Caculating odds in excel?

[tonywatsonhelp]

Hi Everyone,
this might be super easy but was woul=ndering if someone could help me.
What I want is a formula to tell me how much to bet to get as close to an amount back as possible using the odds for the bet.

So Cell B3 is amount of return (for example £10)
D3and F3 are the odds H3 is the answer (the amount i need to bet.

so in a table it looks like this:

	A	B	C	D	E	F	G	H	I
2		Amount of Return		ODDs				Amount to bet	Actual Return
3		£10		22	to	7
4		so i enter the amount i need back.		the odds are placed like this				so the formula works out that at £22 for every £7 in bet I will need to bet £????	And gives the exact amount I'll get back

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Please help if you can
Thanks

Tony

 

[palaeontology]

in gambling, there are 'bettings', 'winnings' and 'collections' ... bettings + winnings = collection

Assuming you mean odds 'against' (odds are always 'against' unless you specifically mention the word 'on' after the odds ratio), and assuming you mean 'winnings' when you said Return, then in H3 you would want to enter ... =B3/(F3/D3) .. but be sure you don't have the currency symbol included with the number in B3

so, for example, at 22 to 7 (against) then you'd need to bet 31.43 to win 10 and collect 41.43

Note : 22 to 7 (against) means you are likely to have 22 unfavourable outcomes for every 7 favourable outcomes ... not good odds.

so the formula you want is really ...

[FONT=&quot]amount you′ll need tobet = winnings/([/FONT]numberof favourable outcomes[FONT=&quot]⁄[/FONT]numberof [FONT=&quot]un[/FONT]favourableoutcomes[FONT=&quot])

and remember, your winnings is not the same as your collectings

good luck,

Chris[/FONT]<!--[endif]-->

 

[tonywatsonhelp]

Thank you chris, this is clearly where i'm going wrong and thank you for helping me understand. I'm sure I can get the results I want from this.

Tony