Are there any best practices or guidelines for PHP developers to follow when handling financial calculations, such as quote calculations, in a betting system?

When handling financial calculations in a betting system, it is crucial to ensure accuracy and security. PHP developers should follow best practices such as using appropriate data types (e.g., decimal or float) for monetary values, avoiding floating-point arithmetic for precise calculations, and implementing proper input validation to prevent injection attacks.

// Example code snippet for handling financial calculations in a betting system

// Define the quote amount as a decimal value
$quoteAmount = 10.50;

// Perform a calculation with precise decimal arithmetic
$finalAmount = bcadd($quoteAmount, 5.25, 2);

// Output the final amount
echo "Final amount: $" . $finalAmount;