Find an expected value in Excel Step 1: Type your values into two columns in Excel (“x” in one. 6. Calculate the sum of the products. Add together the six probability- value calculations to find the. To calculate the expected value for sports betting, you can fill in the above formula with decimals odds with a few calculations: Find the decimal odds for each. Already answered Not a question Bad question Other. Some expected value calculations will be based on money, as in stock investments. Knowing how to calculate expected value can be useful in numerical statistics, in gambling or other situations of probability, in stock market investing, or in many other situations that have a variety of outcomes. Determine the probability of each outcome. The probability of the outcomes usually depends on many external factors. Earn an amount equal to your investment 2. Google Classroom Facebook Twitter Email. To find the expected value of a random variable you multiply each possible value of the variable by the probability that you obtain that value and then add the resulting numbers. What you are looking for here is a number that the series converges on i. Search Statistics How To Statistics for the rest of us! So it's going to be Things You'll Need Pencil.