One of the first concepts that players encounter in a bookmaker's office is the betting odds. In other words, it is the bookmaker's calculation data by which each bit in the line is evaluated.
In fact, it is easy enough to understand the odds of the opponents winning. You can also calculate the odds yourself for different events. After all, if the bet plays, it is on it that the final winnings will depend.
What is the odds in sports betting
The odds in sports betting shows the probability of a particular outcome of an event from the bookmaker's point of view. If the game is predictable, the odds on the favourite will be low, respectively, and the winnings are small. The lower the probability of an event (for example - bet on the outsider), the higher the odds offered, but the risk is accordingly very high.
Ways of calculating odds
Bookmaker's offices have whole analytical departments, which are supposed to count the probabilities, determine the chances of winning and set the odds. Competently placed odds for sports betting help companies stay afloat and operate at a profit.
There are the following types of calculations:
- Analytical: the result is obtained by studying statistics. This method is often used by professional bettors;
- Heuristic: Even novice players can figure this out. It is based on the opinion of other players, professional forecasters and analysts.
It is also worth noting that the odds, put in the line of the bookmaker's office, already contain a profit margin, the so-called bookmaker's margin. So the true probability of the event will be slightly higher than the odds show.
How to calculate the winnings?
Betting on sports is seen by bookmaker customers as a way to make money. And for the novice player, it is important to understand at once how to correctly calculate the possible winnings.
All Nigerian bookmakers use the classic European format, so to determine the winnings you need to multiply the bet amount by the numerical odds offered in the line.
The first thing to remember is that it is worth keeping an eye on the movement of odds. In sports, much depends on circumstances. The numerical values can change due to injuries of players, legal proceedings, the leader's transfer to another team, even bad weather can have a significant impact.
Such a scenario can lead to unexpected changes in the opponents' game, and if you react in time, you will be able to profit from it.
Another important point is that every beginner should learn how to convert the odds into percentages, which independently estimate the chances of teams.