Unlike gambling, betting is a conscious decision made by calculating odds and maximizing wins. This involves, maths, stats and several theories which, frankly, might be beyond an average person’s mind.
Thus, to make a calculated decision, you should be aware of what betting odds are and how they can make a difference to your strategy and wins.
1] What are the betting odds?
To know how the outcome of any sporting event will turn out, you need to know about betting odds and how they work. Betting odds tell you the probability or likeness of an event to occur.
Additionally, they are also used to calculate the amount you can likely win with the informed choice you make. Despite being complex and confusing for a layman, with time, practice and effective guidance, you can master the technique of calculating betting odds.
2] Why are betting odds important?
Online gambling has caught the fancy of sports enthusiasts. Several online platforms are available where you can indulge in winning from your knowledge of sports. To maximize your wins, it is important to know the betting odds. Several internet sportsbooks are available online for sports betting.
However, learning to calculate sports betting odds using a different formula and comparing them to improve your gambling is important. Therefore, you should know how odds work.
3] How do odds work?
Just calculating odds using a formula does not do the trick. You should know how to read sports betting lines. This is important as different online sportsbooks display odds in a different manner. This variation is seen in the location where the betting is being done as well as the sport on which you are betting.
Though initially, you might have to make use of a betting odds calculator to calculate different types of odds, eventually, you will be able to master the same to make huge wins. Odds can be used to indicate your potential wins.
4] How can you read betting odds?
Despite there being three different ways in which sports betting odds are provided and presented, they represent the same thing. A 33.33% chance of winning translates into a profit of Rs 2 for every Rs 1 successfully bet.
To know more about working out betting odds and making more profit, you need to know about probability and how to calculate it.
5] Knowing more about probability
Probability is one of the most important tools in the arsenal of statisticians to calculate how likely an event can occur. In a nutshell, probability allows you to predict the outcome of an event.
When you use probability while betting, you can know what the odds are of your winning and if your calculation is correct, how much can you win.
At any time, the number of possible outcomes for any event are limited and generally known. The easiest way to understand this by using dice as an example. When a dice is rolled, there are six possible outcomes, each having an equal chance of occurring, unless there is a bias involved. Thus, the probability of getting any one number (1, 2, 3, 4, 5 or 6) is 1/6 or 16.67%.
Just like probability, betting odds also give you an idea of how likely the event can occur. Different bookies use different ways to represent these odds. It can be done as a fraction (1/6) or as decimals (16.67%).
6] How can you use betting odds to calculate probability?
Betting odds when displayed as fractions are written as numbers separated by the trailing slash. Once you have the fractional odds, you can calculate the chances of your win using simple calculations. To calculate the probability of an event to occur; if A/B represents the betting odds, then the probability is calculated by the formula B/(A+B).
- The odd 5/1 leads to a probability of 0.16 [1/(5+1)] i.e. there is a 16% chance of the occurrence of that event.
- An odd of 1/1 translates into a probability of 0.5 [1/(1+1)] i.e. there is a 50% chance of that event to occur.
- When an event has an odd of 1/4, the probability of that event to occur is 0.80 [4/(4+1)] i.e. the event is 80% likely to occur.
Thus, if you know the betting odds in fraction, you can use them to calculate the probability to know how likely your chances of winning are.
7] Calculating winnings by using betting odds is easy!
While placing any bet, it is important to know the amount you are likely to win on making that bet. This can be done by using the betting odds. If betting odds are a representation of the fraction A/B, when you bet amount B, your payment will be A along with a return of your stake. Thus,
- For a 5/1 betting odds; for every Rs 1 you bet, you win Rs 5.
- And For a 1/1 betting odds; every Rs 1 you bet, you win Rs 1.
- If the event has 1/4 betting odds; on betting Rs 4, you will win Rs 1.
If the betting odds are provided in decimals, you can calculate your wins by using this formula.
Winnings = (odds x stake) – stake
- If the odds are 9.0; then your winnings will be (9.0 x Rs 10) – Rs 10 = Rs 80.
- If the odds are 2.5; then winnings will be (0.25 x Rs 10) – Rs 10 = Rs 15.
- If the odds are 1.25; then winnings will be (1.25 x Rs 10) – Rs 10 = Rs 2.5.
American odds are the most prevalent ones available on online sportsbooks. The odds are represented with a sign (+/-) followed by a number. The sign represents whether you will get more money than you wagered or less depending on the sign.
A – sign shows the event is more likely to happen; thus, pay-out will be less than the amount wagered and vice versa. Thus a -140 sign shows that you need to bet 140 to win 100, while a sign +120 shows that you win 120 on betting 100.
If you want to try your hand at betting? Nostrabet.com/en/ aims to show the top bookmakers for UK players and also to introduce all beginners to the world of betting. Even you can find all detailed information about payment methods, contact lists and review ratings for each brand.
You may like.
- Simple Sports Betting Tips.
- How to Pick Successful Betting Tips.
- Things to Consider Before Betting On Sports.
