How To Read Betting Odds
Let’s figure betting odds meanings out. There are many nuances in the art of betting, but one of the main ones is the very concept of chance. It will allow you to understand the bookmaker coefficients and how they are formed in principle. The player must clearly understand what is meant by a chance.
Chance is the probable percentage possibility of an event occurring. Let’s give the simplest example – a cube. So, the probability of any outcome here is 1 to 6, since, in the case of a throw, one of six possible numbers may appear. In order to calculate the percentage probability of any event, you need to divide 100% by the number of possible outcomes. In the die example, the percentage probability would be 16.66%.
European Odds (Decimal odds)
It is known that when betting on sports, almost all wins and losses are calculated by odds. They can be presented in different formats. First of all, it should be said about decimal. This fraction reflects the probability of the outcome not as a percentage, as many are accustomed to, but as a decimal number.
For example, if the probability of your bet winning is 80%, then the odds value at the bookmaker’s office will most likely not exceed 1.25. The calculation was made in such a way that 100% were divided by the probability, that is, 80%.
100% / 80% = 1.25
Today many companies use this particular type. So, if the capper wins, the winnings will be multiplied by this number, and the player will receive their winnings. Accordingly, the return is the sum of the bet and the win
If we count all this in monetary terms, then it turns out that the bettor, who bet $ 100 on the win at the odds of 1.25, will receive 125. This follows from the fact that the odds of the event are multiplied by the amount of the bet.
100 / 1.25 = 125
UK Odds (FRACTIONAL ODDS)
In addition to the previous coefficient, fractional is also popular. If in the example with decimal there was a coefficient of 1.25, then everything will be a little different here. Success will be valued at 1/4 and will directly reflect a profit of 0.25. The 1/4 ratio reads 1 to 4. This means you have to bet 4 units to win 1.
In this case, with a bet of $ 200, the player will be able to get $ 50 of net profit. Therefore, it is worth noting that fractional ones indicate not the amount of the return, but the amount of net profit.
In order to convert this format to decimal, it is enough to divide the fraction and add one to the result. So, dealing with a factor of 1/4, dividing one by four, and adding one to the final result, we get the same factor of 1.25.
(1 divided by 4) + 1 = 1.25
This format is also commonly used. Many cappers note that these coefficients are the most difficult to understand. Such a coefficient is expressed in numbers over 100 and has a “+” or “-” value. In the first variant of the value, you can see how much the capper can win if he bets one hundred currency units. And the second, on the contrary, shows how much the capper must bet in order to get a net profit.
It also has the advantage that this format can be easily converted to decimal. If it is negative, then you should divide one hundred by the coefficient and add one. If positive, then divide the coefficient by one hundred and add one.
So, if the coefficient is -400 in front of the player, then you need to divide one hundred by four hundred, and then add one. Thus, you get the same coefficient of 1.25.
(100/400) + 1 = 1.25
Betting odds calculator
Sports betting calculators are bookmaker programs designed to make life easier for players, as they significantly save valuable time and increase the efficiency of cash turnover, which in turn can have a positive effect on increasing profitability.
You can find different types of free online calculators that allow you to quickly calculate different types of bets (express and systems), calculate the profitability of sure bets and value bets, find out the optimal bet amount in various strategies, determine the bookmaker’s margin and ROI (return on investment), convert the odds into different views.
The mathematical tools for betting determine the break-even point. The bookmaker calculator is an integral part of sports betting calculation and profitable games.
HOW DO BOOKMAKERS SET THEIR ODDS?
Now we come to the most important question in the article: how exactly do bookmakers calculate odds?
Let’s take this process step by step:
- First of all, experts analyze the real probability of a particular outcome in a particular fight. It does this by evaluating analytical (mathematics and probability theory) and heuristic (expert opinion) methods. For example, football betting odds. We take the match between Liverpool and Brighton as an example. Analysts determined the probability of outcomes in this match as follows: Liverpool win 80%, draw 15%, Brighton win 5%.
- Further, on the basis of these data, the coefficients are calculated, for which the unit is divided by the percentage of probability. It turns out that the odds for Liverpool’s victory are 1.25 (1 / 0.8), for a draw – 6.6 (1 / 0.15), for Brighton’s victory – 20 (1 / 0.05). But you will not see such coefficients in the line. Why? – Read on.
- If the bookmaker places the odds obtained by means of calculations, he will not be able to receive a guaranteed profit. Now remember the most important point: the bookmaker always makes a profit, regardless of the players’ stakes! To achieve this, he deliberately lowers the odds. For example, for this match, he will give the following odds: W1 – 1.15, X – 6, W2 – 15. If we translate these numbers into percentages, we get the following: 86% + 16% + 6% = 108%. This additional 8 % – this is the very guaranteed profit of the bookmaker, which is also called margin.
- Margin is the difference between the real probability and the one established by analysts, and then by the bookmaker’s offices. In different bookmakers, the margin is different, its average value ranges from 2 to 10 percent, depending on the greed of the bookmaker.
