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I need help!

  • 27-05-2008 10:28pm
    #1
    DJ_Spider
    Closed Accounts Posts: 1,958 ✭✭✭


    No nothing to do with poker or my mental state! But as you might have noticed I am organising the Ninja Karaoke & Beers on Friday. Thing is I thought it would be a good idea to allow people to bet on who will win. Thing is it has gotten out of hand and I will now be too busy, (and not good enough at maths!) to organise it. Would anyone be willing to offer assistance or if you are going would you help?

    I have a rought idea of how to do it and have added it below. I will also post this in the gambling forum, so forgive me if you read it twice. Oh mods please allow this double post. Thanks.

    In the following example a 50% payout is used, the tote tickets were sold at €1.00 each.

    Singer 1 sells 10 tickets = €10.00
    Singer 2 sells 8 tickets = €8.00
    Singer 3 sells 16 tickets = €16.00
    Singer 4 sells 4 tickets = €4.00
    Singer 5 sells 15 tickets = €15.00
    Singer 6 sells 16 tickets = €16.00
    Singer 7 sells 20 tickets = €20.00
    Singer 8 sells 15 thickets = €15.00

    A Total of €104.00

    The €104.00 is split 50/50.
    The fund-raiser will take €52.00 and the winning ticket holders will share the remaining €52.00.

    If Singer 4 wins, then the remaining €52.00 split between the number of winners.

    In our example 4 tickets were sold on Singer 4 at €1.00 each, therefore we have 4 winners.

    The €52.00 remaining is split between the 4 winners, which equals €13.00 each.


Comments

  • #2
    ArmaniJeanss
    Registered Users, Registered Users 2 Posts: 13,615 ✭✭✭✭ArmaniJeanss


    All looks fine - its exactly how a Tote works.
    Only possible flaw is if over 50% of people back the winner then they get a negative return because of the high rake you are taking.


  • #3
    Mellor
    Registered Users, Registered Users 2 Posts: 39,900 ✭✭✭✭Mellor


    looks fine, but the juice is a little high. and there may be a negitive return as AJ said, but its unlikely


  • #4
    DJ_Spider
    Closed Accounts Posts: 1,958 ✭✭✭DJ_Spider


    Any suggestions then? and is anyone going to the event and could help me?


  • #5
    Dodge
    Registered Users, Registered Users 2 Posts: 10,330 ✭✭✭✭Dodge


    DJ_Spider wrote: »
    Any suggestions then? and is anyone going to the event and could help me?

    Drop your take or try and draw up odds for it?

    Adjust your overround to get whatever profit margin you like


    If its likely to be fairly even (as in your example) you shouldn't have any problems. I doubt people are going to be betting heavily on this so any return on their euro will probably be welcomed


  • #6
    DJ_Spider
    Closed Accounts Posts: 1,958 ✭✭✭DJ_Spider


    I might just try and blag it! Is there a ready reckoner I can download? Or shall I be sneaky and work out some odds before the event, based on who will be singing? :o


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  • #7
    ArmaniJeanss
    Registered Users, Registered Users 2 Posts: 13,615 ✭✭✭✭ArmaniJeanss


    DJ_Spider wrote: »
    I might just try and blag it! Is there a ready reckoner I can download? Or shall I be sneaky and work out some odds before the event, based on who will be singing? :o

    Don't go down the path of creating your own odds - whilst its not rocket science it needs some research/experience and trying it for the first time 'on the fly' wouldn't be sensible.

    Just go with a Tote - you clearly understand the maths behind it from your original post, so Stop Panicking :)

    Maybe consider as Mellor said reducing the rake (even for a charity event 50% is way too high, things like Spot the Balls and Golden Goals usually run at about 25-33% to the charity).


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