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How to figure out proportional bets and winnings payout if there are more than one winner
This is for if you guys want to do proportional/open bets, and the winnings are given out based on the amount you put down (in other words, the more you put down, the more you win when the winnings are divided).
First, find out how many people had won a particular bet, then add up their bet totals (how many points they put down collectively). This will be known as T.
Now, figure out the percentage of a winner’s points (W) to the total (T). This percentage will be:
W/T = C
Round to the nearest thousandth. This percentage will then be applied to the pot (P), which is the total amount of points put towards a particular event:
P * C = Winnings
The Winnings will be the amount given to the winner of the bet. Here is an example of it in practice:
Pot total: 3500 Points
2 winners, winner 1 bet 1000 points, winner 2 bet 250.
Add total of winners’ points together. In this case, it’s 1000+250, or, 1250.
For winner 1′s entry, replace “W” with the amount of points the person placed in the bet (1000 in this case), and replace “T” with the winners’ points total (1250).
(1000/1250)=C. C=0.8, or 80%
This means winner 1 will get 80% of the total pot. Apply 80% to (P), which is 3500 in this case:
3500 * 0.8 = 2800
Thus, winner 1 gets 2800 points. Repeat the process with any other winners. Since, in this case, there are only 2 winners, just apply the leftover points to the person who only put down 250 points on a bet, which will be, in this case, 700 points.
@JimmyMagnum Not sure I completely follow all that. I’m horrible at math. Wonder if there is a online calculator for this built already.
Thanks again for posting this Jay! I used these calculations in the betting system I built.
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