Template · 8 min read
Arbitrage calculator spreadsheet: a free template, cell by cell
A spreadsheet is the most transparent arbitrage calculator there is: you see every formula. This template has a 2-way sheet, a 3-way sheet for 1X2 markets, columns for the Austrian betting fee and exchange commission, rounding, and a tab to record your bets. Below, every formula is explained cell by cell.
Updated 22 October 2026
Contents
Download
Download the arbitrage calculator template (.xlsx, no macros)
Fill in the yellow cells; the sheet calculates everything else. The file contains no macros and no external links. It works in Excel, LibreOffice Calc and Google Sheets (upload the file and open it).
The maths everything is built on
A sure bet exists when the sum of the reciprocals of the best odds for every outcome is below 1. Each outcome's stake is then its share of that sum:
S = 1/odds₁ + 1/odds₂ (+ 1/odds₃)
Stakeᵢ = total stake × (1/oddsᵢ) / S
Return on any outcome = total stake / S
That's all the sheet needs. Where the formula comes from is explained in sure betting explained.
The 2-way sheet, cell by cell
At the top you enter the total stake (B3) and the rounding step (B4). Rows 7 and 8 are the two outcomes, row 9 holds the totals. Formulas are shown in English Excel notation with commas; other language versions of Excel and Google Sheets translate them automatically when you open the file.
| Cell | Content | Formula (row 7) |
|---|---|---|
| C7 | Odds as shown by the bookmaker | Input, e.g. 2.10 |
| D7 | Deduction from the payout (betting fee) | Input, 0% or 5% |
| E7 | Commission on winnings (exchange) | Input, usually 0% |
| F7 | Effective odds | =(1+(C7-1)*(1-E7))*(1-D7) |
| G7 | Reciprocal | =1/F7 |
| G9 | Sum S | =SUM(G7:G8) |
| H7 | Exact stake | =$B$3*G7/$G$9 |
| I7 | Rounded stake | =ROUND(H7/$B$4,0)*$B$4 |
| J7 | Return if this outcome wins | =I7*F7 |
| K7 | Result if this outcome wins | =J7-$I$9 |
| B11 | Sure bet? | =IF(G9<1,"Yes","No") |
| B12 | Margin as % of stake | =1/G9-1 |
| B13 | Result with exact stakes | =B3/G9-B3 |
| B14 | Worst result with rounded stakes | =MIN(K7:K8) |
The dollar signs in $B$3 and $G$9 keep the reference fixed when you copy a formula down. I9 is the sum of the rounded stakes, which is what you actually bet.
Worked example from the template
S = 0.47619 + 0.50000 = 0.97619, margin 2.44%. The exact stakes would be €487.80 and €512.20; each outcome returns about €1,024.39 (+€24.39).
Rounded to €5, you stake €490 and €510. If outcome 1 wins: 490 × 2.10 = €1,029.00, so +€29.00. If outcome 2 wins: 510 × 2.00 = €1,020.00, so +€20.00.
Assumptions: decimal odds, both bets accepted in full at the odds shown and not voided. Real results can differ and can be negative.
The betting fee and commission in the formula
The effective odds in column F are the reason a spreadsheet beats mental arithmetic. Two cases change the price:
- Austrian betting fee, deducted from the payout. Since 1 April 2025 the Wettgebühr has been 5% of the stake. Most bookmakers absorb it. One that passes it on by cutting the payout pays you only 95%: 2.00 becomes 1.90. According to comparison sites, Interwetten does this in Austria. If a bookmaker passes the fee on another way, for example by deducting it from the stake, enter about 5% in column D as well; the result is practically the same. See Austria betting tax and how to read a bet slip for how to spot it.
- Exchange commission. It is deducted from net winnings only, not from the stake. At odds of 2.10 with 5% commission: 1 + 1.10 × 0.95 = 2.045. As far as we know, the large exchanges don't accept customers resident in Austria; the column is there so the template also works elsewhere.
Enter 5% in column D for outcome 2 and its effective odds fall from 2.00 to 1.90. S = 0.47619 + 0.52632 = 1.00251, which is above 1. The sheet shows "No": a 2.44% margin has turned into a small loss whatever the result.
The 3-way sheet for 1X2
Same layout with three rows (7 to 9) and the totals in row 10. The formulas become =SUM(G7:G9) and =$B$3*G7/$G$10. The preset is a 1X2 example: home at 2.30, draw at 3.60, away at 3.70, and a €500 total stake.
S = 0.43478 + 0.27778 + 0.27027 = 0.98283, margin 1.75%. Exact stakes: €221.19 / €141.32 / €137.50, and each outcome returns about €508.73. Rounded to whole euros you stake €221 / €141 / €138 and end up +€8.30, +€7.60 or +€10.60 depending on the result. More on three-outcome markets in three-way arbitrage.
Rounding: what it costs
Rounded amounts like €490 instead of €487.80 are quicker to type and less fiddly. The price is that the outcomes no longer return the same amount. Column K shows immediately whether every outcome stays positive. Rule of thumb: the smaller the margin and the smaller the total stake, the finer the rounding step should be.
Example: odds of 3.30 and 1.46 give S = 0.98796, a 1.22% margin. At €200 the exact stakes are €61.34 and €138.66. Rounded to €5 you stake €60 and €140. If the 3.30 wins it returns only €198.00: −€2.00 instead of a small plus. More in rounding arbitrage stakes.
One more detail: Excel displays rounded numbers but calculates with every decimal place. What the cell shows as 2.44% may be 2.4390%. That is intended.
The tracking tab: record your bets
Each row is one bet. A two-outcome sure bet is two rows with the same sure bet number. The columns: date, event, market / selection, bookmaker, odds, stake, deduction from payout, status (drop-down: open, won, lost, void), return, profit/loss, sure bet no. and note.
| Cell | Content | Formula |
|---|---|---|
| I2 | Return | =IF(H2="won",F2*E2*(1-G2),IF(H2="void",F2,IF(H2="lost",0,""))) |
| J2 | Profit/loss | =IF(I2="","",I2-F2) |
| O2 | Settled stakes | =SUMPRODUCT((I2:I200<>"")*F2:F200) |
| O3 | Total profit/loss | =SUM(J2:J200) |
| O4 | Yield | =IFERROR(O3/O2,"") |
| O5 | Open stakes | =SUMIF(H2:H200,"open",F2:F200) |
The two example rows are the rounded sure bet from your first arbitrage bet: €98 at 2.10 (won, +€107.80) and €102 at 2.00 (lost, −€102.00). Together +€5.80 on €200 staked, a yield of 2.9%. If in doubt, type in the amount the bookmaker actually credited. Why tracking matters and what to review at the end of the month is in bet tracking; yield itself is explained in ROI and yield.
What the spreadsheet can't do
The template only calculates with the odds you type in. It doesn't find sure bets, doesn't know whether a price is still current and doesn't know the bookmakers' rules. For a quick check on your phone, the online arbitrage calculator is more convenient. If you'd rather not search for sure bets yourself, ArbVantage shows opportunities from your own bookmakers' prices with the stakes worked out and, if you like, rounded.
FAQ
How do I calculate a sure bet in Excel?
Enter the odds in a column, calculate the reciprocals with =1/odds in the next column and add them up to get S. If S is below 1, it is a sure bet. Each outcome's stake is the total stake times its reciprocal divided by S, and every outcome then returns the total stake divided by S.
How do I include the Austrian betting fee in the spreadsheet?
For bookmakers that pass on the 5% fee, calculate with the price after the deduction, which is the odds shown times 0.95. In the template you enter 5% in the deduction from payout column, and the effective odds and stakes adjust automatically.
Does the template work in Google Sheets or LibreOffice?
Yes. The file uses only standard functions such as SUM, ROUND, IF and SUMPRODUCT, and no macros. In Google Sheets you upload the file and open it; in LibreOffice Calc you open it directly.
How do I round sure bet stakes in Excel?
Use =ROUND(stake/step,0)*step. With a step of 5, 487.80 becomes 490. Then check that every outcome is still positive; in the template the result column shows this.
Sources
- Microsoft Support: ROUND function
- RIS: Gebührengesetz 1957, § 33 TP 17 (Austrian betting fee)
- Unternehmensserviceportal (USP): Wettgebührenabrechnung
- Wikipedia: Arbitrage betting
As of October 2026. The calculations are illustrations under the stated assumptions. Not betting, legal or tax advice. 18+.
Betting involves risk, sure bets included: odds move, bets get voided and accounts get limited. Only stake money you can afford to lose. If betting stops being fun, our responsible gambling page lists free help in Austria and Germany.