Excel Formula for Football Double Bets

[amdm888]

Hi,

This is my very first post so please forgive me if I have not done everything strictly according to the rules.

I need help to create a formula within Excel. I have Excel Office Version 2003.

I will try and explain what the formula is for but before I do, can I just tell you I am not good with formulas. I have other knowledge in Excel but not that of formulas.

I place bets on Football games to win some money.
The bet is basically a very simple 'Double' bet.
That simply means - I have 2 matches.
From the 2 matches, I select 2 teams who I think will either Win or Draw.

Here's a good example:-
Arsenal v Middlesbro
and
Man Utd. v Chelsea

The odds for Arsenal for Win are 4/6 and the odds for Arsenal Draw are 9/4

The odds for Man Utd. for Win are 6/5 and the odds for Man Utd. Draw are 13/8

All I want to do is combine Arsenal & Man Utd. in a win Double bet.
e.g. Arsenal are 4/6 & Man Utd. are 6/5, we would normally multiply 4/6 * 6/5 = 3.666
4/6 becomes 10/6 = 1.666 & 6/5 becomes 11/5 = 2.2.
we then simply multiply 1.666 x 2.2 = 3.666 for a winning double.

The above was a situation IF both Arsenal Won & Man Utd. Won.
Now, there are 3 possibilities in total including the above one.
Arsenal (Win ) & Man Utd. (Win)
Arsenal (Win) & Man Utd. (Draw)
Arsenal (Draw) & Man Utd. (Win)

For each scenario from the above 3 games the odds are different.
so Arsenal Win is 4/6 & Man Utd. Win is 6/5 = 10/6 x 11/5 = 3.66
Arsenal Win is 4/6 & Man Utd Draw is 13/8 = 10/6 x 21/8 = 4.37
Arsenal Draw is 13/8 & Man Utd. Win is 6/5 = 21/8 x 11/5 = 5.77

Firstly - there are only 3 outcomes to this match as shown immediately above.

I need to have a formula in an excel sheet where I have 2 teams listed as shown below. The Win Odds cell will be empty waiting for me to input a figure such as 1.66 for Arsenal or 2.2 for Man Utd. as shown below.

Name Win Odds Draw Odds
Team A Arsenal 1.66 2.62
Team B Man Utd. 2.2 2.62

On the same Excel sheet, I will have the following table:-
( This is an example of another 2 teams - Leyton orient & Reading)
It doesn't matter which team but what matters is How to work out the Percent, the Back Amount & Winnings.

Outcome EU Odds Percent Back Amount Winnings Below is the bet you should be placing the stake on
Win/Win 2.36 42.46% £53.27 £125.46 Reading Win AND Leyton Orient Win
Draw/Win 5.5 18.20% £22.83 £125.46 Reading Draw AND Leyton Orient Winw
Win/Draw 5.25 19.05% £23.90 £125.46 Reading Win AND Leyton Orient Draw

So we will be entering the value e.g. 1.66 in the above Top table under Win Odds and Draw odds for arsenal and the same for man Utd.
Once these are done the on the 2nd table against the Win/Win the formula would automatically work out the figure by multiplying 1.66 by 2.2
In the 2nd table the teams are different with different values but the 2.36 shown was a result of multiplication of the 2 Win/Win odds.
The 5.5 value shown against the Draw/Win in the 2nd line is the result of multiplying the Draw odds of 3.5 multiplied by the Win odds of 1.57
The last figure 5.25 value shown against the Win/Draw in the 3rd line is the result of multiplying the Win odds of 1.5 multiplied by the Draw odds of 3.5

So you have 2 different tables.

First table is where you would input values of the Win odds or Draw odds.

2nd table is the table where the Stake is worked out and also the Winnings are worked out using an Excel Formula.

The task is I need yuo to create a formula that will use a £100 stake divided into 3 separate stakes so that when you bet any of the 3 outcomes, Win/Win or Win/Draw or Draw/Win , you willl get a return of more than £100.
It could £125
In this case you have made a profit of £25 by betting on 3 bets.

Is it possible for you to design the above in a Excel sheet so that I am able to eneter the Win and Draw odds and the Profit required and when I do that, immediately I get an answer as to what profit I stand to make if I placed the 3 bets using the stake advised by the formula...?

Sorry and apologies if this sounds complicated but I need to have this formula working for a serious purpose.
I do have a Excel sheet with the formula BUT it is in Read only and I cannot enter any values in the cells.

I will be very grateful to anyone who can design the above 2 tables.
If you need, I can e-mail the Excel sheet example I have so that you get a better idea.
Any problems, please give me a shout.

Many Thanks in advance....

regards...
Andy

 

[Pericic]

Andy,
You say there are only 3 possible outcomes...
Why cannot there be a "draw" - "draw" scenario??

Please clarify

 

[amdm888]

Hi Pericic,

Firstly - Thanks for replying.

We have 4 individual teams.
These 4 teams make 2 matches. Team 'A' & Team 'B', Team 'C' & Team 'D'.
A v B
C v D

I want to combine A with C covering all options.

OKAY - you are right in essence - there are 4 options but I was thinking of 3 as I was going to use a banker team and I forgot to mention that.
Sorry. I have explained it below.

So, '
'A' WIN & 'C' WIN = 1 double
'A' WIN & 'C' DRAW = 1 double
'A' DRAW & 'C' WIN = 1 double
'A' DRAW & 'C' DRAW = 1 double

Now we have covered all 4 possibilities.

Having said that, we will have a problem because when you stake on all 4 , the return will be too small to cover the stakes and make a profit.
hence , I had the idea of using only 3 bets where I feel the banker team will NOT Draw.
e.g. Chelsea v Sunderland.
Chelsea being at the Top of the League Table whilst Sunderland being at the bottom of the table.
This match is a banker for Chelsea.
So that means, I will only forecast Chelsea as a Win bet and NOT a Draw.
So with that in mind Chelsea can only WIN. No room allowed for a Draw for Chelsea. If Chelsea happen to Draw then of course we lose the entire bet and that's fine - I am happy with that situation.

That's why I said earlier about 3 outcomes.

The idea behind this Macro to work in Excel is , I just enter ALL 4 different Odds into the relevant Cells for each team and the Macro will work out the Stake required to make a profit.
This profit is a figure we can state in one of the cells.

e.g. we will say that we want to make a profit of £25 from our 3 or 4 bets.
We enter £25 in the appropriate cell and as soon as you have entedred that together with the odds the Macro will work out the stake required.

I hope I have explained it clearly.

if not, please let me know.

Many Thanks for your help so far...

regards...
Andy