Knowledge base Betting Odds

Betting Odds Knowledge base

What are betting odds?

Betting odds are the main and first thing every better should learn. Betting odds give you an understanding of what are the chances to in and what amount of money you will win after a positive outcome. You should continue reading this article, as you might still be confused about what the betting odds are. 

Using Betting Odds to Calculate Probability

For any football match, there are a limited number of possible outcomes. You can predict the chances of the event’s outcome, by simply looking at the odds for this event. The majority of bookies around the world use odds as decimals, however, most bookies in the UK use fractional odds, i.e. 4/7. Fractional odd looks like two numbers that are separated by a trailing slash. You can use these numbers in order to calculate the probability of the event’s outcome. As an example, let’s replace numbers with letters A/B. Here is the formula: Probability (%) = B / (A+B). • 7/1 should be calculated as 1 / (7 + 1) = 0.125 – So the event will happen with 12.5% probability Chances using decimals odds should be calculated in a simpler way. They usually look like three numbers, where the first one is separated by a dot and should be 1 or higher. Example: 1.25 Chances using this odds format calculate within next formula: Probability (%) = 1 / odds 1.37 should be calculated as 1 / (1.37) = 0.7299 – So the event will happen with 72.99% probability 

Using Betting Odds to Calculate Winnings

Also, you should know how to calculate your potential winning using the odds. It is very simple to do if your odds are decimals. You should simply multiply your bet with your odd and subtract the bet amount. Formula: Winning = (bet amount * odds) - bet amount • (10 EUR * 1.87) - 10 EUR = 8.7 EUR

In Summary

Betting odds is the first topic every better should go through and learn, before starting to place real money on sports events. Odds provide a lot of information about the chances of the different outcomes in the match and the potential winning of the bettor. So please take your time and go through this article once more, if something is left unclear.