Microsoft Excel is a handy software. We use Excel functions for our educational, business, and other daily purposes. Moreover, we can build a betting algorithm model using Excel formulas. With this in mind, we will start from scratch and show you step-by-step procedures to create a betting algorithm in Excel.
Download Practice Workbook
Download this practice workbook to exercise while you are reading this article. It contains all the datasets in different spreadsheets for a clear understanding. Try it yourself while you go through the step-by-step process.
Why Do We Use Betting Algorithm?
A sports betting algorithm is a method that can locate objective reference points from which you may calculate the likelihood of each possible result in a certain game. By assessing a team’s genuine ability more accurately than a bookmaker, the program will eventually be able to identify lucrative betting chances. Having said that, once you have developed a good betting model, it can present you with opportunities that most bettors wouldn’t ever think about. Moreover, the algorithm can help us to find-
- Identifying the issue
- Constructing the solution
- Monitoring outcomes
Read More: How to Use Fuzzy LOOKUP Algorithm in Excel (2 Easy Examples)
Step-by-Step Procedures to Create Betting Algorithm in Excel
Building a sports betting model, however, may take time and effort. Making a model requires you to adhere to several recommendations and orders, which might make things more difficult. However, with the help of Excel functions and the calculation of the data given, we can build an algorithm that will provide us with possible outcomes in no time. To illustrate, we take a dataset that represents the Soccer Kicker fixtures of a week. Here, Columns B & C have the list of the teams and the rest consists of their previous match records.
Step 1: Create Dataset with Proper Parameters
The first step aims to create the dataset with the necessary data and fields. We will insert different metrics which we will use for determining the possible outcomes. Therefore, let’s introduce some proper parameters. For a better view of the dataset, we hide the cells that we aren’t going to use in this step. Add the following sub-headers.
- HTHG: Half-Time Home Goals. Further, add the total home goals as values in the dataset.
- HTAG: Half-Time Away Goals. Again, we add the team’s away goal records. Similarly, specify the following headers.
- HTR: Half-Time Result.
- HS: Home Score.
- AS: Away Score.
- Add the following sub-headers as well.
- HST (Home Team Shots), AST (Away Team Shots), HC (Home Corners), AC (Away Corners), HY (Home Yellow Cards).
- Finally, add their values to the dataset.
Step 2: Embed COUNTIFS and SUM Functions
The objective of this step is to create the desired algorithm. As a result, we have calculated the data using COUNTIFS and SUM functions. The COUNTIFS function returns an integer from a variable with multiple conditions. On the other hand, the SUM function returns the sum of a range or array. Follow the procedures carefully while implementing the formulas.
- First, in C5, type the following COUNTIFS formula.
- Afterward, press the Enter key.
- Here, the function counts the total games of New York played from the B range of the Dataset sheet and puts it into cell B5 in the Calculation sheet.
- Later, in cell D5, write the formula below.
- After that, press the Enter key.
- Eventually, the function will count the total number of home wins for New York.
- Now, let’s count the total draws of New York To do so, type the given formula, in cell E5,
- Hit the Enter button.
- Similarly, to count the total away wins, the formula is:
- Press Enter key.
- To count the results for the Miami team, drag the range C5:F5 down or use the AutoFill tool.
- Meanwhile, calculate the home win percentage for New York, using the following formula.
- Further, for the draw percentage,
- Then, to determine the away win percentage,
- As a result, we obtain the desired percentages for the New York team.
- Alternatively, to calculate the home win percentage of the Miami team, see the formula in G6,
- For, the draw percentage,
- Similarly, for Miami’s away win calculation,
- Tap Enter key again.
- Thus, the percentages for Miami pop up.
- Now, calculate the fair value percentages for home, away, and combined of both teams.
- Firstly, in cell I8, write the SUM formula.
- Again, in G8, use the SUM function.
- In H8, type:
- Select the range G8:I9 and drag it down to 1 row to get the away team fair value.
- Finally, we calculate the combined fair value in percentages. To do so, type:
- Lastly, drag the cell to the right to obtain the other cell values.
Step 3: Test and Monitor Betting Model
In the last step, we will count the odds of the model and test them for other variables. Follow the procedures.
- Firstly, in G12, use the divide formula with IFERROR,
- Next, tap the Enter key.
- Afterward, drag the cells and use the AutoFill handle to get all the Betfair odds.
- Thus, we get the result.
- As we can see, we get 4 points for the home team and 1.333333 for the away team.
- Hence, the possibility of winning the home team is much higher.
- Similarly, put other teams as input and see their odds of winning against each other.
In conclusion, we have discussed some easy steps to create a betting algorithm in Excel. Not to mention, our ExcelDemy website shows various simple problem-solving methods like this. Please leave any further queries or recommendations in the comment box below.