Maths question !

[Royville]

Hi all,

Would some kind (clever) person please tell me what is the mathematical formula for working out an opposing cancellation bet?

eg: Say I LAY a horse @5.0 for £2 and it dropped to 1.4, how much would I need to BACK to cancel out the lay bet?

I think this is what a STOPLOSS is but not sure.

Regards
Royville

[Captain Sensible]

I don't personally use stop losses but I'd imagine they're calculated the same as any other tick offset but would just spread the red over all selections rather than try to 'flat out' that runner to £0 and leave the risk on the other runners.

So basically you'd use the same greenup/red up calculation which is

new stake = (old odds x stake)/new odds

new stake = (5 x 2)/1.4 = 7.14

[Royville]

Thanks Captain Sensible,

I must be honest here, I cant get my head around tick offset, green up and sliding 'thing-a-me-gigs'. The only bit I kinda get is the stop loss in principal, but I couldn't get it to work from a spreadsheet. So I'm attempting to do my own spreadsheet version.
Basically I just want to get out of the LAY bet with minimal losses if the selection appears to be going on to win.

Regards
Royville

[xraymitch]

Hi Captain,

Tell me if I am being thick

I make the formula:

liability/(new odds-1) giving

8/(1.4-1)= £20 on the Back at 1.4.

Cheers,

[Captain Sensible]

Just depends on if you want to cancel out the lay bet and leave all the red on the other selections or want to level any loss across the field, I stated in the post it'd red across the field rather than flatting out the runner. I think it's akin to chasing if you start using stop losses to try to cancel out other bets much better to just accept the loss and level across the field rather than gambling.

[xraymitch]

Thanks Captain - I should have read your post properly !