Entering each way bets

[admin]

Below is a suggestion for inputting each way bets into the betting tracker spreadsheet. The inputs below are based on example #2 here:
http://en.wikipedia.org/wiki/Each-way_%28bet%29
"A £10 each-way single on a 10-1 selection in a horse race and paying 1⁄4 the odds a place 1, 2, or 3 would cost £20."

Note that the spreadsheet has been set to fractional odds in the Settings sheet to be consistent with the example above.

In the spreadsheet you would input two lines: one at 10-1 odds and one at 2.5-1 odds. The sport, selection, bet type, event, and wager amounts are identical for both lines of the wager. You then update the two lines separately based on the event outcome.

The bets have been entered into the spreadsheet three times to cover three scenarios:

1. The horse places first
2. The horse places 2nd or 3rd
3. The horse doesn't place

The payouts/profits for the three scenarios are as follows:

1. You have a total payout of $145 for a net profit of $125 if the horse places first.
2. You have a total payout of $35 for a net profit of $15 if the horse places 2nd or 3rd
3. You have a net loss of $20 if the horse doesn't place

Note that a bet type called 'Each Way' has been created in the settings sheet.

[Sybawoods]

Apologies for all the questions. Have just found this tool and finding it so useful!

What would the formula be in the odds column when using *decimal* odds for an E-W bet? I am simply saying WIN ODDS/4 but my calculated payout is different from the bookmakers.
Eg, I have an E-W bet for $10 in total at odds of 9.0
The win selection is simply $5 x 9.0 = $45
The place selection should be [$5 x (9.0/4)=1.8] = $9
Total return for the above = $54, assume the selection ran first

The bookmaker however shows a potential return of $58. Where am I going wrong? Am convinced I'm calculating the place odds incorrectly for the 1/4 reduction. I assumed it's as simple as dividing the original odds by 4... evidently not. Hope this makes sense.

[admin]

Hi Sybawoods,

Can you double check that the reduction is 1/4? In Australia I've seen all kinds of reductions, i.e. 17 win, 4.4 place. It depends on the number of runners.

Note that 9.0/4 = 2.25, not 1.8.

[Sybawoods]

Thank you. I meant 9.0/5 in example above, so sorry .

Will follow up with bookmaker how they apply the reduction. The bet slip said 1/5 for places, but the calc does not work out. It does vary depending on the number of runners. I've seen 1/3, 1/4 and 1/5. What you are telling me though, is that there is nothing special to the calculation e.g. adding "+1" after the calc or anything similar. Thanks!

[admin]

If you're using an Australian bookmaker they generally state the win and place odds rather than state 1/4, etc. for place.

If you are using a UK bookmaker their 1/4, etc. fractions may be based on fractional rather than decimal odds.

For example 10/1 odds with 1/4 for place mean 10/4 in fractional odds. If you are using decimal odds the equivalent would be:

Win: 1 + 10 = 11.00 odds
Place: 1 + 10/4 = 3.50 odds

Does that calculation make your betting tracker match what's in your bookmaker account?

[pancharosh]

First Four Bets % boxed.

Hey guys.

With the spread sheet how would you use first four calculations for horse races when you box up the runners with a % return of the dividend. For example if I picked 8 runners in a first four horse race which would return 5% of the dividend. I put $50 into the bet with my 8 runners and the dividend is $7000 in the pool. How would you show this in the spread sheet? Is their a way to do it? i.e. 5% of 7K which equates to a $350 winnings. Meaning a profit of $300.

Hope this doesn't confuse you admin.

[admin]

Hi pancharosh,

There are two ways you could go about data entry for boxed first four bets.

The first is to manually enter each and every combination of horses as individual lines in the spreadsheet. This isn't ideal, however, because of the high number of combinations and the fact that you might not know the exact potential payout for each combination.

The second and easier way is to enter $50 as your stake and create a bet type called "First Four - Boxed", or something like it. If the potential winnings are $350 I would input 7.00 for the odds (if you are using decimal odds). Once the bet has concluded I would simply input N into the Win column if none of the combinations won and if your bet did win money I would look at the betting history of the bookmaker to find out the exact payout. I would then edit the odds to equal the payout divided by the stake (if you are using decimal odds).

In terms of the 5% and 8 runner details, I would simply enter those into the Fixture / Event column for your own records.

