ok, I'm not a student of sorts, but I need some help with maths as its my worst subject - one of my vices is gambling and is not to be encouraged, but even so, I still do it. Here's my question:
we have a 5 horse race and I want to bet on 2 of the horses in order to give me a set profit whichever horse wins.
So Horse1 has odds of 4.5 and horse2 has odds of 7.6 and I have a target profit of £20 if either of these horses win. I do have a dutch calculator to give me the figures, but the author will not reveal the maths to me and I am sure it must be simple. Now i know that I need to stake £6.88 on horse1 and £4.07 on horse2.
Horse1 odds = 4.5, stake = £6.88 - if wins, gain £24.08
Horse2 odds = 7.6, stake = £4.07 - if wins, gain £26.86
If horse1 wins, profit = £24.08 - £4.07 = £20.01
If horse2 wins, profit = £26.86 - £6.88 = £19.98
so what I need here is the maths for working out the stakes - can anybody help please? Many thanks.