How to interpret Odds in Bets?

 

If you bet on sporting events, you need to be able to read the odds and understand what they mean. Also, you should quickly calculate the possible winnings for different bets, especially if the odds change as the event unfolds. Odds, as the name implies, tell you how likely an event is to occur (that a team wins, that a boxer reaches a certain round) and how much you will be paid if you win. However, this information can be transmitted in various ways.

 

Part 1 - Understand the Odds

 

1- Keep in mind that probabilities tell you how likely an outcome is. Odds represent the team, horse or athlete that is most likely to win. Odds can be written in different ways, but they all indicate how likely one outcome is compared to another.

• Example: when you flip a coin, you are just as likely to get heads or tails. The odds are equal, or "one to one".

 

• Example: if one day there is an 80% probability of rain, there is also a 20% probability that it will not rain. The odds are 80 to 20. In other words, it is four times more likely to rain than to stay sunny.

 

• Circumstances could change spontaneously, so it's also possible that the odds change. They are not an exact science.

 

2 - Interpret sports odds as how likely a team, athlete or horse is to win. The most common use of odds is when placing a bet on a sporting event. Betting agencies use historical data and team statistics to predict who has the highest chance of winning.

• Whoever has the highest odds is considered the "favorite." In case the odds are low, this indicates that the event is unlikely to occur.

 

3 - Don't forget that lower odds have higher benefits. While it is riskier to bet on the non-favorite than it is to bet on the favorite, a higher risk implies a greater potential reward.

• The longer the bets are, or the less likely it is, the more money you could win.

 

4 - Learn the vocabulary of probabilities when betting. While there are many racetracks and betting establishments that have brochures or pamphlets to help you learn the terminology, you must understand the jargon before interpreting the bets. These are some of the basic words:

• action: a bet of any amount

 

• runner: someone who takes bets and sets odds

 

• chalk: the favorite

 

• cover up: bet on teams with high and low odds to minimize losses

 

• line :the current odds or point distributions in the game, in any event

 

• bet: the money you pay or risk in an outcome or event

 

Part 2 - Interpreting the bets at the racetrack

 

1 - Keep in mind that the bets at the racetrack tell you how much profit you will get for every dollar you spend. Odds of 3-5 indicate that your winnings will be three fifths of a dollar. In other words, for every $ 5 you bet, you can get $ 3 in profit.

• You can determine the winnings by multiplying the amount you bet by the fraction. If you spend $ 15, what you will get for winning will be $ 9 (15 x 3/5).

 

• Example: If you successfully bet $ 15 on a horse with 3/5 odds of winning, the payout will be $ 24 ($ 15 + [15 x 3/5]).

 

Understand that fractions greater than one indicate that a team is not the favorite. This makes sense, as a bet on the underdog would be expected to pay more.

• In case you have difficulty with fractions, see if there is a higher number at the top than at the bottom. If so, that team or horse is not expected to win.

 

• Betting on the underdog is known as betting "against". For example, if the odds for a team on Sunday are 3/1, they are three times more likely to lose than to win.

 

• Odds of 3-1 indicate that if you bet $ 100, you will win $ 400, the original amount you bet plus the winnings. At odds of 1-3, you will win $ 33 on a bet of $ 100 (that is, $ 133).

 

Part 3 - Interpret the fixed probabilities

 

1 - Please note that fixed odds bets only concern which team will win the match. Odds are presented as a positive or negative number next to the team name. If the number is negative, this implies that that team is the favorite to win, while a positive number indicates that it is not the favorite.

• Example: team A, -135; team B, +135. This indicates that team A is the favorite, but less money is paid if a bet on them wins.

 

• Try an online calculator to verify your calculations when you're just getting started. It will soon get instinctive, but for now, ask a friend or find a calculator that suits your betting needs.

 

2 - Keep in mind that positive odds indicate the amount of profit you get for every $ 100 you spend. Also, the money you bet is returned. So when you bet $ 100 on team B, which is valued at +135, you get $ 235 if they win.

