Understanding the Math Behind Betting Odds
The primary cause of many bettors’ losses is their inability to comprehend betting odds. To fully understand the concept of betting odds, you must first know that a sportsbook can operate different types of odds.
Also referred to as British odds or traditional odds. They are expressed in mathematical fractions such as 4/1 or 5/1. Let’s use some money-related examples of how your stake and profits would look.
- 8/1 odds for every $1 stake will provide a profit of $8
- 4/1 odds for every $1 stake will provide a profit of $4
- 1/1 odds for every $1 stake will provide a profit of $1
Decimal odds are usually the most prevalent format you can find in most leading sportsbooks. Most bettors prefer this option as it is easier to understand. It operates on a multiplier basis which makes it very easy for even a noob bettor to grasp. Let’s illustrate the decimal odds type with some examples.
- A $10 stake for a 5.0 odd will provide winnings of $50( $10 * 5 = $50 profit)
- A $10 stake for a 3.5 odd will provide winnings of $35( $10 * 3.5 = $35 profit)
22Bet gives bettors the option to select their most preferred odds type. Therefore you can switch from fraction to decimals odds at will.
Factors Affecting the Quality of Odds on Online Sportsbooks
Betting odds fluctuate very easily, and many experienced bettors know how to time these fluctuations to their benefit. A positive change can see you make extra income against another bettor who selected the same market. The following are some of the factors that could alter these odds:
In team sports like soccer or basketball, the lineup is usually released one hour before the commencement of a game. When each team announces its lineup, the odds typically lean slightly against the club with a stronger line-up. For this reason, many bettors usually wait for each team’s lineup before staking.
For example, if a star player of a team gets injured during the warm-up before a game, the sportsbook will immediately adjust the odds for both teams. The odds of the opposition team winning will significantly reduce, because the other team will be playing without their main player. Therefore, keeping an eye on injuries can help you get one over other bettors in the industry.
Information from the Media
Information is what drives the sports betting industry, especially in odds selection. Any new info from the media can cause a significant change in line movement. So, if the media has been reporting about turmoils in the dressing room of a particular team. No matter how in form the team is, the bookmakers will adjust their odds in the team’s favor because there is a high possibility of them losing. Therefore, it is highly crucial you don’t fall for the tricks these sportsbooks employ for their odds.