Sports Betting Odds – How Do They Work?

Tennis

STARNBERG, October 8, 2020 (Guest post)

Sports betting is interesting, considering the thrills and excitements that coms with it. But most intending punters know very little about the mathematics that goes into placing bets of fixtures. If you are new to sports betting, you might have a vague idea of what “odds” mean and how they affect your payouts. If you are looking to find out about what odds are and how to use them in your favor when placing wagers, then you have come to the right place.

As a fresh bettor, before you dive into sports betting, you have to register with a bookmaker first. If you reside in Nigeria, your options are as diverse as they come when it comes to betting sites. Most Nigerian betting sites, like – bet2win.com.ng, have their market tipped towards football, because of the large fanbase the game has in this part of the country. However, if you prefer to bet on other sports, some bookies offer a detailed list of sports options. Once you have found a couple of betting brands that cater to your needs, then you are ready to register and start betting. Here are the basics you need to know about sports betting odds before you place your first bets.

What does probability mean in betting?

Implied probability in betting refers to the likelihood of an outcome as suggested by the bookmaker’s odds. In sports betting, the probability is calculated by converting decimal odds into a percentage that represents the likelihood of an outcome against another outcome. For instance, if there is a 70% chance your team might win, there is also a 30% chance they will lose.

Implied probability is very crucial when placing bets. If your estimated probability of a fixture is different from that of your bookmaker’s you should consider adjusting your bet. Let’s say your estimated probability of Chelsea F.C winning a match is 60% percent (based on facts and historical data), but the bookmaker has a probability set between 52-55%. This is likely a valuable bet.

What are Decimal odds VS Fractional Odds?

Depending on the site you place your bet, the odds are likely to be in decimals, infractions, or both. You don’t need to worry as the odds are the same no matter how they are presented. Decimal odds are quite easy to understand compared to fractional odds, hence it is recommended that you bet on sites that present their odds infraction if you are new to sports betting.

Fractional odds represents the net total of your payout if you win the bet you place. For example, if you bet N20 on a team with odds of 5/1. The odds are displayed decimally as 5.0 and you win 5 x 20 or N100 if your team wins. With your initial stake, you win a total amount of N120.

Calculating payouts using implied probability or odds are relatively easy. It is one thing to understand your bookmaker’s odds, and another to know the true value of each bet you are about to place. Once you get a hang of it, you are one step closer to winning your bets.

Sports betting odds – how do they work?

Sports betting is interesting, considering the thrills and excitements that coms with it. But most intending punters know very little about the mathematics that goes into placing bets of fixtures. If you are new to sports betting, you might have a vague idea of what “odds” mean and how they affect your payouts. If you are looking to find out about what odds are and how to use them in your favor when placing wagers, then you have come to the right place.

As a fresh bettor, before you dive into sports betting, you have to register with a bookmaker first. If you reside in Nigeria, your options are as diverse as they come when it comes to betting sites. Most Nigerian betting sites have their market tipped towards football, because of the large fanbase the game has in this part of the country. However, if you prefer to bet on other sports, some bookies offer a detailed list of sports options. Once you have found a couple of betting brands that cater to your needs, then you are ready to register and start betting. Here are the basics you need to know about sports betting odds before you place your first bets.

What does probability mean in betting?

Implied probability in betting refers to the likelihood of an outcome as suggested by the bookmaker’s odds. In sports betting, the probability is calculated by converting decimal odds into a percentage that represents the likelihood of an outcome against another outcome. For instance, if there is a 70% chance your team might win, there is also a 30% chance they will lose.

Implied probability is very crucial when placing bets. If your estimated probability of a fixture is different from that of your bookmaker’s you should consider adjusting your bet. Let’s say your estimated probability of Chelsea F.C winning a match is 60% percent (based on facts and historical data), but the bookmaker has a probability set between 52-55%. This is likely a valuable bet.

What are Decimal odds VS Fractional Odds?

Depending on the site you place your bet, the odds are likely to be in decimals, infractions, or both. You don’t need to worry as the odds are the same no matter how they are presented. Decimal odds are quite easy to understand compared to fractional odds, hence it is recommended that you bet on sites that present their odds infraction if you are new to sports betting.

Fractional odds represents the net total of your payout if you win the bet you place. For example, if you bet N20 on a team with odds of 5/1. The odds are displayed decimally as 5.0 and you win 5 x 20 or N100 if your team wins. With your initial stake, you win a total amount of N120.

Calculating payouts using implied probability or odds are relatively easy. It is one thing to understand your bookmaker’s odds, and another to know the true value of each bet you are about to place. Once you get a hang of it, you are one step closer to winning your bets.