Sports Betting Odds Explained
Sports Betting Odds Explained
In sports betting, bookmakers work with odds (also called odds). These are very important, because this ultimately determines your winnings together with your bet. In this article we provide an explanation about odds/odds in sports betting .
What are odds/odds?
Odds are numbers that bookmakers attach to a bet. These numbers, odds, ultimately determine, together with the bet, how high your win amount is with a correct prediction . The odds are multiplied by the bet. The number that appears below the line is your profit.
An example is always good for the image and that is why we also explain the odds on the basis of an example. If you bet on the winner of a football match , the bookmaker will always offer three outcomes. A win for team 1, a draw and a win for team 2.
Behind each result is a number. For example: Team 1 – 1.70, Draw – 3.30 and Team 2 – 2.10. In this example, we’re assuming team 1 wins, so we’re betting on that. Our bet is twenty euros. The calculation then becomes as follows: 1.70 x 20 = €34 . Your profit is therefore 34 euros, provided you win of course.
If the result is different from what you predicted, the odds no longer matter. You will then only lose your stake, not that stake multiplied by the odds.
What factors make up the odds?
The bookmakers determine their own odds and do this on the basis of their own analysis. They look at the statistics, data and other things that can influence a match. On the basis of this, they make their own estimate of a quote that they believe is fair in the prediction . If they don’t do this, sports bettors will choose another bookmaker, so you can usually assume that this will be followed fairly.
Bookmakers can adjust the odds daily. All sorts of things can happen. For example, an important player can be injured, reducing the chance of winning for a team. The odds can fluctuate a lot because of these kinds of things.
Quote means expectation
You can convert a quote to a certain expectation, expressed as a percentage . You do this by dividing the number 1 by the quote, and then multiplying by 100.
For example, if you do this with the odds of 2.00, you arrive at 50%. If you bet on something with odds of 2.00, the bookmaker thinks there is a 50% chance that it will come true. This also teaches us that all odds above 2.00 have less than a 50% chance of winning, and anything below that has more.
Do you think that the expectation of an outcome is higher than the odds of the bookmaker suggest? By betting on this you have entered into a so-called value bet , which is very beneficial if you want to make a profit with sports betting!
Live Betting Odds
In live betting, the odds are adjusted per minute and sometimes even per second. This is due to the speed of live betting . The bookmakers themselves also watch the entire match and every small detail can affect the outcome of a bet. For example, if someone gets a red card or if a player gets injured, you will see many quotes change.
With live betting it is therefore important to anticipate such things as quickly as possible. This way you can grab the highest odds. Always pay attention to whether a quote has gone up or down. Some bookmakers indicate this with a green (up) or a red (down) cross.
Different types of display
Not every bookmaker gives the odds in the same way. There are three different ways in which they can be displayed: decimal, fractional and American odds . It is not the case that one quote has a higher value than the other. It’s really just about the way a quote is displayed.
In the Nigerians we are mainly familiar with decimal odds . These are also known as European odds. Almost every bookmaker uses this view when it comes to odds. These are numbers like 1.70, 2.00, 3.50 and so on. In the example mentioned above, we also used the decimal odds. As you can see, calculating profit at these odds is very easy.
A fractional quote is not a number, but a fraction. Fraction is the English translation of fraction. In England, odds are typically displayed this way. So no numbers as mentioned above, but fractions like 1/2, 1/4 and 2/4.
The fractional odds are also not very difficult to understand. 1/4 is 25 percent and as a decimal this would be 1.25. So the fractional odds 1/4 equals the decimal odds 1.25 .
In America they also use different odds. The American odds differ quite a lot from the decimal and fractional odds . With this form it is indicated how much you can win with a bet of one hundred dollars or how much you have to bet for a profit of one hundred dollars.
The form in which you see how much you can win with a bet of one hundred dollars always shows a +. In the other form, a – is used. You don’t have to bet a hundred dollars, of course, but this is just the representation the American way.
Quotes at bookmakers
As we mentioned, bookmakers set their own odds. We therefore recommend that you always compare different sports betting sites. This way you will find out where you can get the biggest profit with your bets. The higher the quote, the better .
In addition, it is important to bet with a bookmaker where the odds used are yours. In the Nigerians will always encounter the decimal odds. So if you are going to bet with a licensed Nigerian bookmaker, this is immediately taken care of.
Explanation of sports betting odds
As you have read, odds are very important in the world of sports betting. This determines the final profit with your bet. In addition , odds will determine whether or not you place a bet . You don’t want to take a big risk compared to a low odds.
Odds also determine whether or not you decide to bet with a particular bookmaker. A bookie with high odds is simply more attractive than a sports betting site with low odds. Take the explanation and tips with you when you want to place a bet again.