Formula for back/lay odds conversion

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Namnam
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Namnam

Formula for back/lay odds conversion
« on: December 12, 2014, 08:18:53 PM »

Hey guys! Sometimes I need (or want) to know the equivalent back odds for my laybet. I have found a online calculator to help me with this (http://www.bettingtools.co.uk/back-lay-equivs) but its only 2 decimals and I would prefer to have the actual formula so I can insert it in Excel. I have found the following formula: LAYODDS = 1 + ( 1/(BACKODDS-1) ). However, this does not work well in excel, since it gives back the answer in % and not decimal odds. Does anyone have the correct formula that also works in excel? If I were a math pro, I'm sure I could just figure it out by myself, but unfortunately I'm not... :)
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ppintaluba
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Re: Formula for back/lay odds conversion
« Reply #1 on: December 12, 2014, 09:42:41 PM »

The formula is correct, and there's no need to be a math pro  :)
If it shows a % it may be a formatting problem in the excel.
Just select the cell with the formula, right click the mouse and choose format cells and then choose category "number" and select 3 or 4 decimal places.
Just in case, if you also want to consider commission, you can adjust the back odds like this:
1 + (odds - 1) * (1 - commission).
You will find out the real odds you get after commission.
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Namnam
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Re: Formula for back/lay odds conversion
« Reply #2 on: December 14, 2014, 02:19:35 PM »

The formula is correct, and there's no need to be a math pro  :)
If it shows a % it may be a formatting problem in the excel.
Just select the cell with the formula, right click the mouse and choose format cells and then choose category "number" and select 3 or 4 decimal places.
Just in case, if you also want to consider commission, you can adjust the back odds like this:
1 + (odds - 1) * (1 - commission).
You will find out the real odds you get after commission.

Thank you! You are completely correct, it was a setting in excel that was wrong! :) Could you help me change the formula to get the backodds also?
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ppintaluba
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ppintaluba

Re: Formula for back/lay odds conversion
« Reply #3 on: December 14, 2014, 03:22:45 PM »

The formula is correct, and there's no need to be a math pro  :)
If it shows a % it may be a formatting problem in the excel.
Just select the cell with the formula, right click the mouse and choose format cells and then choose category "number" and select 3 or 4 decimal places.
Just in case, if you also want to consider commission, you can adjust the back odds like this:
1 + (odds - 1) * (1 - commission).
You will find out the real odds you get after commission.

Thank you! You are completely correct, it was a setting in excel that was wrong! :) Could you help me change the formula to get the backodds also?

What's the question? This formula is to get the back odds.
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