How to solve for Wager, given betting odds and desired payout?

[Contilly]

Hello - I am working on a spreadsheet to tell me how much I need to wager in order to get a specific payout with a given odds. I do already know how to solve for payout given the odds and wager amount, but now I want to do it backwards, in which I want wager amount to be solved automatically when I type in the desired payout and given odds.
Thank you!

 

[joeu2004]

I do already know how to solve for payout given the odds and wager amount

Show us that calculation. Ideally, use XL2BB to copy-and-paste data and formulas. Alternatively, __I__ have no problem with a download link to an Excel file that was uploaded to a file-sharing website. (Others do.) Or at the very least, attach a screenshot, but also copy the formulas from the Formula Bar and paste them into your posting (making note of any array-entered formula that are surrounded by curly braces).

Solving for the wager is essentially an algebraic manipulation of the payout formula. But different people record and interpret odds differently. And there might be other details in your calculation that are relevant (e.g. rounding).

 

[Contilly]

Show us that calculation. Ideally, use XL2BB to copy-and-paste data and formulas. Alternatively, __I__ have no problem with a download link to an Excel file that was uploaded to a file-sharing website. (Others do.) Or at the very least, attach a screenshot, but also copy the formulas from the Formula Bar and paste them into your posting (making note of any array-entered formula that are surrounded by curly braces).

Solving for the wager is essentially an algebraic manipulation of the payout formula. But different people record and interpret odds differently. And there might be other details in your calculation that are relevant (e.g. rounding).

Sorry, new to this forum, and not too familiar with add-ins, so here's a quick example:

Odds	Wager	Profit(-)	Profit(+)	PAYOUT
-200​	100.00​	50.00​	0.00​	150.00​
200​	100.00​	0.00​	200.00​	300.00​

Formula for Profit(-) = IF("Odds"<0,ABS("Wager"/("Odds"/100)),0)
Formula for Profit(+) = IF("Odds">0,ABS("Wager"*("Odds"/100)),0)
Formula for PAYOUT = "Wager"+"Profit(-)"+"Profit(+)"
Odds and Wager are the manual inputs, and PAYOUT is the output.
I'd like to have it where the Odds and PAYOUT are the manual inputs, and the Wager is the output.
Seems like I need as much help on the algebra as the excel functions - thanks for helping and offering advice!

 

[joeu2004]

Sorry, new to this forum, and not too familiar with add-ins, so here's a quick example

I think we can work with that. I'm in the middle of something else at the moment. I won't get back to this until tonight (my time). Someone else might be able to jump in in the meantime.

 

[joeu2004]

Formula for Profit(-) = IF("Odds"<0,ABS("Wager"/("Odds"/100)),0)
Formula for Profit(+) = IF("Odds">0,ABS("Wager"*("Odds"/100)),0)
Formula for PAYOUT = "Wager"+"Profit(-)"+"Profit(+)"

I am so-o glad you posted that. I would never-in-a-million years guessed that representation of odds and those formulas.

Without vetting the formulas, the following demonstrates how to calculate wager in column F, based on payout in column E.

I generate random odds and (intended) wager in columns A and B to generate random payout in column E.

Book1
	A	B	C	D	E	F	G
1	odds	intended wager	profit (odds<0)	profit (odds>0)	payout	wager (from payout)	F=B?
2	-869	9418	1083.77	0	10501.77	9418	TRUE
3	6108	2318	0	141583.4	143901.4	2318	TRUE
Sheet1

Select cells or hover the cursor over cells to see formulas.

 

[Contilly]

I am so-o glad you posted that. I would never-in-a-million years guessed that representation of odds and those formulas.

Without vetting the formulas, the following demonstrates how to calculate wager in column F, based on payout in column E.

I generate random odds and (intended) wager in columns A and B to generate random payout in column E.

Book1
	A	B	C	D	E	F	G
1	odds	intended wager	profit (odds<0)	profit (odds>0)	payout	wager (from payout)	F=B?
2	-869	9418	1083.77	0	10501.77	9418	TRUE
3	6108	2318	0	141583.4	143901.4	2318	TRUE
Sheet1

Select cells or hover the cursor over cells to see formulas.

Brilliant! Thank you - I vetted the outcomes and it works perfectly. I've been working on this for a while and you nailed it; thanks again!

 

[ExxcelNoob]

@ joeu2004 can you also help me with this?

Pregame Odd
Denver Nuggets Moneyline = 3.20
Los Angeles Lakers Moneyline = 1.42

I wager $1000 on Denver Nuggets pregame at odd 3.20 and I risk $1000 to win $2200. Later in the third quarter my sports book had a live wagering moneyline for the Lakers at 2.10 odd. I live hedge my bet at the moneyline 2.10 and risk $1000 to win $1100. However, my sports book only had $1000 max bet per time and after that the sports book immediately change the moneyline odd to 2.06 . How can I balance my net profit no matter the outcome of the game? This mean I have to live hedge two times because the moneyline odd changed every 5-10 seconds and the bet limit is only $1000 per time.

Below are the example I input into a spreadsheet and I want to solve for X (Live hedge bet #2) and if I can solve for X I can beat the sports book. What formula can I use to solve for X in cell B2?

	A	B	C	D	E
1		Live hedge bet # 2 (Lakers 2.06)	Live hedge bet #1 + #2 (Lakers 2.10)	Original Bet (Nuggets 3.20)	Net Profit
2	Stake	533.98	1533.98	1000	666.02
3	Win	566.02	1666.02	2200	666.02

	A	B	C	D	E
1		Live hedge bet #2 (Lakers 2.06)	Live hedge bet #1 + #2 (Lakers 2.10)	Original Bet (Nuggets 3.20)	Net Profit
2	Stake	X	=1000+B2	1000	=C3-D2
3	Win	=X*1.06	=1100+B3	2200	=D3-C2