• In case you bet $ 200, you will get double the winnings. If you want to calculate how much profit you will get for every dollar you spend, divide the amount you spend by 100.

 

• Multiply this number by the fixed odds to see what your possible win is. If you spend $ 50, you will get 0.5 (50/100) of the fixed odds if you win. For the odds of +135, you would make a profit of $ 67.50 on a winning bet.

 

• Example: If you spend $ 250 on team B (+135), you would get $ 587.50 ($ 250 + $ 135 x [$ 250 / $ 100]) if they win.

 

3 - Understand that negative probabilities indicate the amount of money you must spend to win $ 100. By betting on the favorite, you take less risk and therefore win less. When betting on the favorite, the fixed odds are the amount of money you must spend to win a $ 100 profit. In the example above, if you want to get $ 100 in winnings by betting on team A, you would need to spend $ 135. Like positive odds, your bet is returned upon winning.

• If you want to calculate the winnings, divide 100 by the fixed probabilities to find the winnings for every dollar spent. In case the fixed odds are -150, you will win $ 0.66 for every dollar you bet (100/150).

 

• Example: If a team is the favorite to win at -150 and you spend $ 90, you would win a total of $ 150 ($ 90 + $ 90 x [100/150]).

 

Part 4 - Interpret a distribution of points

 

1 - Observe that the point distributions adjust the score for the favorite team. It is easier to see with an example: if team A plays against team B, and the latter is the favorite to win by a distribution of 4 points, a bet on team B would pay only if it wins by more than 4 points. A bet on team A pays if this team wins or loses by less than 4 points.

 

• In case the favorite wins exactly by the distribution of points, it is known as a "push" and all bets are returned. In the example, in case team B wins 88-84, it is a "push" and no one makes a profit.

 

• If you see "half probabilities" (for example, a 4.5 point distribution), this is so that a "push" is impossible.

 

• If the distribution is small, the fixed odds are usually better because the distribution does not indicate a clear team that is not the favorite.

 

2 - Ask your broker for the "commission", which determines your possible earnings. The commission, also known as "pinch", is what is charged for placing a bet. Typically the rake is -110, and this number is read as a fixed odds bet.

• On a -110 rake, you must bet $ 110 to make a profit of $ 100.

 

• Continuing with the previous example, imagine you placed a $ 110 bet on team B and they win 96 to 90 on a 4-point spread. They won above the distribution, so you would earn $ 210 ($ 110 + $ 100).

 

• Sometimes each team has different commissions. A line from before might look like this: team B -6, -125; team A +6, -110. This means you must bet $ 125 on team B to win $ 100, since betting on team B carries less risk.

 

Part 5 - Interpreting probabilities above and below

 

1 - Please note that over and under bets are placed on the combined score of both teams and are much easier to place. A runner sets the odds above and below and you only choose whether the combined score will be above or below this mark. Over and under bets are generally lower risk and less complicated than other types of bets.

• In case the odds above and below are 198.5 points, and you bet above this, you will be paid for any combined score of 199 points or more.

 

• If the score is exactly what the broker set, the bet is a "push" and everyone gets their money back.

 

1. 2 - Keep in mind that, for the most part, the payouts for bets above and below are even, which means that if you bet $ 100, you make a profit of $ 100.
   • However, be careful to check with your broker first.

    

Tips

 

• If you live in the US, betting through brokers is illegal except in the state of Nevada. They are legal in Great Britain and other countries, where they are regulated. In some countries, the gambling industry is run solely by the government. Also, brokers may accept bets on non-sporting events (eg political elections).

 

• Fixed odds are a simple bet in which the point distribution is not determined. It is based on the odds each team has of winning. The odds that are published in the fixed odds are based on a parameter of $ 100.

 

• This article uses dollar amounts, but these principles apply to any currency.

 

 

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