If you would like to venture into the confusing world of online betting there are some important basic principles you need to understand. This beginners guide to betting will explain how betting odds word. This is very important because you need to understand how likely an event is to happen and also what exactly you could win if you get it right.
First of all you need to understand the basic principle of betting. It gives you the opportunity to predict how a certain event will turn out, and if you are correct you can win money. For example, if you roll a dice it can land on any one of six numbers. So there is a 16.67% chance that it will land on each number from one to six.
Do your research on the betting brand
Yes! This is the first and absolute piece of advice we shall begin with. Before giving your prediction a hard thought, make sure the betting site you will place it on, is legit!
This may seem like a hard task, but there are, in fact, many helpful resources out there! For example, browsing through Nostrabet.com will give you a useful impression of all the reputable betting brands.
Probability
Betting odds present how likely it is that a particular event will happen. For example, how likely is it that the dice will land on number 6? That’s what the gamble is all about.
At whatever point you see two numbers separated by a slash, for example 10/1, the professional term for this is “fractional odds”. From this, you can figure how likely an event is to occur using a simple calculation. In order to explain this lets use letters instead of numbers – so 4/1 turns into A/B. Here is the computation: Probability (%) = B/(A+B).
- 9/1 can be determined as 1/(9 + 1) = 0.10 –a 10% chance that the event will occur.
- 4/1 can be determined as 1/(4 + 1) = 0.20 –a 20% chance that the event will occur.
- 1/1 can be determined as 1/(1 + 1) = 0.50 – a 50% chance that the event will occur.
- 1/4 can be determined as 4/(4 + 1) = 0.80 – 80% chance that the event will occur.
This will enable you to tell the probability of the event to happen. The next step is to work out how much money you can win using the odds.
Work out your winnings
Odds are what will enable you to figure out how much money you will win if you place a bet. By using the same example as before, where the numbers are replaced by letters, it means that for every B that you bet, you will win A plus the return of the amount you bet – which is called your stake.
- 9/1 for each £1 you wager, you win £9.
- 4/1 for each £1 you wager, you win £4.
- 1/1 for each £1 you wager, you win £1.
- 1/4 for each £4 you wager, you win £1.
Decimals
Most masjor betting sites will offer you the option of seeing your betting odds is the form of Decimals instead of in fractions. Many people find decimals much easier to work out than fractions. The calculation is as follows: you winnings equal (odds*stake) minus your stake.
For exmple
- 9.0 can be determined as (9.0 * £10 stake) – £10 stake = £80 winnings.
- 4.0 can be determined as (4.0 * £10 stake) – £10 stake = £30 winnings.
- 2.5 can be determined as (2.5 * £10 stake) – £10 stake = £15 winnings.
- 1.25 can be determined as (1.25 * £10 stake) – £10 stake =£2.50 winnings.
Neither system is better than the other, but the fact is that there is surely a pattern rising in favour of decimal odds. Basically there are two fundamental differences. People find decimal odds easier to understand – so many betting sites try to make it easier for the average punter. And technology of course has assisted with this.
The second distinction between these two formats is that fractional odds only represent winnings. They do not include the return of the amount betted (the stake). Whereas, the decimals format does include the return of the stake.
So in summary, betting odds refer to the probability of an event happening. They enable you to work out how much you stand to win if your wager wins. For instance, with chances of 4/1, for each £1 you wager, you will win £4. There is a 20% possibility of this incident, determined by 1/(4 + 1) = 0.20.
So, if you have read this article, you are one step closer to the ultimate betting knowledge. Even if you won’t be an active player, it’s good to monitor this industry, which according to the Forbes is growing surprisingly rapidly. Take our tips into consideration, and you will be well-equipped to discuss this topic with friends or even to place bets yourself.
