Parimutuel Odds Calculation

[bosmith8]

I have a program for a charitable gaming calculator but don't understand exactly what the formulas do. There are six entries per 'race'. The formula is:

IF(TRUNC((total bets all 6 entries/2)/bets on this one entry)=1,2,TRUNC((total bets all six entries/2)/bets on this one entry))

I understand the TRUNC function but I'm not sure what the "1,2," part of the formula does. Can anybody explain? The formula returns odds for this one particular entry.

Thanks in advance.

 

[MarcelBeug]

General format of IF: =IF(condition, value-if-true, value-if-false)

So the formula will return 2 (value-if-true), if TRUNC((total bets all 6 entries/2)/bets on this one entry)=1 (condition)
Else the formula will return TRUNC((total bets all six entries/2)/bets on this one entry)) (value-if-false)

 

[bosmith8]

Thank you, Marcel.