Been working on this for a few hours with no luck.
The context: I'm setting up a formula for dividing up a betting kitty to bet on 5 favourites across multiple games that all occur in the same competition.
What i want to know:
How do I calculate what percentage of my total kitty to bet on each favourite (across 5 games) if the odds of each win is different, assuming that i want the same return from each win. Meaning, i want the value of the winnings per game to be equal. That way the weighting of betting on a heavier favourite that pays less takes up more percentage of the kitty but results in an equal fifth of the return (assuming all games win).
For example, lets say the odds of each game, one to five, are: 1.12, 1.33, 1.45, 1.60 and 1.89. These are made up but common odds for this bet. Let's say i start with $200. How do I calculate what proportion of total kitty to place on each bet so that the winning (bet + profit) are equal?
Formulas would be great of course so that I can play around with numbers.
If this question is structured badly and you need more infornation - please let me know.
Thanks in advance!