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betting odds

What is betting odds?

Betting odds is the main and first thing every better should learn. Betting odds give you the understanding of what is 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 is. 

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. Majority of bookies around the world use odds as the decimals, however most of bookies in the UK uses the fractional odds, i.e. 4/7. Fractional odd look like two numbers that are separated by a trailing slash. You can use this 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 the simpler way. They usually look like three numbers, where the first one is separated with 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 an learn, before starting to place real money on sport 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 you time and go through this article once more, if something is left unclear.