What is the algorithm for calculating the coefficient in the totalizator?

Question

Electronic commerce

Hello!
The question is purely technical.
Everyone knows what a tote is (you bet money, you don’t know how much you win in advance, because the money of the losers is divided by the number of wins)
I want to make something like a tote but with a coefficient.
the problem is this:
there are 2 people, one bet $50 and the other bet $50. Pool amount = 100. 100/2 = $50 of winnings + $50 of your own. It turns out the coefficient = 1 to 2m. So.
If the third one came into the game, then roughly speaking he has nothing to give (everything has already been sawn).
Moreover, if you give, then the coefficient will change for those participants who have already made a bet.
Interested in a mathematical model, in which the amount of the bet would not change for the participants who have already made the bet (it will be clear, it will be lower), and the money would remain on the newcomers.
Those. for example, give 80% to participants, leave 20% for new (coming)
Or something like that.
P.S. Math is hard, if anything, do not scold)

Answer 1

In sweepstakes, if the chances of the teams are equal, then they bet equally. So, if on the one hand the rates are 1k2 per 1000 people and on the other hand also 1k2 per 999 people, then one rate does not play a role for the organizers. And do not forget that there is a huge number of bets on other events, for example, a draw (as a result, 1999 people will lose :)))

Answer 2

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Answer 3

legal bookmakers https://clubbetting33.ru work approximately according to the same scheme , but I'm interested in the issue of online odds corrections. How it's done? If there are changes in the process, how does it work?