Ventures Winners Awarded..

[Brandon Martus]

The results for the first 9 regionals have been calculated (twice, accidentally, sorry for the multiple emails).
The winners have received their points.

There were 526 bets on the events for those 9 regionals. 135 bets won (69 distinct users).

34252.61 points were bet.
11685.31 points were awarded to winners.
22567.30 remaining points were lost to the house.

This past weekends results will be paid out tomorrow evening or wednesday morning.

The odds were rounded up to 2% if they were < 2% (0.02), so that you'd win more than a fraction of a point, in most cases.

You can see if you won in your transactoin log.

Let me know if you see any mistakes/problems, or have any questions.

[Joe Ross]

I think rounding up to 2% caused problems. I bet 10 points on team 27 being a finalist at the buckeye regional. The odds were 6.03181818 and yet I only won 10.2 instead of 60.3. Same thing, I bet 2 points on team 85 being semifinalist at buckeye with odds 42.35000000 and yet was paid 2.04.

One more question on how the odds work. For the buckeye regional quarterfinalist, every single bet was a winner. In that case, does everyone get the posted odds (in which case the house would lose money, because the odds are calculated as if that bet was the only winner) or does everyone get back exactly what was bet, because the pool was split among the winners?

[Brandon Martus]

For the ones with large odds, but small payoffs.

You bet 2, there were 42.x odds, andyou got 2.04. This is because for that event, there were 12 winning results for this event. So, the odds have to be chopped up so that there aren't more points awarded out then there were bet. So, using the formula from the FAQ:
( 1 + [ODDS * (1/x^x)] ) * BET

( 1 + [42.35 * (1/12^12)] ) * 2

But, since the odds were < 0.02 after being chopped up, they were rounded to 0.02. So it ended up being 1.02 * 2 = 2.04.

I'm thinking this probably won't work like this next year. Not sure though. We'll have a big discussion on how it should work next year, what events should go, stay, etc, etc.

As for those where everybody won, 2% odds were added on, since there was a 0% payout, and the house lost points. I figured a few points wouldn't hurt, as opposed to you guys getting 0.01 winning points.

[Brandon Martus]

I just calculated Central Florida, Great Lakes, NY and Long Island, FYI.

[Brandon Martus]

I just calculated this weekends results (canada, midwest, philly, peachtree, svr).

I also paid out the 125 bonus points to those who deserved it. See the ventures home page for a list of criteria to get the points for the next bonus payment day (04/05).

As always, let me know if anything doesn't look right in the results or your transaction log.

-Brandon