Sports Betting Tips

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Understanding Betting Odds

Even if understanding betting odds is not difficult, if you are an inexperienced punter you will need some time to figure out the process. The odds in favor of a certain event are the ratio of probability that the event will happen to the probability that it won’t. For example, the odds that a day of the week randomly selected is Monday are one to six. The odds against the random day being Monday are six to one.

Sometimes odds are more convenient and instinctive than probabilities. Stating the odds against is a good way to propose a bet, so if the bookmaker offer the odds of 6 : 1 we can draw the conclusion that he is willing to pay out a prize six times bigger than the stake and also return it to all bettors who make the stake that the event will occur. The bookmaker keeps the stake if the event does not occur. However, the odds are skewed so that the bookmaker makes a certain profit. This means that the odds do not represent the true bookmaker’s odds.

  • Example

Sports betting odds actually come from probability. For example, the chances your favorite athlete is making over 90 m or more javelin throw or the chances Chelsea is winning at home against Manchester. Anything that can be quantified has a probability of happening. Another example is the probability of you winning a 10k in under 40 minutes. So it matters less what betting avenue you choose, as long as you can figure out the odds as accurately as possible. For example, you can go to Will hill – sports betting online, and try your luck there by choosing the sport you know most about, or trying to bet on different competitions.

  • Where do I find probabilities?

It is important to always be informed about probabilities. You can read articles about betting stats and specific articles about sports. If you like hockey, you can read hockey betting articles and if you are into basketball, how to bet on basketball articles will give you some insight. We have many good articles on these subjects and also about the main betting strategies and techniques.

  • Probability construction

We will use the 90 m javelin throw example. The first step if to gather information on throws done in Olympic competitions. After you find about 100 throws, arrange the data using frequency distribution. If 90 throws are less than 90 m and 10 are 90 m or more, you can find the probability by dividing the relative frequency (90m or more) over the number of throws (100). The result show that there is a 10.100=0.1=10% probability for the 90 m or more throw to occur.

  • Calculating probability to odds

The easiest way to calculate the probability for decimal odds is by using the 1/x formula. In this formula, 1 is a symbol for 100% and x is the probability in decimal format. In the javelin example, we will get 1/0.1=10. The most common probability to odds conversion is looking at odds for an event happening or against an event. In this example, the event is the athlete to throw more than 90 m.

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