- And the last point that we would like to talk about is that bookmakers deliberately underestimate the odds for the favorites to win. Remember the approximate odds that we offered for the Liverpool – Brighton match (W1 – 1.15, X – 6, W2 – 15)? Now let’s imagine that a total of $ 10,000 was wagered on this game, of which 90% on the favorite, another 5% on the draw, and 5% on the outsider. So, if the favorites win as expected, then the bookmaker will have to give those who bet on Liverpool $ 10,350 (9,000 * 1.15). In case of a draw – 3000 (50 0 * 6) and if Brighton suddenly wins – 7500 (500 * 15). It turns out that the bookmaker will be in the red if the favorite wins and will make a profit only if the result is a draw or an outsider wins. Naturally, such an alignment is not acceptable for bookmakers, and therefore they constantly underestimate the odds for the victory of outsiders. As a result, we are more likely to see the outcome from W1 at 1.05 in the line, and then, if it passes, the bookmaker will pay the players $ 9450, and take a net profit of $ 550 for himself. This is how the bookmaker’s offices constantly remain in the black, regardless of the results of the best of its players.
WHY DO ODDS CHANGE?
The odds change for reasons beyond the control of the player: for example, the unexpected absence of the leader of one of the teams, the dismissal of a coach, or even a sudden sharp change in weather conditions. But in the overwhelming majority of cases, bookmakers change odds due to the behavior of the players. If a massive bet is started on one of the outcomes, the bookmaker, in order to equalize the bets, lowers the odds for this event and, accordingly, increases it to the opposite.
HOW DO YOU FIND THE BEST CRICKET BETTING ODDS?
Obviously, all odds for all matches from one bookmaker cannot be high. Someone gives high odds in the prematch, someone in live, someone on the handicap, and someone on the handicap. A specific bookmaker can give a high coefficient for its core sport or even for a specific league. It happens that by overestimating the odds, the bookmaker tries to hide its shortcomings – for example, an insufficiently wide list or, worse, problems with payments. In our rating, we tried to select only proven bookmakers with the best live cricket betting odds.
Sites with best betting odds
The presence of high odds in betting is one of the most important conditions for choosing an office by players, including professionals. Our ranking includes bookmakers with the highest odds. These sites seek to attract more players, including those with large amounts of money, and do not try to make money on a high margin, opting for volumes.
Betfair betting odds
A club with a wide variety of games, casinos, bingo, slots, virtual sports, and sweepstakes. The bookmaker offers a huge variety of events and a wide line for each match. And of course, the main feature of the club is its high odds.
Bet365 cricket betting odds
The club’s advantages include rich experience and European quality. Bet365 are pioneers in the innovations of the betting market. They were the first to give an extensive line in live mode and offered cashback to players. The bookmaker also provides fairly high odds for top events. Moreover, the club’s odds can be called one of the highest on the market.
Parimatch betting odds
Bookmaker Parimatch attracts players with odds in betting above average, especially for popular sports and important sporting events. In addition, it provides a huge selection of bets in any game mode for its users. By the way, the players of the service can use additional functions in addition to making a bet. Bettors have access to video broadcasts, statistical services, as well as special interface settings that allow you to visually change the elements of the site and customize the procedure for accepting bets.
Betway betting odds
The peculiarity of the club is also high odds, which can bring good profits. The indicators change depending on the type of sport, the popularity of the event in the world and the bookmaker’s office, so you can find the most profitable event, even with odds of 8-9, which will be quite real.
10Cric betting odds
The club, which, in addition to high odds, has many features that are great for Indian players, from the payment method to the choice of games. If you are looking for a reliable quality club, then this is for you.
How to read betting odds in cricket?
Odd is a numerical expression of the bookmaker’s opinion about the probability of a particular outcome of an event. It is assigned to each outcome on the bookmaker’s line and is used to determine the winnings. The payout that the player will receive if the bet is passed is the amount of the bet multiplied by the odds. We bet $ 100 on Barça to win at 6.00 odds. If the bet passes, we get $ 600 (1000 × 6.00 = 6000), net profit – $ 500.
How to calculate betting odds?
It is calculated using the formula k = 1 / p, where k is the coefficient and p is the probability (from 0 to 1). For example, if the odds of an even score in basketball are 50%, then the formula will display the value as 0.5. An analyst or a special department of a bookmaker thoroughly examines the event, analyzes statistics, applies the theory of probability, listens to the opinion of experts, and, based on all the information, decides that the first team will win.
How betting odds work?
In simple terms, this is the number by which the size of the bet is multiplied. It turns out to be a potential win. Odds are a direct display of the odds for a particular event in the list. Here’s a simple example with a white and black ball. The probability of each being dropped is 50%. We hope you understand how important it is to understand the meaning and the algorithm of the odds when you place a bet on any event, for example, the World Cup or the Indian Premier League (IPL). It is always important to understand how the odds are calculated before placing your rupees. Remember there are different calculator apps that can help you calculate odds and bet wisely. Good luck!