The easiest way:
1. On separate sheet you need a table, where in left column are all possible values of Bet Types, and in second column value for bet group (in your worksheet values in range G2...?2);
In 1st part of your formula, instead of IF()'s use COUNTIf() or COUNTIFS() to count rows in this table, where the value of 1st column equals with Bet Type in your original table, and the value in second column eguals with value in 2nd row of same column in your original table. And then you check the count - is it 0 (no matches were found) or >0 (at least one match was found).