Matched Bet Calculations

[followthatcamel]

Hi I'm looking to help a friend take advantage of the free bet offers being made by bookmakers whereby you place a qualyfying bet that is then offset on an exchange. The free bet is then used to guarantee a return by again offsetting on an exchange.

As much as I have tried I can't come up with the formulas that are used to calculate the lay amounts required in both stages to hedge the p&l across both the win and lose outcomes.

The website I used when doing this for myself a while ago now wants to charge a monthly fee to use their product hence my need to buld my own spreadsheet to make the necessary calculations (including commission rates, stake returned/not returned etc...).

Any help much appreciated.
Best Regards
Doug

[Innertube]

This spreadsheet may help?

http://www.matchedbetting.co.uk/Matched.xls

[followthatcamel]

Thanks - that is perfect.

Best Regards
Doug