Hedging a back bet with a back bet?

[BetExplorer]

In a situation where you have two outcomes and you are live betting is it possible to execute a 100% hedge i.e. set your profit/loss to 0 and if so what is the maths behind it (formula ). By two outcomes for instance I mean a tennis match where one of two players has to win provided one doesn't hurt himself or gets struck by lightning...

[EXhoosier10]

Using american odds
BetAmt1/(IF(Line1<0,-Line1/(100-Line1),100/(100+Line1))/IF(Line2<0,-Line2/(100-Line2),100/(100+Line2)))

[BetExplorer]

Using american odds
BetAmt1/(IF(Line1<0,-Line1/(100-Line1),100/(100+Line1))/IF(Line2<0,-Line2/(100-Line2),100/(100+Line2)))

Hi I tried this using decimal odds 1.67 for line 1 and 2.02 for line 2 which I converted to US odds and plugged it in. Then I got a DIV/0

Can this formula be reworked for decimal odds?

[bihon]

What you're looking for is probably: odd1/(odd1+odd2)=money on odd2 and similarly odd2/(odd1+odd2)=money on odd1.
However 100% edge is impossible because of juice.

[BetExplorer]

What you're looking for is probably: odd1/(odd1+odd2)=money on odd2 and similarly odd2/(odd1+odd2)=money on odd1.
However 100% edge is impossible because of juice.

I think your formula is working out the fraction i.e. decimal odds I would need on the other side.

To clarify what I am looking for:

Before the game starts I bet 1.67 on Line 1 now my player at some point during the game is starting to lose and the other player is at 1.8 . What amount do I need to bet on Line 2 (1.8) to set both bets to 0. Is there a formula for that or does it even work in theory?

[bihon]

I am not really sure what you mean by "setting both bets to 0".
However in de scenario you provided above you can limit your loss (or lock a profit if the other odd is favorable) using the same formula.

So, if you already bet say $70 @1.67 and the other side is @1.8, that means

1.67/(1.67+1.8)=0.4812 or 48.12% of the total should be bet on the other side, which means that the remaining 51.88%=$70.
Thus 70/0.5188 * 0.4812 = $64.93 should be bet @1.8

No matter which one wins you will have the same loss:
a) 70*0.67 - 64.93 = -18.03
b) 64.93*0.8 - 70 = -18.05

[BetExplorer]

thank you!

I think what I wanted to know is: how can you work out if at one point in a game you decide you hedge the other side so that it will result in 0 profit in both outcomes. Is that even possible or is there only a certain window of opportunity where the odds converge towards 100% where that is possible?

[bihon]

Obviously you cannot win or offset losses if the odds go against you.
To find the threshold or even counterodd you use
1/(odd-1)+1

which in your case translates to 1/0.67 +1 = 2.493

So, odd2 should be higher than that to make a profit.

[smoke a bowl]

If I'm understanding this correctly it is not doable. You cant make a bet, lose 15% equity on said bet and then bet the other side and BE on both bets.