I'd like to make a thread dedicated to having people on forums place bets on AFC's race events.
Could someone perhaps give me an idea of how the betting system would work?
Suppose I have 5 racers competing and then someone wants to bet on racer A and someone else bets on racer B.
Suppose racer A wins then the money goes to him. That's simple enough, right?
But what if two people bet on the same person and another person bets on someone else. Suppose that a) there was an unequal amount being bet on and b) the racer that had 2 bets on him wins. What happens then for the reward? Does it go 50-50 or does it go with %ages... and if so, how would it be calculated?
I'm also wondering if the racer could get a cut in the reward as well... perhaps to give encouragement on winning.... how would that work out?
1) Have each bet an equal amount ie 5 million buys you one ticket.
2) Betting closes before the Race starts.
3) Add up all the tickets sold for each Racer (say there are 5 Racers):
Racer 1 has 11 tickets sold
Racer 2 has 6 tickets sold
Racer 3 has 9 tickets sold
Racer 4 has 10 tickets sold
Racer 5 has 4 tickets sold
This equals 40 tickets (200 million)
4) Take 10% for the House (or for the Winner if that is the case) 20 million
This leaves 36 tickets (180 million)
5) Now divide the number of tickets each Racer has against him in to the 36 left:
Racer 1 becomes 3/1 (this means each bet is worth 15 million to the winning ticket holder)
Racer 2 becomes 6/1 (this means each bet is worth 30 million to the winning ticket holder)
Racer 3 becomes 4/1 (this means each bet is worth 20 million to the winning ticket holder)
Racer 4 becomes 3/1 (this means each bet is worth 15 million to the winning ticket holder)
Racer 5 becomes 9/1 (this means each bet is worth 45 million to the winning ticket holder)
(this is keeping it very simple and not over complicating the odds.
Once you have the idea worked out, it literally takes a couple of minutes to work out the winnings, for each, depending on which Racer wins.
'I would like to be half as clever as some people like to believe they are' Life is full of disappointments, it is how we handle them that helps to define us, as a person
(06-12-2017, 06:10 PM)St.Denis Wrote: One way to do it is:
1) Have each bet an equal amount ie 5 million buys you one ticket.
2) Betting closes before the Race starts.
3) Add up all the tickets sold for each Racer (say there are 5 Racers):
Racer 1 has 11 tickets sold
Racer 2 has 6 tickets sold
Racer 3 has 9 tickets sold
Racer 4 has 10 tickets sold
Racer 5 has 4 tickets sold
This equals 40 tickets (200 million)
4) Take 10% for the House (or for the Winner if that is the case) 20 million
This leaves 36 tickets (180 million)
5) Now divide the number of tickets each Racer has against him in to the 36 left:
Racer 1 becomes 3/1 (this means each bet is worth 15 million to the winning ticket holder)
Racer 2 becomes 6/1 (this means each bet is worth 30 million to the winning ticket holder)
Racer 3 becomes 4/1 (this means each bet is worth 20 million to the winning ticket holder)
Racer 4 becomes 3/1 (this means each bet is worth 15 million to the winning ticket holder)
Racer 5 becomes 9/1 (this means each bet is worth 45 million to the winning ticket holder)
(this is keeping it very simple and not over complicating the odds.
Once you have the idea worked out, it literally takes a couple of minutes to work out the winnings, for each, depending on which Racer wins.
Wow that actually makes it a nice system. Thanks @St.Denis !
Would this system allow for a client to buy tickets for more than one racer?
(06-12-2017, 06:10 PM)St.Denis Wrote: One way to do it is:
1) Have each bet an equal amount ie 5 million buys you one ticket.
2) Betting closes before the Race starts.
3) Add up all the tickets sold for each Racer (say there are 5 Racers):
Racer 1 has 11 tickets sold
Racer 2 has 6 tickets sold
Racer 3 has 9 tickets sold
Racer 4 has 10 tickets sold
Racer 5 has 4 tickets sold
This equals 40 tickets (200 million)
4) Take 10% for the House (or for the Winner if that is the case) 20 million
This leaves 36 tickets (180 million)
5) Now divide the number of tickets each Racer has against him in to the 36 left:
Racer 1 becomes 3/1 (this means each bet is worth 15 million to the winning ticket holder)
Racer 2 becomes 6/1 (this means each bet is worth 30 million to the winning ticket holder)
Racer 3 becomes 4/1 (this means each bet is worth 20 million to the winning ticket holder)
Racer 4 becomes 3/1 (this means each bet is worth 15 million to the winning ticket holder)
Racer 5 becomes 9/1 (this means each bet is worth 45 million to the winning ticket holder)
(this is keeping it very simple and not over complicating the odds.
Once you have the idea worked out, it literally takes a couple of minutes to work out the winnings, for each, depending on which Racer wins.
Wow that actually makes it a nice system. Thanks @St.Denis !
Would this system allow for a client to buy tickets for more than one racer?
People buy tickets, they can buy as many as they want on one or more Racers. For the odds you just need to record how many tickets are bought for each Racer.
It just adds up on the total amount of tickets they want to buy.
This System makes it very simple when you have people wanting to bet different amounts.
'I would like to be half as clever as some people like to believe they are' Life is full of disappointments, it is how we handle them that helps to define us, as a person
