Are you facing any difficulty while calculating betting odds? Check below for simple explanations on how betting odds can be calculated
How to Calculate Betting Odds
Betting odds according to the English dictionary is “The ratio of the probabilities of an event happening to that of it not happening”. Odds can also be defined as an illustration of the possible outcome of an event derived in numbers (fraction or decimal) so as to enable the placing of stakes.
If you have never wagered at any sports betting platform, understanding what odds means may likely be one of the biggest dilemmas you will encounter. Betting is all about assessing the probable chance of an event. Bookmakers use odds to interpret probability into a more usable form so as to allow punters place bets on their game of choice. Betting is a risky affair for both the bookmakers and punters.
Betting Odds Guide for Beginners
Betting odds tells beginners on how likely an event is to happen. They also give insight into how much money a bettor tends to win. As a new better, you are advised to learn how betting odds work simply because, ignorance is not an excuse, remember your money is at stake. Having an understanding about how likely an event is to happen and potential winnings attached is part of the basic criteria needed to successfully earn from placing stakes.
Firstly, betting affords you the ability to make a prediction of an outcome of an event, if your prediction is correct, you will win. For every event, there exist a certain number of outcomes. For instance, when rolling a dice, there are six possible outcomes. If you place a bet that the first dice roll we produce a “one”, there is a 16.67% (1/6 * 100) chance of that event occurring.
Betting Odds for Calculating Probabilities
When placing a bet, anywhere you see two numbers separated by a trailing slash, for instance, 10/1, this is regarded as fractional odds. Using this, you can calculate how likely an event tends to happen. For example if you have 9/1, this is how you will do the calculation: Probability (%) = 1/(9+1)=1/10 = 0.10%. From this calculation, this means there is 10% that the event will happen.
Betting Odds for Calculating Winnings
With betting odds, you can calculate how much money you are likely to win if you place a bet. For instance, if your chances are 4/1 (Replace the 4 with A and 1 with B). For every value of B you bet, you will win A plus a return of your stake. 4/1 for every $1 you wager, you are likely to win $4.
Calculating Betting Odds in Decimals
Decimal Odds are the most common form of odds. Almost all top betting sites do give you the option to view betting odds in decimals. Viewing betting odds is decimals is an alternative to viewing in fraction format. To most betters, this is simpler than the fractional calculations. To calculate winnings, you will multiply odds by the stake (odds * stake). For example, if your odds is 8.0 and you wager with $10, then it can be calculated as (8.0 * $10) =80. This implies that if you place $10 on 8.0 betting odds, you are likely to win $80.
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Conclusively, betting odds (regardless of the format) represents the chance that an event will occur and therefore enables you to work out how much money you will likely win if you place a particular stake. By now, you should be able to calculate and relate with the betting odds on your own without any difficulty.