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 Discussion: Roundtable Topic: Theoreitcal Hold and percent market

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 Subject: Theoreitcal Hold and percent market Author: ALSHARAKI Date: Dec 3 2003
how to figure out the Percent market
Dear Sir

I am trying to find the Mathematical formula called Percent Market based on
theoretical hold

http://www5.pinnaclesports.com/default.asp

click on the multi wager contest calculator on the right
This calculator can answer these questions and more. It will tell you exactly
what percentage of the bettors' money a bookmaker expects to keep when he sets
his prices.
We call it Multi-Way because it handles not only two-way betting prices (as
in Team A vs Team B), but prices for events with as many as 50 betting options
(as in picking which golfer out of 50 will win a tournament).
It's also Multi-Way because you can use any of the three standard price
formats: American Moneylines; European Decimals, or Odds-Style. Select a type
below, then follow the instructions in the next screen.
Example

it will allow you to enter the odds as either money line or odds or point
system

if you entered the following money lines

team a –120
team b  +120
Team c –110
Percent Market: 152.38% what is the formula for it ?
The percent market represents the amount you would have to risk to guarantee a
net return of 100%. Help me figure out the formula for it help me figure out the
math formula please · A market of exactly 100% represents a "no vig" offer,
where neither the bookmaker nor the bettor has an advantage. · A market of
greater than 100% represents a theoretical edge for the bookmaker. · A market of
less than 100% represents a theoretical edge for the bettor.

Theoretical Hold: 34.38% I know the formula for this
This is the portion of the combined amount wagered by all customers that the
bookmaker expects to keep. We call it theoretical because it applies only when
the customers as a group have bet to win equal amounts on each contestant. This
situation is known as "balanced action".

Theotrical hold is = {1-1/T]x100
T= Sum of all probabilitys