I have been trying to figure out how to essentially be a hedge fund sports bettor via placing two simultaneous bets, so that if either one wins, I profit. I have come up with what I believe to be the base formulas to solve the for what I am looking for but I have no idea how to set up the subsequent equations to solve back through the others.
USA to win money line is -190 ex: $19 Bet Pays $10 Profit
The Draw money line is +265 ex: $10 Bet Pays $26.50 Profit
This is represented by the following equations respectively
A*(100/(absolute value of B)) = C
A*(100/190) = C for the above example
X*Y/100 = Z
X*265/100 = Z for the above Example
Now in order to be Profitable I need to make sure that either bet pays better than equal money Represented by the following equation:
C-X = Z-A = 10
A = Bet amount on the negative money line
B = A known VARIABLE, The Value of the negative money line ie: -800, -125 etc.
C = Profit of negative money line payout only
X = Bet amount on plus money line
Y = A known VARIABLE, The value of the plus money line ie: +265, +500 etc.
Z = Profit of plus money line payout only
I have gotten close with a guess and check method that takes but a few minutes but time is money. For ease I have included it here.
$80 on USA Pays $42
$34 on the Draw Pays $90
If USA wins I profit $8
If a Draw I profit $10
So what I want to know is what is or are the secondary equations that allow me to solve each of the first equations to be able to net a $10 profit?
Obviously this seem excessive for $10 profits, however I have used small monies for ease of math. Please any help would be appreciated.
Thx in Advance