I was wondering if someone could help me. I've researched online to find a number of arb calculators (see scalpulator.com), and different sports betting formulas, but I've yet to come across one where I can put in both odds and the bet on team 1 where it will show me what bet to make for team 2 to have equal profit on both sides. I am also using "American Odds", meaning +140 or -140. These other arb calculators will figure out the bet you should make if team 2 has HIGHER odds than team 1. But, if team 2 has LOWER odds, they don't let me keep the bet I made on team 1.
Hope you understood. Just looking for a basic (ok, maybe these are not basic formulas) excel sheet that will plug in the amount to bet on team 2 NO MATTER WHAT THE BET ON TEAM 1 IS to make a guaranteed equal profit on both sides (in my attachment, that would be cell D4). If that works, then I would like to get the % profit under F3 and F4 (if done correctly, they should be the same amounts) and profit totals under H3 and H4 (again, should be the same). I'm guessing that there would have to be some conversion of the odds row (Row B) to convert from American odds to fractional odds to get the formula to read the odds. Also, since an "arb" situation only comes out if the odds are less than the odds for team 1 (in my example, since team 1 is at +140, team 2 would have to have odds of -139 or lower), I'm thinking this has to be added to formula.
Any help would be greatly appreciated. Thanks.
Marc
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