Betting odds: formula. Comparison of betting odds

2024 Author: Leah Sherlock | [email protected]. Last modified: 2023-12-17 05:25

It is known that sport gives us the opportunity not only to cheer for our favorite athlete or team, but also to make decent money on it. Bookmakers accept hundreds of bets every day and only a few of them become more or less profitable. So how do you get the most out of your bet? This will help the ability to use and calculate the betting odds. What it means and how to calculate it, you can learn from this article.

What does a bookmaker do?

A bookmaker is a commercial organization whose activity is to accept bets on sports and entertainment events. That is, the bookmaker's office gives everyone the opportunity to earn on a correctly guessed outcome of the bet.

The activity of a bookmaker's office resembles the conclusion of a peculiara monetary dispute between a player and an organization. Two main outcomes - either win or lose. Therefore, before understanding the concept of "betting odds", you need to find out what bookmakers specialize in. Their main areas are football, hockey, handball, biathlon, etc. That is, all sporting events, especially international ones.

With the advent of the internet, betting shops have moved beyond small, dark rooms to take bets online. It has also become beneficial for the players, since the comparison of betting odds of different organizations can now be done without leaving home.

What is the odds of the bookmaker?

To bet on the victory of your favorite team, you need to figure out what is the probability of its winning. The bookmaker's coefficient is a ratio that shows how likely this or that event will happen, according to the bookmaker. Therefore, the winning amount is calculated by multiplying the bet amount by the coefficient.

When calculating odds bookmakers take into account the following factors:

• result of the previous meeting of competing teams;
• place of a team or athlete in the world ranking;
• training level of the team;
• status and scope of the event;
• location, etc.

Moreover, this coefficient may change before the start of a match or competition due to the announcement of new, previously unknown circumstances. For example, an injury to a player, a change in the location of an eventetc.

Types of betting odds

Due to the fact that betting activity is popular all over the world, the history of betting odds is quite wide. But as practice shows, only three calculation methods are the most accurate. Main types of betting odds:

• English;
• European;
• American.

And based on its type, betting odds are being calculated. Each of them will be described in a little more detail.

English odds

It is generally accepted that bookmakers come from England. Therefore, there is nothing strange that they have their own idea of how betting odds are calculated. English odds are also used outside of foggy Albion because of their convenience and ease of calculation.

English bookmaker odds are written in fractional format, for example 30/5. The first number is the actual winning amount and the second number is the bet amount. That is, by betting $5 on your favorite team to win, you can win $30 if the game ends well. Also, the fractional coefficient can be converted into a probability formula. It looks like this:

% Probability=(Denominator/(Numerator+Denominator))100%.

With our coefficient, the probability percentage will be:

(5/(30+5))100%=14, 3%.

European odds

European coefficient ordecimal is the most popular among bookmakers. They are considered the simplest, which is why they are so widespread. To date, the European bookmaker odds can be seen in bookmakers around the world, and in many of them it is the only one.

European coefficient is written as a decimal number, for example, 1.74. The winning amount is calculated by multiplying the bet by the coefficient. Let's say the bet was $10, which means that the winnings at odds of 1.74 will be equal to $17.4. Therefore, the net profit will be $7.4 (17.4-10). In order to immediately calculate the amount of net profit, it is enough to subtract 1 from the betting odds and multiply the resulting value by the size of the bet. You can also find the probability percentage using the betting odds. The probability formula is:

% Probability=(1/Ratio)100%.

In our case, the probability percentage is:

(1/1.74)100%=57, 5%.

American odds

Of the three main types, the American coefficient is the most difficult to understand. Most often it can be found in the United States of America. Its main difference is the setting of the signs "+/-" in front of the numerical indicator. With the help of these signs, American bookmakers mark the favorite team. If there is a “-” sign in front of the coefficient, then the team has the status of a favorite.

To understand the confusing American payment system,an illustrative example is required. Suppose given:

1. Positive odds - +170 for a draw and +200 for a win.
2. Negative – - 130.

This means that when betting on a positive odds, the player needs to wager $100 to get $170 or $200 net profit.

When betting on a negative odds, the player needs to wager $130 to get a profit of $100.

American betting odds, like English and European odds, can be converted into a probability formula.

Formula for positive odds:

% Probability=100%((-(neg. odds))/(-(neg. odds)+100))

100%(-(-130)/-(-130)+100)=100%(130/230)=56, 5%.

Negative odds formula:

%Probabilities=100%100/((positive odds)+100)

100%100/170+100=37%.

Comparison of betting odds

Today, there are a huge number of bookmakers whose odds can vary significantly. To get the maximum income from a bet, a player can use online services to compare betting odds. As a rule, they do not require a separate fee for the services provided. All the user needs to do is go through a simple registration process.

Benefits of using betting odds comparison services:

1. The ability to bet at the maximumcoefficient and, accordingly, extract the maximum profit.
2. Save time by not having to compare odds lines yourself.
3. A convenient and safe way to find surebets.

It is best to choose a service that scans the largest number of bookmakers and has a high response rate to changes in current odds.