One of the first concepts that betters come across on the booking website is the bet odds. In other words, this is the bookmaker’s calculation data, which estimates each bet in a sportsbook. In fact, it’s simple enough to understand what the chances of both rivals to win are. You can also independently calculate the coefficient for different events. After all, if the bet is played, then the final win will depend on it. Experts provide their customers with the whole range of useful features for betting odds calculation. Here is the example of the most popular and simple in use way.
What are the sports betting odds?
Among the various terms that are used in online betting sports betting odds is one of the most spread. This term means the probability of a particular outcome of the event from the point of view of the bookmaker. If a match, race, fight or some other kind of competitions is predictable, both the odds on the favorite and the profit from such a bet will be low. The lower the probability of an event (for example, a bet on an outsider), the higher the proposed odds will be, but the risk is correspondingly very high.
Methods of betting odds calculation
Modern bookmakers, as well as skilled betters (punters), pay much attention to the calculation of betting odds. As a rule, the following types are available:
- This method is often used by professionals. Its specialty is in deep study of statistics that is necessary for the final result.
- This variant is quite easier, and it is suitable for betters which do their first steps. Heuristic betting odds calculation is based on the study of other betters and betting experts’ predictions.
Moreover, it is worth noting that the odds set in the sportsbook already contain a «profit in profit» — the so-called bookmaker’s margin. So the true probability of the event will be slightly higher than that shown by the coefficient.
How to calculate odds and profit?
Sports betting is seen by bookmaker customers as a way to make money. So, it is quite important for new customers to understand how to calculate a possible win. Here is the example of classic format of such calculation. According to it, profit is determining by the following way: bookie’s customer multiplies the amount of the bet by the odds proposed in the sportsbook. Let’s consider such an example:
Bookmaker’s customer bets 20$ on a football match between Manchester City and Chelsea with a coefficient of 1.70, the clear profit will be 14$. The calculation is made according to the simplest formula — 20 x 1.70 – 20 (bet amount) = 14.
According to the bet line Manchester City is a clear favorite, though its superiority is not high. In the case of a draw or Chelsea’s win, the bet will lose accordingly. The higher the proposed ratio, the higher the amount of possible winnings, but the risk of losing will increase in the same progression.
Another important thing is that every new better have to learn how to translate odds into percentages. This is quite important for independent assess of teams’ chances. Let’s consider another example with the following data:
Arsenal win — 3.05, draw – 4.5 Chelsea win – 2.00. To determine what probability the bookmaker sees in one outcome or another, you need to divide 100% by odds. As a result we have:
- Arsenal – a chance of winning 32.78% (100 / 3.05);
- Chelsea – 50% chance of winning (100/2);
- Draw – 22, 2% (100 / 4.5).
So, the ability for clear betting odds calculation is very important feature. Betters who can do this have quite more chances for good results than those who have not such a skill.