Algebraic Interpretation
Returns on any bet may be considered to be calculated as 'stake unit' × 'odds multiplier'. The overall 'odds multiplier' is a combined decimal odds value and is the result of all the individual bets that make up a full cover bet, including singles if needed. E.g. if a successful £10 Yankee returned £461.35 then the overall 'odds multiplier' (OM) is 46.135.
If a, b, c, d... represent the decimal odds, i.e. (fractional odds + 1), then an OM can be calculated algebraically by multiplying the expressions (a + 1), (b + 1), (c + 1)... etc. together in the required manner and subtracting 1. If required, (decimal odds + 1) may be replaced by (fractional odds + 2).
Read more about this topic: Mathematics Of Bookmaking
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