Sports Betting Odds Demystified

Sports BookBy Alex Larsen.

For those who are not experts in sports betting, all can agree to one thing: that reading, understanding and calculating game odds has never been easy. It takes some experience in the diverse gaming sector for someone to be fully conversant with the riddle of odds. The already amateur in this can agree that they were either taught or it took them quite some reasonable time for them to conveniently learn on their own. For that reason, blackjack has broken down the task for anyone who had the itching query about the entire concept of odds in games. So next time someone can bet confidently like a professional without experiencing goosebumps.

The three key aspects why you should understand gaming odds:

  • Betting odds help you to know what games are worth risking money on.
  • Odds can be used to calculate the probability of an outcome for a certain game.
  • Odds allow you to understand your expected pay out.

Betting odds help you to know what games are worth risking money on.

It is certainly true that everyone knows that gambling is a game of wins and losses. Nothing is ever guaranteed. Hence, by better understanding how odds work, you are in a better position to know where, when and how to place that bet with the least risk possible. The human psychology is often mounded in a manner that is geared towards winning and success.

To prove this fact, some people even engage in betting as an investment. To successfully do this, they engage in the sure bet formula to make sure that they have nothing to lose at all. It is very true that the math underlying the concept of odds can be an eye opener to whether the bet is worth it or not. One key factor to assess is whether or not the presented probability is higher or lower than the actual probability of the game. Hence, you have to put into consideration the bookmaker’s profit margin and the actual probability outcome of the game. However, you should not forget that probability is not reality.

Odds are used to calculate the probability of an outcome for a certain game.

Another expression for odds is chance or probability.1)Chance can be expressed either as a probability or as odds.  For more information, check the word odds in the Encyclopedia of Blackjack on this site. Odds can be better defined as a probability that something will occur or not. So, once the betting opportunity is identified and the probability assessed, the outcome should be higher than the probability implied. Hence, it is very vital to consider the estimates of the bookmaker. Furthermore, it is important to know that the odds that are always on display can never truly reflect accurate results. That is the probability of the results indicated occurring or not. One should also note that the payoff depends on the results of the odds reflected.

Getting to understand your expected payout.

The payout in sports always depends on types of odds being used. More importantly, payouts always include the amount of money that you put in. It is very simple to calculate the expected outcome of a game that you have placed a bet on. It is especially true when the odds are in decimal points. It is because you just have to multiply the number of odds by the amount you have placed for the bet. For other types of odds with either fractions or others, a bit of mathematics are needed for calculation. Still better enough, you can get betting tips for football and other games from sites like Bet365 games.

Different types of odds.

It is also very important for you to understand the different types of odds. A better understanding of the different types of odds enables you to know how you do calculations or your expected total payout. All odds come in different forms and styles. Hence as a serious gamer, you ought to know all these types of odds.  The common types of odds can be categorized into three. These are:

  • Fractional, also known as the British odds.
  • Decimal, also known as European odds.
  • Money line odds, also known as American odds.

European odds are the most conversant with most gamers. They are also the easiest when it comes to calculation based on total payout. 

Understanding more about the betting odds, how they are calculated and the risks involved in every betting game needs in-depth research. You also need to really be enthusiastic about sports and a very keen follower of Igames. Determining on which side of the match to place your bet is not always a walk into the park. It is always a double dilemma. There is the fear of losing and the excitement of winning. However, even with an in-depth comprehension of how the matches play, it is still not guaranteed that one is just prone to win. Placing a bet still remains to be a risk unless it is a sure bet. Sure bets have their own knowledge too.

Even podcasts that are run by some of the most experienced sports analysts, old football players, and retired coaches do fail at times. The work of these experts is to assist gamblers make the most informed decisions whenever it comes to betting tips and insights. These podcasts run by experts actually are very experienced experts.  They do a very critical analysis of matches based on past experiences and also the current state of the team. They use diversified data and facts to come to a convergent conclusion but winning is never guaranteed at all. Although at times the predictions hit right… at other times they do not.

Image Credit: Wikimedia Commons

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Footnotes

Footnotes
1Chance can be expressed either as a probability or as odds.  For more information, check the word odds in the Encyclopedia of Blackjack on this site.

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