Do you often wonder what betting odds are?
It is imperative to know that betting is a way of life, and it has its thrills and fun. It can be exciting and depressing, depending on the outcome of an event staked on. People are making money daily from betting while others are losing.
It is always better to be informed on how to bet and the tenets guiding betting because, in this world of ours, information is power. Various sports can be betted on, including soccer predictions, hockey, and horse racing. The most popular, of course, is soccer betting and the most popular type is the odd.
What are Odds?
Odds are symbols of probabilities and calculations which are used to represent a particular occurrence.
There are various types of odds depending on the country you reside and the particular bookmaker you are doing business with. We have three major types, the American, fractional and decimal.
We will discuss basically on the decimal and fractional odds, this is because the American odd type greatly influences the fractional type.
The fractional type of odds are mainly used by American bookmakers and are infractions, an atypical example of this is 1/2, 2/3,1/5,1/7. What this basically implies is if there is a match between LA Galaxy and New Revolution if LA galaxy is given 1/2, this means that they have a 50% chance of winning the game if the New revolution is given 1/5, that means they have a 20% chance of winning.
However, for the decimal type of odds, what we have symbols of decimals ranging from 1.01 to 100.00 odd. Various events are assigned such decimal odds to show how probably this type of event can occur.
A typical example of decimal odds can be found in, for instance, in a sport like a basketball where Lakers are playing Cincinnati. For a Lakers win the odd might be 1.35 while for a Cincinnati win it can be 8.50 odds, several odds are also assigned to baskets made for and over 79.5( which means for than 80 goals) we can have 3.30 odds and an under 49.5 (which means less than 49 goals),we can have 2.74 odds. Now basically, the higher the odds the higher the risk and possibility of it happening while the lower the odds, the more possible that the outcome will suffice, however, these things, sometimes, can be fuzzy. Why?
You see bookmakers are smart, therefore they may sometimes give favorites huge odds for the following reasons: injuries, suspensions, and form. Therefore it is not always advisable to just pick smaller odds over big odds because sometimes it doesn’t matter.
How to Start Betting on Odds
Now that you have identified the various types of odds that are available, the next action is how to start betting on odds and how can these odds be of benefit to you.
To start betting on odds, you have to decide first, if you want to bet on single odds or accumulators. Singleodds are just one odd symbol that a bettor stakes out for a possible favorable outcome.
What this means is that if there is a match between Arsenal and Napoli in a UEFA champions league tournament and the bettor wants to bet on single odd, he will just pick one out of the plethora of odd options available and stake his desired amount, if he favors Arsenal to win and the odd for arsenal to win is at 2.00 odd and for a Napoli to win is at 3.50 odd and a possible draw is at 3.00 odd…the bettor will stake probably 50 dollars on the 2.00 odd to win 100 dollars.
However, if the bettor is interested in multiple games and accumulators, he will pick various games ranging on three to 40 games from the available tournaments accumulating up to 20,000 odds and can put 5 dollars to win a possible 100,000 dollars excluding bonuses.
Accumulating odds is what most people play because it has much more gain than single odds, however, it is important to know that by picking more games and increasing your odds, your risk increases, therefore be wise in your dealings.
Also, it is wise to note that different bookmakers have different odds while some are big some are small, it will, therefore, be of benefit to you, if you compare all betting sites and their odds to ascertain the one that is favorable to you
To gain an insightful knowledge of how to calculate odds, we have to first of all gain an in-depth knowledge of what chance and probability means.
Let us make a perfect example by using the dice. When a dice is rolled, there is a possibility that it will end in six different positions (1,2,3,4,5,6). Now the probability that it will end in one of these is 1 divided by 6 times 100%, which will give us 16.66%. The probability that you will get your desired number is 16%. Low, right? Yes.
But it is worth the risk. Let us start with the fractional type of odds. If you bet on a team to win, lose or draw at 1/2 odd, how do you calculate your proposed wining?
It is simple you multiply 1/2 by 100% which gives you 50%, that means for your stake to be won you have 50% chance to win and the other 50% to lose. If there is an odd of 1/8, you multiply 1/8 by 100%, which will give you 12.5% chance to win and 87.5 percent chance to lose.
Decimal odds can be calculated like this for a 3.00 odds on an event divided by 100 % gives you 33.3%, a 2.00 odd will give you 50% chance and a 1.50 will give you 60.2 percent chance, and 1.20 odd will give you 80% chance to win. It is not really added, just simple arithmetic.
It has been highlighted above what odds are and how exactly they can determine what you win and lose in an event.
However, understand that while studying odds is important, it will be more appropriate, if you check statistics and team forms, because this will go a long way to determine if your stake will come true or not.
Also, avoid playing too many odds as it increases your chance to lose the bet.
Try to minimize your odds and don’t be too greedy, because betting is a game between you and the bookmakers, it will be wise of you to be smart.