Cow! You're a genius!
This is exactly what I needed... now I'm just trying to figure out how to take it a step further and manage all my bets.
If I had 10 people betting $10 a piece. Do you suggest a model to follow to manage all the bets, wins/losses and totals and who is owed what?

Thank you again