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 show 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 favorite 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 an 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 Kenyan 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.
Useful tips. The first thing to keep in mind is to watch the movements of the odds. A lot in sports depends on circumstances. Numbers can change due to players' injuries, legal proceedings, a leader moving 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 needs to learn how to convert the odds into percentages, which allows you to estimate the odds of the teams.
Watching the different bookmakers' offices, you can see how their odds for the same event can differ. The main factor for these differences is the already mentioned bookmaker's margin, which you can read about here.
Some bookmakers knowingly inflate it to reduce their risks and increase profits, while others, on the contrary, attract players with high odds, working to increase profits by expanding the client base.
So before you make a bet, you should carefully look at the betting company, carefully study its odds and compare them with your competitors. After all, your possible earnings directly depend on it.