For First time bettors to be successful in betting, one of the most important things is understanding how betting odds work. At first, it could appear challenging for players to understand how betting odds work as it is one of the first hurdles that need to be crossed before one can get a grasp of what sports betting is all about.
What are betting odds?
Betting odds simply help a player to understand some basic things such as the likelihood of an event happening and how much money a player could potentially win on a bet. For the first situation, it is important for players to understand the likelihood of an event happening which will determine whether the bet should be placed or not, or what bet the player should place in the circumstance. In the second situation, this is very important because players bet with money meaning that it could impact player’s winnings negatively or positively.
Probability and Betting Odds
Probability and betting odds as earlier mentioned, gives players and insight into whether an outcome is probable or not. An example of how betting odds and probability are calculated would be given for better understanding. For new players, number such as 9/1, 4/1, 1/4 would be seen when placing a bet. These are called fractional odds because they appear as fractions and players can calculate the probability of an event occurring.
9/1 can then be calculated as 1/(9+1) = 0.10 which means that there’s a 10% chance of such event occurring. For 4/1, this is the same thing as it will be calculated as 1/(4+1) = 0.20 meaning that there’s a 20% chance of such event occurring and so on and so forth.
Winnings Calculation and Betting Odds
Now players have an understanding of how the probability works, it’s time to see how money can be made when betting. Using one of the examples above like the 9/1, this means that for every €1 a player bets, €9 will won. For example, in a game of Rugby between South Africa and Wales, the odds could be 9/1 for Wales to beat South Africa and if a player bets a minimum of €1 on the game and Wales defeats South Africa, then the player would win €9, and if the player bets €100, then the player would win €900.