The most entertaining sports games are the ones in which the spectators are completely and utterly engaged. This can be anything from showing up at the stadium in order to yell your support or by placing a high bet on the team you’re hoping is going to win. Betting can be very risky, however, so it’s wise to try and understand as much as you can about it.
We’re going to help you with that.
The betting odds of a game are presented by bookmakers to give bettors a more educated idea on where their preferred team stands and their chance of winning. While they’re not completely and utterly accurate, they generally tend to fall close to the mark.
It’s important for a bettor to be well aware of how the odds work. Giving yourself as high of a chance as possible of hitting the jackpot is well worth it, although it does require a bit of thinking and consideration. Strain the brain and then put a rocket in your pocket.
Calculating the odds can be done in a variety of ways, depending on what part of the world you’re from. The betting odds you manually calculate yourself, for example, could differ a lot from the betting odds bookmakers present, as they use specific, time-proven formulas.
The most common types of betting odds you will encounter are fractional odds (UK and Ireland), decimal odds (European and Australian), and moneyline (USA) odds. All three of them are essentially the same, with only the presentation being different.
You don’t have to use or understand all betting types – only the ones which are relevant to you. Many odds converters on the internet can help you appropriate your preferred betting type to a different one without having to learn it.
Types of Betting Odds
- Fractional odds are outlined as two numbers separated by a slash or a hyphen, such as 3/1. A simple way of determining your winnings in fractional odds, for example, is that for a 4/1 (four-to-one) listing, you will win $4 for every $1 you wager. This is in addition to getting your wager money back.
The formula for fractional odds is as follows: Probability (%) = B / (A + B), where A/B represents your betting odds. If your odds are 4/1, then 4 is A, and 1 is B. In this scenario, the formula would thus be: Probability (%) = 1 / (4 + 1)
- Decimal odds are probably the most common type. They quote the potential return in case the bet succeeds. The formula is as such: Winnings = (Odds * Stake) – Stake. A betting odd of 4, assuming a $10 stake, would be (4 * $10) – $10 = $30.
- Moneyline odds are the easiest to understand on account of their simplicity. If the odds are positive, such as, for example, +100, then you win $100, together with your initial wager. Negative odds, on the other hand, represent the minimum wager you need to bet in order to win an equal amount.
How are Betting Odds Calculated?
Betting agencies, shops, or bookmakers make extensive use of data analysis in order to produce the betting odds they display to the audience. In general, this means the hiring of a data analysis specialist who not only knows what to use in order to glean as much information as possible from a game, but also how to abstract it as presentable betting odds.
Sports game data analysis is primarily done through live cameras that track the movements of the players and the object of focus in high-fidelity video quality. The information is then gathered by artificial intelligence (AI) for maximal effectiveness and detail. The data analyst will then interpret it so that accurate betting odds can be reached.
The people who determine the betting odds, however, are called odds traders or odds compilers. An AI quite simply cannot decide favorable odds for the bookmaker at all times, so betting shops employ dedicated specialists instead. This is actually beneficial, as humans are liable to make mistakes. An overpriced odd, for example, could be taken advantage of.
One important factor worth remembering is that the very idea of betting odds has been established so that the bookmaker can efficiently turn a profit. The betting odds of any particular match have not been specifically decided with bettors in mind, instead being skewed in favor of the bookmaker. Don’t be misled by thinking that betting odds are fair or chosen with your wellbeing in mind.
Quit While You’re Ahead
Betting, although fun and occasionally rewarding, is nonetheless a risky activity. We heavily recommend you do as much research as possible so that you’re informed about the decisions that you’re making. There is nothing worse than ruining your fun by losing precious capital.
Play carefully and with intent. Don’t waste your money. The most talented bettors are those who know the importance of carefully calculating your odds of winning. Be like them!