Virtual Bookie??

[Chip and Chase]

Do you have a link of an example on another website / forum we can look at ?

 

[ManlyBacker]

Best bet is getting the odds from 1 of the many betting agencies & making them a bit juicer & also have some more exotic things as well

Make a book at 100%. It is the absolutely fairest way. If Dan wanted to cream a little off the top at any point then the book would be run at over 100%.

100% - It is all based on the odds as if you backed every option to break even.

The percentage is calculated by adding one to the odds and then dividing this into 1.

Here is an example of how percentages are worked out:
MWSE to close forums
1-1 Yes -  (also known as evens - percentage is calculated as 1 / (1+1) = 50.0%)
2-1 No -  1/(2+1) = 33.3%
5-1 Media Manager to resign  1/(5+1) = 16.7%

In this example if you backed each option at these odds you would not lose any money/points OR gain any. That is a 100% book.

Make any of the odds above shorter and the others the same then the book would be greater than 100% and that would be what is known as the bookie's percentage. If the Media Manager to resign was 3-1 then that be 25% [1/(3+1] and if you totalled all the percentages it would be 108.3%, giving a bookie margin of 8.3%.

Clear as mud I'm sure...🙂

 

[deadlyeagle]

I like this idea

 

[Dan]

oh god. I have to write the math for all this

 

[ManlyBacker]

Dan, I should have said the old way of expressing odds is almost dead. These days it is all a dividend, like Gronk did it. A dividend of say $2.00 - this includes getting your stake back and is actually a bet in this instance of 1-1 or evens and that is much easier to code. It is the reverse calculation - 2 minus 1 giving 1-1. 🙂

 

[Matabele]

If it's some kind of virtual game then ok (sounds fun), if it's ever to develop into real gambling, give it a miss, there's a thousand too many sites already.

\"or me trying to not respond to Cam selling his pizzas?  \"
$1.01 for this to happen by 7th June.

  I've already done it once today.  What odds are you offering for me to not respond by then?

 

[Dan]

Yep, I need to understand how all of this will work, but if the math is simple enough then it's easy enough to put in.

If you know the basic formula's its just a matter of coding them which is easy enough. Sadly I don't know much about gambling, and math is something my computer does for me 🙂

So will take some study

 

[Berkeley_Eagle]

example of it at the below link

http://nrlstream.com/upload/showthread.php?190-ROUND-12-DRAGONS-v-EELS-(margin)

 

[Dan]

Upgrading this site to vBulletin is an option as well, it does cost money however, though it is an outstanding forum software and has been around for year.

However the idea of fully integrating it into the site is somewhat difficult and it would yield very similar results to what we have now though may be slightly faster.

ideally i want to move to something that is fully integrated though may not be as feature rich.

 

[Berkeley_Eagle]

Upgrading this site to vBulletin is an option as well, it does cost money however, though it is an outstanding forum software and has been around for year.

However the idea of fully integrating it into the site is somewhat difficult and it would yield very similar results to what we have now though may be slightly faster.

ideally i want to move to something that is fully integrated though may not be as feature rich.

cool