Have you had some experience but still can't figure out how betting odds work? You're not alone. Understanding sports betting odds can be difficult, especially if you're new to the game. A lot of people don't know how to calculate or even read sports betting odds. But they can be easy to get the hang of once you have some basic knowledge regarding how they work.
But knowing how betting odds work is crucial to betting success. Betting odds will tell you the chances or likeliness of an event happening. They can also predict the profit you can make from a bet. While they may seem complex and confusing at first, mastering them can help you gain an edge.
Below is a handy guide explaining some of the most important aspects of sport betting odds and how they work.
Probability and Betting Odds
At the most basic of levels, betting odds give you the chance to predict what the outcome of a certain game may be. If you calculate your odds right, make an accurate prediction you can go on to make a profit. For any given game, there will be a certain number of predictable outcomes. Just like you roll a dice, you have 6 possible outcomes. Similarly, with each event, there's a chance that the outcome you predict can likely happen.
Betting odds merely show the probability of that outcome taking place or how likely it will be to take place. Betting odds can be calculated in fractions or in decimal.
Using Fractional Betting Odds to Calculate Probability
If you see two numbers separated by a slash, e.g. 10/1, this is a fractional betting odd. By calculating this, you will be predicting one likely outcome of the event. To better understand this, let's replace the numbers with letters; so 10/1 becomes A/B. The formula for calculating probability thorough fractional odds is: Probability = B/ (A+B).
So if you revert back to the numbers, 9/1 can be calculated as 1 / (9+1) = 10%. So the probability of a certain outcome taking place is 10%.
Using Decimal Betting Odds to Calculate Probability
Decimals are more commonly used to calculate betting odds. Calculating betting odds through decimals is also much easier to workout. The formula for calculating probability through decimals is: winnings = (odds * stake) – stake. So with numbers, this can be calculated as:
9.0 can be (9.0 * $10 stake) - $10 stake = $80 winnings.
If you need more accurate betting odds, professional online sports handicapping services, such as SPORTSMASTERS provide real-time betting results. They provide sports betting for football, baseball, and basketball.