Re: How do you calculate this?
This can be figured using the BINOMDIST function is MS Excel. Set the fields as follows:
Trials = number of trials
Number_S = number of wins your opponent would need to break even based on the odds offered. For example, if you offer 9:1 this should be 10% of the number of trials. In the spreadsheet this should be setup as calculation based on the number of trials.
Probability_s = probability of a success based on the true odds.
Cumulative = True
The result of the function is the value you are looking for. You can either manually adjust the number of trials, or use goal seek so that the number of trials matches your desired percentage.
There is no easy way to do this by hand.
Paul
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