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How Do Odds Work in Betting?

Published on: 25 October 2019

Gambling, especially in sports, has recently gained a lot of popularity with soccer being the main sport attracting the practice. Everyone loves the idea of making an extra dollar and what better way to achieve this than using your understanding of sports to make it possible.If you’re a new player to the world of betting, the first thing you need to know is how betting works.With a clear understanding of how betting works and how odds are calculated, you can turn the advantage to your favor and win with every bet you place.

 

What Are Betting Odds?

Considering odds in sports betting terms, they serve two purposes. For one, they help you calculate how much you will win if your prediction is correct. Every time you place a bet, you are first provided with the odds on the wager and by multiplying that with your stake, you get the amount you are likely to win.

The higher the odds, the more your payout will be. Second, the odds can be used to calculate the likelihood of every outcome happening. The more likely the outcome is, the lower the odd will be and conversely, the more unlikely it is for an event to occur, the higher the odds will be. This makes sense as you would not expect to win much by predicting the obvious.

 

Betting Odds Explained

Types of Odds

There are three main ways through which odds can be presented. These are:

  • Fractional (British) odds
  • Decimal (European) odds
  • American (moneyline) odds

These are all different ways of presenting the same idea and there is no difference in terms of payouts. This means that the probability for any outcome can be converted and presented in any of the formats listed above. Many betting sites will have an online betting calculator to convert the odds into any format as well as calculating your potential payout. You can use the calculator to establish your potential winnings but understanding how the figure is arrived at is to your advantage as you will know what is at risk and whether the wager is worth your stake.

 

Learning about Probability

Probability is the number of outcomes available for a specific event. Some bookies use fractions to determine probability while other bookies use decimals. In either situation, you can usean online betting calculator to help you figure out the likelihood of an event. There is a difference between calculating probability and calculating winnings.

 

Calculating Probability

A 9 in 1 chanceshould be calculated as 1 out of (9 + 1), which equals 0.10. This means there is a 10% chance this event will occur.

A 4in 1 chanceshould be calculated as 1 out of (4 + 1), which equals 0.20. This shows there is a 20% chance that this event will occur.

A 1 in 1 chance should be calculated as 1 out of (1 + 1), which equals 0.50, meaning there is a 50% chance this particularprobability will occur.

A 1 in 4 chance should be calculated as 4 out of (4 + 1), which equals 0.80. This meansthere is an 80% chance this particular probability will prove accurate.

 

Calculating Your Winnings

A probability of 9 out of 1 for every $1 you bet results in a win of$9.

A probability of 4 out of 1 for every $1 you bet, provides a winning result of$4.

A probability of 1 out of 1 for every $1 you bet will give you a win of$1.

A probability of 1 out of 4 for every $4 you bet, will result in a win of$1.63.

 

Tips for Improving Your Online Betting Strategy

Learn Your Values

If you want to be successful with your betting career, you need to grasp the concept of value as it pertains to betting. Value is the distinguished ratio that determines risk and potential profit. Understanding the value concept of betting is one of the best ways to make safe bets. If you can decide which bets are of high value, this is a skill that can become a cornerstone of your betting strategy. A high-value bet is a bet that has odds that exceed its risk.

 

Knowledge of Mathematics

Most beginner bettors make the mistake of underestimating the importance of mathematics. Having a “gut feeling” is not enough to get you through the entire betting process. Betting involves mathematics, including calculating odds and statistics.

Although there is more than one online betting calculator available, you need to know which equations to use to find the probability factor. You need to have basic knowledge of and be comfortable with addition, subtraction, decimals, multiplication, division, percent, and ratios.

 

Avoid Falling for Traps

As a bettor, you have to put your feelings and emotions aside. You may favorite one team or sport over the other, but it’s essential to focus solely on the facts. Wanting something to come true against hard facts does not work in the world of betting. Betting based on emotions is known as betting by heart. To avoid betting based on your feelings, you need to know the value of the bet, why the best is essential to you, and if you would still place a bet if a different team were playing.

 

Find Your Specialty

When you’re finding your specialty, and starting your betting journey, avoid betting on football. Most betting is done on this sport, and because of this, there are not many high-value odds. Bookmarkers in this sector are excellent, so it’s best to get started in betting markets that are not as great and exceptional as others. Sometimes second and third leagues in different countries are worth a second look. Make sure you research to become more informed and gain insight about different leagues.

 

Adopt a Long-Term Betting Perspective

If one of your goals of betting is to become a pro, you need to adopt a long-term perspective of betting and the territory that comes with it. When you’re starting, you need to understand and remember becoming a pro at betting is not an overnight success. To keep from losing everyone you have on a bet, avoid making bets that exceed 1% of your overall stack. Keep your bets even by ensuring you have room for risk and profit.

 

Find the Best Value

To find the best value, you need to have more than one betting option. Having more than one sportsbook allows you to compare and contrast their value. Comparing the odds of different bets help you increase the value of the bets without conducting any strenuous work or exerting tremendous effort.

 

Bottom Line

Whether you are into betting as a hobby or as a potential profit-making scheme, your success depends on your understanding of every aspect involved. One important aspect of this is the given odds and once you know how they are calculated, you put yourself in a better position to predict correctly and guarantee consistent winnings. You will understand the likelihood of every outcome and you will be able to compare your analysis with those of the bookmaker. That way, you will never place a bet blindly.

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