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betting formula.

Thread title: betting formula.
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06-04-2009, 03:42 AM
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masfenix is offline masfenix
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  Old  betting formula.

Hey i need help deciding a formula for me and donny's new website. Basically lets say you have two teams:

Orlando Magic and LA Lakers (NBA finals anyone :P)

now lets suppose you are to bet on it. Lets suppose your team won. How would you calculate your payout?

right now this is what I have:

A ratio or 1:2 on the Lakers side.
Suppose you bet 100 on the lakers.
Suppose the pot is 500 total.

If you win, your payout would be 500 + 2 * 100 = 700. If you lose, your payout would be 0.

Is this a good way to do it? the only downside i see is I dont/want to analyze statistics on each team to get a "Ratio" between two of them. is there any easier method to do it?

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06-04-2009, 03:44 AM
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  Old

Why don't you just follow the live Vegas odds on the game? You can do the point spread, the over/under on the complete score, or just the winner. All those odds are available online for free.

For Example:

Lakers are +195
Magic are -120

$1 would pay $1.95 for the Lakers and you would need to bet $1.20 to win a dollar on the Magic.

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06-04-2009, 04:24 AM
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  Old

I thought of that too. I guess I am trying to stay away from using "official" stats of each team. I have way TOO many teams/leagues to be doing that. So is there another way to use "pot" or someother combination?

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