I have a small group and we bet on football (UK) each week. We keep a table of win/loss/draw but it doesnt reflect type of team that has been selected. I could pick best team every week with very poor odds and I would be top of our table but have not added any value to the returned money. I would like to calculate the table using a simple Win/Loose/Draw formula so that the shorter the odds the less points the winner accumulates. Picture below. Can anyone help? I have split the odds into 2 x columns and the value for each possibility is at the side.
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Gambling formula
- Thread starter AbbyRE
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StephenCrump
MrExcel MVP
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It's not clear why you're trying to fit the premiership scoring method (W=3 points, D=1 and L=0) onto gambling odds? If you're gambling on a particular result occurring, you other win or lose, there's no draw.
If the purpose of the group is to gamble (in real or notional £) isn't the winner the one who amasses the greatest winnings, with the others ranked accordingly?
It's not clear why you're trying to fit the premiership scoring method (W=3 points, D=1 and L=0) onto gambling odds? If you're gambling on a particular result occurring, you other win or lose, there's no draw.
If the purpose of the group is to gamble (in real or notional £) isn't the winner the one who amasses the greatest winnings, with the others ranked accordingly?
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