More of IF(AND

[Thurlow]

Hello

I have been battling with this problem for some time. I am a horse racing
fan, I want to record my bets in a P&L account.

I cannot work out how to express the place, I believe this is known as a
show in the USA & Australia.

The relevant parts of my spreadsheet are:

Runners Odds Position Stake P&L

The formula I am trying to create is this.

If there are 7 runners or less I get paid on position 1 & 2

If there are 8 runners and less than 15 I get paid on position 1,2 &3

If there are more than 16 runners I get paid on position 1,2,3, &4

Anything outside of that you lose your stake.

I have tried =IF(AND, =IF(OR but I just cant get it to work.

I use a betting exchange so the odds are expressed as a decimal i.e, evens
(1/1) is expressed as 2.0 and I use Excel 2003.

If anyone can help it would save the hair I have left!

Many thanks

Thurlow

 

[Bob Phillips]

How is the data laid out?

 

[Thurlow]

Hello Bob

Thanks for responding

Column D = Runners - say 10

Column G = Price - say 1.79

Column J = Result - say 3

Column K = Stake - say 5.00

Column N = P&L on the result - in this case 3.95

I hope this helps

Many thanks

Peter

 

[Roger Govier]

Hi Peter

I am not a gambling man myself, other than the odd flutter on the Derby or
Grand National, under the British Odds system.
Therefore, forgive me if I do not understand the way that the Decimal system
works.

I cannot see how you get to a result of 3.95 on a stake of 5.00 when the
horse came third.
I assume that it is an each way bet - in which case 2.50 is forfeit as the
horse did not win.
The 2.50 bet for a place, would normally be paid out at some fraction of the
odds, say 1/4.
The decimal system, as I understand it, would therefore work as follows
1.79 - 1.00 = 0.79
0.79 / 4 = 0.1975
1.0 + 0.1795 = 1.1795 * stake of 2.50 would result in a payout of 2.99 as
opposed to your 3.95

If you can explain how it works, then I am sure we can come up with some
formulae for you to calculate your P&L

 

[Thurlow]

Hello Roger

What you say is correct if you place your bet with a traditional bookmaker.
I use a betting exchange. This enables me to take a price about a horse on
it's chances of acheiving a place only, the win side of the bet is a separate
transaction. A betting exhange works like the stock market where you "buy" a
runner to win or "sell" a runner to lose.

The problem is different rules apply to the number of runners taking part
and it is this I cant figure.

I'm not sure of the rules regarding posting URL's on this site but I will
upload a screen shot of my spreadsheet to the web so you will be able to see
what I am trying to achieve.

I apreciate your help.

Peter