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Betting Percentage

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  • 22-01-2008 12:56pm
    #1
    Devil's Fuel
    Closed Accounts Posts: 16 ✭


    Can any one explain how this works?


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    #2
    Tickets.ie
    Registered Users Posts: 11 ✭Tickets.ie


    If you mean odds, then it's...

    Odds: A/B
    Percentage: B/(A + B) * 100%

    e.g. 2/1 implies a percentage of 1(2 + 1) * 100% = 1/3 * 100% or 33.33%

    If you mean what percentage of your pot should you bet - then I vaguely remember coming across a statistics and probability paper in college which mentioned a term called the 'Kelly Criteria' (I think) which is a statistical means to allocate a bet given associated odds of the bet and the pot size. (The odds may need to be adjusted for over-round, which is supposed to be the 'bookies' profit.)


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    #3
    Devil's Fuel
    Closed Accounts Posts: 16 ✭Devil's Fuel


    no its the total betting percentage on the prices of all the horses together in the field of a race! for example, the betting percentage is 120% in the 2.30 race at....


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    #4
    ArmaniJeanss
    Registered Users Posts: 13,455 ✭✭✭✭ArmaniJeanss


    Devil's Fuel wrote: »
    no its the total betting percentage on the prices of all the horses together in the field of a race! for example, the betting percentage is 120% in the 2.30 race at....

    You translate all the prices to a % and add them up, this will give you the total percentage book.

    So if a 5 horse race is 2/1, 3/1, 7/2, 4/1, 9/1
    then this is 33% + 25% + 22.22% + 20% + 10% = 110.22%.

    Tickets.ie reply shows you how to translate a price to a %, odds X/Y expressed as a % would be Y/(X+Y).


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    #5
    WH BONNEY
    Registered Users Posts: 511 ✭✭✭WH BONNEY


    Dev,
    If your interested in reading an article on this which was written in the Irish Field PM me your email and i will forward it to you.


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    #6
    yahoo_moe
    Registered Users Posts: 2,397 ✭✭✭yahoo_moe


    Devil's Fuel wrote: »
    no its the total betting percentage on the prices of all the horses together in the field of a race! for example, the betting percentage is 120% in the 2.30 race at....

    Basically, once you've calculated the percentages (as shown above) you get an idea of how 'fair' the book is... the further above 100%, the more overround the bookie has built in (to try and guarantee a profit), whereas a Dutch book (where the percentages add up to less than 100%) gives you the opportunity to guarantee a profit by simultaneously betting on all possible outcomes in the right proportions...


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    #7
    Mellor
    Registered Users Posts: 39,382 ✭✭✭✭Mellor


    A Dutch book???

    Surelly you don't believe in this old wives tale!!!!!


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    #8
    Benazir Bhutto
    Closed Accounts Posts: 37 ✭Benazir Bhutto


    WH BONNEY wrote: »
    Dev,
    If your interested in reading an article on this which was written in the Irish Field PM me your email and i will forward it to you.

    Alright , any chance of forwarding me that email too ?
    My email is : jesus_its_ron@hotmail.com

    Many thanks


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