Sorry if I come across a bit dopey but when Dobbing I know you place a back bet then a lay bet at double the stake at half the odds.
This is ok for dropping 50% in price, but what is the formula to work out the correct stake so that it greens up evenly across the field if you want the price to drop by 75%, 25% or whatever to win a set amount, say £20.
I have filled two or three pages with sums and calculations and can't get my head around it. I tried it today on a couple of races but ended up having more of a win if the horse actually won and I actually lost money when one horse won as my stake was wrong.
I can hit the green up button when it hits the price or amount I am looking for but would like it to do it automatically by placing the correct stake at whatever % of the back price at the correct odds pre race.
So back a horse at 10.0 and lay off at 7.5 to win £20. What is the formula to work out the back and lay stakes for this?
Thank you.
Working out the lay stake
-
shakespeare
- Posts: 113
- Joined: Sat May 21, 2016 1:43 pm
Here you go.
Say you place a £1 back bet at odds B. You lay off at odds L. To green up, the lay stake you need to use is B/L and your greened-up profit is (B-L)/L.
Therefore if you want a fixed profit P (for you, P = £20) then your back stake will need to be PL/(B-L) and your lay stake will need to be PB/(B-L).
Obviously I could have made a booboo with my algebra, so get a calculator or spreadsheet and make sure you check this formula out before you use it on real money.
Say you place a £1 back bet at odds B. You lay off at odds L. To green up, the lay stake you need to use is B/L and your greened-up profit is (B-L)/L.
Therefore if you want a fixed profit P (for you, P = £20) then your back stake will need to be PL/(B-L) and your lay stake will need to be PB/(B-L).
Obviously I could have made a booboo with my algebra, so get a calculator or spreadsheet and make sure you check this formula out before you use it on real money.