Let me know if you have further questions.

[Sybawoods]

If you're using an Australian bookmaker they generally state the win and place odds rather than state 1/4, etc. for place.

If you are using a UK bookmaker their 1/4, etc. fractions may be based on fractional rather than decimal odds.

For example 10/1 odds with 1/4 for place mean 10/4 in fractional odds. If you are using decimal odds the equivalent would be:

Win: 1 + 10 = 11.00 odds
Place: 1 + 10/4 = 3.50 odds

Does that calculation make your betting tracker match what's in your bookmaker account?

That sorted it, thank you!!

[admin]

An experimental version of 2.21 Basic (Euro) has been uploaded with better support for each-way betting.

Six examples are provided to show the two ways you can enter the place odds. The place odds can be entered either using the fractions format (UK, USA venues) or as explicit place odds (Aus/NZ venues).

The stake amount should equal the combined stakes of the win and place portions of the bet.

Enter the bet results as follows:
Horse wins - Y
Horse places - EP
Horse fails to place - N

The file can be download here:

http://www.aussportsbetting.com/tools/betting-tracker-excel-worksheet/

[DavidE]

As a request - we already have the "Each Way" option in bet type, is it possible to add in a "Placed" option in the Outcome column?

To help with single line entry - the "Each Way" could become Each Way 1/3 odds, Each Way 1/4 odds, Each Way 1/5 Odds, it would mean changing the "Winner" calculation to add in the Each section of the bet.

I think this is an excellent piece of software - thank you much for developing it. Sorry that my first post is a request

[admin]

Hi DavidE,

Have you had a look at the experimental version of the Euro spreadsheet? It has "EP" = each-way place as an option in the Outcome column. This supports single line entries for Each Way bets. You can enter the each-way place odds as either actual odds or as a fraction (e.g. 1/4). You can find a link to it here:

http://www.aussportsbetting.com/tools/betting-tracker-excel-worksheet/

A new version of the spreadsheet is in development which will hopefully better support each-way betting.

[serpao]

Hi DavidE,

Have you had a look at the experimental version of the Euro spreadsheet? It has "EP" = each-way place as an option in the Outcome column. This supports single line entries for Each Way bets. You can enter the each-way place odds as either actual odds or as a fraction (e.g. 1/4). You can find a link to it here:

http://www.aussportsbetting.com/tools/betting-tracker-excel-worksheet/

A new version of the spreadsheet is in development which will hopefully better support each-way betting.

Hello there. First of all sorry for my english, it is not my native language.

I just downloaded the Euro Spreadsheet, but i have problems trying to understand the each-way column. Im not a newbie in betting, i know how E/W bets work , btw.

1-


With each way "odds type", i see everything works nice, except when "Odds 1" . I have done 6 examples, and 5 of them shows the output correctly, but the first one (red arrow one) shows it incorrectly. It shows a payout of 50€ /profit 40€ , which is not correct. It should be payout 30€/profit 20€ . It is weird, cause in other examples is working nice, but when i set "odd type=1" it does the outcome wrong.

2- The each way "odd type" is working fine, except the error commented above. But im more interested in the fraction one (For example for Golf, where outrights are usually high odds in e/w, with 1/4 terms for 5 places)

I dont know how it works in the excel. In the image above, we can take a look in the "example races 1-6" which come as example in the excel. 0,33 = 1/3 . But @3.50 is not the 1/3 of @8,50

In my mind, if you do the" example race 4" should be : 50€x8.50 + (50x(8.50/3)) = 566,66 payout
In the "example race 5" should be : 50x0 + (50x (8.50/3))= 141,66 payout

Those numbers doesnt match the example payouts, so clearly im not understanding how it works :/

Thanks in advance

[admin]

Hi serpao, to answer your questions:

1. If you're using decimal odds (see the settings sheet) then the odds should always be greater than 1.00. The sheet's calculations are being thrown off by the use of 1.00 odds (which equate to 0 in UK/fractional odds).

2. The fractions payout for the sheet is based on the UK approach, because they make heavy used of fractions. 8.50 decimal odds equate to 7 1/2 fractional odds. 1/3 of 7 1/2 odds is 2 1/2, which equates to 3.5 decimal odds.

[topcrickets]

This helped me, thanks