Cthulhu
Joined: Aug 02, 2003
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 Posted:
Jul 25, 2007 - 20:58 |
 
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I'm thinking to include a simple betting system to our league.
We often play 2 or 3 simultaneous games (as we have more than 1 board), so I think it could be fun to be able to bet on the other games taking place at the same time.
Has anyone ever done something like this?
Could you give me tips on how to set a betting system? odds and rewards and stuff like that, as I'm really not into these kind of things in real life.
For example, if 3 players bet for player A and 1 player bets for player B, everyone bets 10k :
- if A wins, the players who won the bet gets 10k divided in 3 (3,3k) each?
- if B wins, the player who won the bet gets 30k?
Is that how it usually works? |
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Khudzlin
Joined: May 24, 2007
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Jul 25, 2007 - 21:02 |
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yeah, that's the simplest: winners share the money proportionally to their bets
then you just have to decide how you round and what you do with leftover money (if any) |
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def909
Joined: Oct 25, 2005
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Jul 25, 2007 - 21:24 |
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you could make an extra pot, taking 10% of any bet (rounding up or down as needed to make the winnings an "easy number" and give this jackpot to anyone who also guesses the result right |
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Don´t ask Nuffle for better dice, ask him to make you a better coach. |
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Kyyberi
Joined: Nov 27, 2004
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Jul 25, 2007 - 21:46 |
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Odds is simply as following:
You need to come up with percentages of outcome. Let's say you play a game, including OT so one team will win. You think that it's 50/50 game. So you give teams 50% of winning. If you don't take any money (or whatever you are betting) from the bets, it gives 2:1 odds. That means that anyone who bets the team, will double his bet if the team wins.
If you think that the odds are 40% and 60%, then the odds would be 5:2 and 5:3. In other terms, bets will be payed with multipliers of 2,5 and 1,66.
If you want to take some winnings from this betting, you just lower the odds a little. Of course this is illegal in most countries, but what the heck...
That kind of stuff might leave you with negative bank roll. Safer option is to give every team same odds, take the bets and divide the money with those who guessed/knew right. Example: You have 3 games starting. Everyone puts 1$ to pot and gives each game a guess (1,X,2). There are 10 guys betting, so the pot is 10$. You decide that only the best one wins the whole pot. Now 2 guys know all the games, so you just divide the pot to them (5$ each). In a friendly enviroment I strongly suggest to use this method. Otherwise you might actually lose some money when offering betting to your friends. |
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Shepherd says some wise words... |
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SillySod
Joined: Oct 10, 2006
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Jul 25, 2007 - 22:05 |
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| Kyyberi wrote: | Odds is simply as following:
You need to come up with percentages of outcome. Let's say you play a game, including OT so one team will win. You think that it's 50/50 game. So you give teams 50% of winning. If you don't take any money (or whatever you are betting) from the bets, it gives 2:1 odds. That means that anyone who bets the team, will double his bet if the team wins.
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Isn't that called evens? not 2:1. The number quoted on the left is the multiple of cash (from your bet) you get from winning. but you ALSO get the money back that you originally bet. |
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Putting the "eh?" back into Sexeh.
"There are those to whom knowledge is a shield. There are those to whom it is a weapon. Neither view is balanced." |
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Kyyberi
Joined: Nov 27, 2004
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Jul 25, 2007 - 22:09 |
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Well, that's how I like to type it. As I think the money that has been betted to be "lost". If it would be 1:1, it would just give you back your original bet. |
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Shepherd says some wise words... |
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SillySod
Joined: Oct 10, 2006
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Jul 25, 2007 - 23:33 |
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Its all wrong, wrong. Your money isnt lost...
<waily, waily, wail>
PS I don't bet, really, I just know these things, please believe me |
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Putting the "eh?" back into Sexeh.
"There are those to whom knowledge is a shield. There are those to whom it is a weapon. Neither view is balanced." |
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Kyyberi
Joined: Nov 27, 2004
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Jul 26, 2007 - 08:49 |
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Well, it is lost. If I bet 10$, and I give them to betting company or my bookie, that 10$ is gone.
And 2:1 is the same as two-to-one. Meaning for every bet, you win two. The get the odds, you just turn the numbers around.
So if a bet has winning ratio of 3:2, then the propability would be 2:3 (if nothing is taken for the bookie).
This is how I have seen it in casino games and in poker probability guides. |
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Shepherd says some wise words... |
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nonchalance
Joined: Dec 20, 2005
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Jul 26, 2007 - 09:01 |
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Kyyberi is correct. If I'm offering odds of 2:1, that means that you give me one, and if you win, i give you two. A bet of 1:1 is you give me one, and if you win, I give it back. |
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MickeX
Joined: Aug 02, 2003
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Jul 26, 2007 - 15:53 |
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Cthulu: Your suggested system would probably work well. I'd suggest keeping all bets at exactly 10k to avoid wild team growth effects, and throw dice about the pot remains if the winners can't share the pot in equal, 10k-rounded sums. |
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Lucan
Joined: May 11, 2007
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Jul 26, 2007 - 16:35 |
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No, Kyyberi is wrong. If I place a £10 bet at 2:1 then I'll get £30 back - £20 winnings plus my original stake. Stake is always returned on a succesful bet. At least thats how it works in bookies (unlike SillySod I bet alot - Liverpudlian). Never been in a casino so they might have a different system.
Are you planning on making it in game betting with Gold Pieces? If so I would be very careful there as its a method of gaining money that doesn't decrease with incerasing team strength. What about making it cost 15,000 gp to place a 10,000 gp bet? The extra 5,000 would be the bookie's cut and the time spent locating one of the Dark Elf bookies who are capable of dealing with such large amounts. |
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Vermithrax
Joined: Jan 31, 2007
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Jul 26, 2007 - 16:59 |
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Lucan is right, at least in a UK bookies. |
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Kyyberi
Joined: Nov 27, 2004
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Jul 26, 2007 - 17:40 |
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Well, then it's shown different outside UK. 
Nothing big though, the most important thing is that who bet, know it. |
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Shepherd says some wise words... |
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SillySod
Joined: Oct 10, 2006
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Jul 26, 2007 - 23:44 |
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UK wins again, we do things the correct way and call football by its correct name. We even have a more respectable currency....
Does america do anything right?  |
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Putting the "eh?" back into Sexeh.
"There are those to whom knowledge is a shield. There are those to whom it is a weapon. Neither view is balanced." |
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Kyyberi
Joined: Nov 27, 2004
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Jul 27, 2007 - 01:17 |
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