I need some help in creating a probability equation for an exotic bet type. I have found equations for exactas and trifectas but I need an equation for a first four. An exacta is picking the first two horses past the post in order, a trifecta is the first three in order and a first four is the first four in order.
x = the percentage chance (in whole numbers) of Horse X winning
y = the percentage chance (in whole numbers) of Horse Y winning
z = the percentage chance (in whole numbers) of Horse Z winning
Here is the equation for an exacta:
Here is the equation for a trifecta:
For example if x has a 60% chance of winning and y has a 25% chance of winning and z has a 15% chance of winning then the price for the trifecta would equal $2.67.
Could someone please give me the equation for a first 4?