It's Derby Day! « Next Oldest | Next Newest »

 ▼ Don Shepherd Posting Freak Posts: 1,392 Threads: 142 Joined: Jun 2007 05-03-2008, 10:41 AM In honor of the Kentucky Derby, and since it is held in my home town (Louisville, Kentucky, USA), here is a HP-17bII+ solver equation to calculate the payoff price of a \$2 ticket. You can use this equation to make sure that the racetrack is not ripping you off. First of all, here is how a pari-mutual payoff amount is calculated. There are three pools: win, place, and show. The payoff amount of each pool is calculated separately. The total amount wagered in a pool is the gross pool. From this, a percentage, called the commission (this is the racetrack's profit), is subtracted, giving the net pool. The net pool is payed out to the winners. From the net pool, you subtract the amounts bet on "finishers". In the win pool, there is only one finisher; in the place pool, there are two; and in the show pool, there are three. This amount is divided by the number of betting interests (1, 2, or 3) resulting in the share amount. The payoff amount is then calculated as the (share + amount bet on this horse) / number of \$2 tickets. This amount is then rounded down to the nearest dime. Here is the 17bII+ solver formula. You supply:``` comm - commission, like .15 for 15% (the track will tell you this percentage if you bother them enough) pool - 1, 2, or 3 for win, place, and show this - amount bet on this horse fin - amount bet on other finishers nonfin - amount bet on non-finishers ```The formula then calculates the \$2 payoff amount. ```PAYOUT=IP((THIS+(((THIS+FIN+NONFIN)X (1-COMM)-THIS-FIN)/POOL)) /(THIS/2)X10)/10``` ▼ Bill (Smithville, NJ) Senior Member Posts: 614 Threads: 66 Joined: Jul 2006 05-03-2008, 01:57 PM Hi Don, Having worked over ten years one block from Churchhill Downs, I'm very familar with the excitement that the Derby brings to Louisville. Especially the hot air balloon race, the parade, the great steamboat race and of course the Derby itself. Now you have given us one more reason to go to the track - we can make use of our HP calculator hobby. Very good on the solver equation. I think I remember seeing a Horse Handicap module for the HP-41. Has anyone here tried it out at the track? Is the code in machine code or standard user code? Just curious, I only went to the Derby for the Mint Julips - would never think about betting :) Don Have Fun - it's a great fun week. Bill

 Possibly Related Threads... Thread Author Replies Views Last Post An amazing day: Giving a talk at HP about their calculators Geir Isene 9 3,658 12-16-2013, 06:14 PM Last Post: aurelio HHC 2013 Day 2 Highlights Eddie W. Shore 6 1,948 09-23-2013, 04:03 PM Last Post: Kimberly Thompson HHC 2013: Day 1 Highlights Eddie W. Shore 28 5,990 09-23-2013, 03:22 PM Last Post: Brad Barton Happy Mother's Day! Eddie W. Shore 1 939 05-12-2013, 11:35 AM Last Post: Walter B happy fibonacci day 5/8/13 Allen 8 2,319 05-09-2013, 01:48 AM Last Post: Gerson W. Barbosa Stupid idea of the day: 41-compatible watch bhtooefr 0 802 03-31-2013, 08:23 AM Last Post: bhtooefr OT: Happy Pi Day! Eddie W. Shore 13 2,795 03-22-2013, 10:44 AM Last Post: Les Koller Totally OT ... Pi Day for my car Maximilian Hohmann 18 3,514 03-10-2013, 01:15 PM Last Post: chris smith [OT] Happy Father's Day! Les Wright 7 1,903 06-18-2012, 07:54 AM Last Post: Andrés C. Rodríguez (Argentina) Happy PI Day from Europe Raymund Heuvel 22 4,465 03-14-2012, 09:19 AM Last Post: Eddie W. Shore

Forum Jump: