ExcelBanter - Sports Arbitrage Formulas

Hi,

I am looking for a couple of formulas that can be used to calculate
an
arbitrage in sports wagering.

Example 1.

An even split based on a 1000 dollar total wager divded between both
sides.

- Side 1 odds = +110
- Side 2 odds = +150

I know that one would have to wager $ 543.48 on side 1, in order to
get a return $ 1141.31
I also know that a wager of $ 456.52 on side two in order to get a
retrun of $ 1141.30

In other words a 14.13 % profit would be generated evenly no matter
which side won.

Example 2.

The same as example 1 except I want to maximize side 1 while breaking
even on side 2. To clarify - this would mean that all the profit
would
go to side 1 should side 1 win. If side 2 wins - I would break even.

Using 1000 dollars again (actually 1140 dollars so that it's even),
with the same odds as the first exmaple - I know that

- $ 684.00 would have to be wagered on side 1 and $ 456.00 would
have
to be wagered on side 2.

If side 1 wins - I would get back a total of $1436.40 (meaning a $
296.40 profit)
If side 2 wins - I would get back exactly the total money wagered on
both sides (1140 dollars) and break even.

I have no idea how to express these two examples into a formula.
Further, the formula(s) might be different when the favorite is
actually below -100.

I hope I made some sense. I will try and clarify should there be any
questions.

Anyone ?

Thanks !!