What are odds?
What are odds?
Odds are a set of numbers which have been applied to various sporting events in order to predict the possible outcome of the event. This helps punters to work out how much money they make on a bet, and whether the bet is going to be worth their while or not.
The higher the chance is of a team or runner winning, the higher the odds are and the lower the profit will be. Odds differ from site to site and are somewhat dependent on public opinion and somewhat dependent on the opinion of the site.
The Importance Of Probability
Probability is one of the main deciding factors when odds are determined. For example, if team A is much stronger than team B, the probability of them winning is high. Therefore the probability will affect the odds of the match, which will directly affect your winnings.
Look at it this way. If a dice is rolled, there are only six possible outcomes. Therefore, the chance of a person rolling a one is 16.67%. So basically, what betting odds do is use probability in order to work out what may happen.
Decimal Versus Fractional Odds
Some countries use decimal odds and other use fractional odds. Depending on which online sports betting site you are using, you may have to be able to convert one to the other. The most common form is fractional, i.e. 3/1 or in other words three to one. Fractional odds allow you to calculate rather effectively how much money you are going to win should your wager be successful. Any numbers separated by a slash are fractional odds.
Decimal odds are displayed in numeric form, i.e. 9.00. To work with decimal odds, you simply multiply your stake by the decimal number shown, resulting in your total winnings including your stake.
Almost every online sports betting site has an odds calculator to help you to work out either translating decimal odds to fraction or vice versa, or to work out the probability of your team or runner winning. Making use of these odds calculators is a good idea as one can easily get rather confused with all of the numbers. It is important to note that not all of the mobile sports betting apps have odds calculators.
Odds On More Than One Game
Most of the modern online sports betting sites and mobile apps allow you to place wagers on more than one game or race at a time. This can seriously confuse the odds if one does not know exactly what one is doing.
Here is where the odds calculator is extremely useful. Parlays, perms or accumulators allow betting on a number of games across the board all of which are put on one betting slip.
Making use of the odds calculator here will ensure that you get the best price for all of your bets. Again, it is always a good idea to shop around to find the best odds as not all of the sites offer the same odds. Some sites may vary their odds if you take more than one wager, which may end up being very worth your while.