Well like reported earlier you do have to possibility on Betscorum to be the bookie! But this is harder than I thought! So in the past few days I had re-read lots of stuff about how bookies work, how they set the odds and how they balance the books!
While I do like betting, apparently I also enjoy playing the bookies! Thanks to the SBC crew I did have a steep learning curve. The way to calculate the opposite odds was quickly learned and automated.
But the problem was that if I did offer bets for a 3 way bet and on each bet I would offer the same amount of SCR, that the gods would decided if I would make a profit or a loss!
The reason behind this lays all in the odds. When offering 3 ways odds, in most of the time not all side would be covered, resulting in a huge profit if the favorites do loose but also an out of proportion loss if the favorite does win!
So, I did have to find a way the balance my offered bets!
The sheet
As always in such cases for me, everything is automated via excel. Doing it like this does feel more like a hobby!
This what I did came up with!
In the sheet I can enter the odds of a pretty fait bookmaker. The sheet does calculate the probability, the overburn (profit of the bookie when all sides are covered) and the clean odds. The odds without overburn.
Than I can set my own desired overburn/vig.
Until here it was all pretty simple! But then the horror came.
At the moment you will have to set the opposite odds. Because as bookie you do lays the bet the better does want to bet. Setting the opposite odds, was in first instance pretty simple but when I did try to balance the offers, problems arose!
As you can see in the example you can see that I did want to have a 1% profit if all sides where covered. So the expected profit would have been 0.75 SCR. Regardsless which calculation I made, I only did end up with 0.375 SCR profit.
So it was back to the drawing table. Even had to ask the expertise of my wife :). While she didn't offer me the solution, she did point out where she thought that the problem started! And like always she was right!
Still it took me more than 2 hours to solve the puzzle! But now I am pretty proud on myself!
I can fully start offering fair and decent odds on betscorum, with the knowledge that if all my sides are covered I will come out a winner! Really had to think outside the box!
The only risk I do have now when placing the bets, is that not all sides will be covered! But that is a risk I am willing to take!
Beneficiaries of the day
Until new year and maybe longer I will continue with the setting 2 beneficiaries. This is my way to thank those for their support in the past year!
Nanzo thanks for all the scoop-stakes you have held in the past year! You have created engagement on the steem blockchain, which is priceless! Not only that but you also give away lots of Steem and SBD!
I know that you don't consider steem your main playground anymore and I can't blame you! Thanks for the continuous support for the SBC and just for being who you are!
Cheers,
Peter
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