I'm helping a friend build a spreadsheet to track their bets and his formulas, but thinking I over thought it and made an error in determining profitability on their wagers.
Can someone shed some light if this is correct, or wrong? If wrong, where did I go wrong?
To keep it simple, I'll outline one bet.
Odds -105
Units: 5
Units risk: 4.76 (factors in juice)
His Bankroll is $5K, so he's applying 5% of his bankroll for a unit value of $250 per unit
Here's one example of a bet he made...
Risk: $250 (per unit) x 4.76 = $1190.48
Potential profit: $250 (per unit) x 5 = $1250
He wins, he 'profits' $1250
He loses, his loss is $1077.59
Is the above correct to calculate his profit?
Is there difference between his profit from wagering vs. his unit profit?