Everyone might claim to know what be--tting odds are, but not everyone actually understands them indepthly. They simply only know what the bookmakers offers to them.
SO WHAT ARE BE--TTING ODDS?

Be--tting Odds are a numerical expression, usually expressed as a pair of numbers, used in both gambling and statistics. In statistics, the odds for or odds of some event reflect the likelihood that the event will take place, while odds against reflect the likelihood that it will not. In gambling, the odds are the ratio of payoff to stake, and do not necessarily reflect exactly the probabilities.

The above is a classic dictionary explanation of be--tting odds. Even if you if you knowledge of English isn't that great, as a bettor, I am quite certain you would be able to grasp what the definition was talking about.

I am not here to tell you what you already know about be--tting odds. I simply intend to take you further into the world of be--tting and give you more knowledge on be--tting odds.

Sometimes you wonder why you lose more than win not realizing that some of your gambling misfortunes could well be trimmed if you know how odds really work.

Obviously, money is the tool of trade when it comes to sports be--tting, the sporting event is the product you want your money to pay for and the odds are simply the price at which your money buys that product (event). So without odds you can as well keep your money as there would be no trading and without basic understanding of how this odds work you will not be a successful bettor.

so you see, in the world of sports be--tting , odds are of extreme importance to both the seller (bookmaker) and the buyer (bettor). The party with the superior knowledge likely takes the advantage.

So then, what are be--tting odds and how do one interpret them?

Be--tting odds are simply the price of a bet. Nothing more, nothing less. Odds are there to tell you how much your payout would be in the event of a winning bet and are not necessarily the actual probability of an event happening or not happening.

Simple right?

Wait until you get introduced to the two main types of be--tting odds:

Decimal Odds
Fractional odds

There is no difference in terms of payout or value to choose one over the other. They are same things displayed differently. As mentioned earlier, in gambling the odds are the ratio of payoff to stake and do not exactly reflect the true probabilities of an event.

Decimal odds are what you most likely used to. With these sort of odds format your stake is included in your returns automatically. For instance an odd of 1.5 implies you would win $150 with a $100 stake (stake x odd = winnings). That’s one advantage of decimal odds. Just by seeing the odds you can tell your expected returns.

The real headache lies in fractional odds. As the name implies, they are displayed in fractions and there are two ways you can use to understand how they work:

In terms of the ratio of how much you will profit/how much you have to stake.
In terms of the implied long term frequency of an event happening.

Say you have a fractional be--tting odd of 5/1 – one meaning is that if you stake $1 (denominator) at 5/1 you’d win &5(numerator) and have your staked returned to you. So if you stake $4 at 7/4 then you’ll win &7 and get your N4 stake back.

If you look at the odds above carefully, the numerator is bigger than the denominator. This is referred to as proper fractions in math, but in gambling they are known as “odds against selections”. When the likelihood of an event not happening is greater than the likelihood of it happening, then the odds are ‘against’ that event happening. For taking on such risk, the amount the gambler wins is greater than the amount staked.


Another way to look at those same odds is in terms of the implied long term frequency of occurrence – taking the 7/4 odds for instance, what it says is if this event is repeated 11 times (numerator 7 + denominator 4), the team will win 4 times and not win 7 times.


Not to mention you can see odds that are upside down with the denominator bigger than the numerator (improper fraction) – such as 4/6, 2/3 and so on. This sort of fractional odds are called ‘odds on selections’ and it tells you the bookie is tipping this team as the strong favorite to win.


So an odd 2/3 implies that for every $3 stake you bet, you will win $2 and have your stake returned.


Who says fractional odds aren’t headaches? Decimal odds are no doubt far easier for the heart and brain to understand hence their popularity.

So if I ask you 4/5 and 3/8 which is smaller? even the gifted would find it uneasy to give an answer at a go, but turn same question around and ask 1.80 and 1.37 which is smaller? the answer is obvious and as clear as day.


Evidently, decimal odds makes it super easy to calculate potential returns -you see an odd and you know at once that if you stake this amount you make that amount but fractional odds goes the extra mile of forcing you to think in terms of probability. So these guys are saying if this team plays this same game 10 times they’d win just 3 and not win 7? How true? Is the bookie over/underestimating something? You see, probabilistic reasoning kicks in.

In a game where outcomes are randomly distributed, thinking in terms of probability could sometimes help you make an educated mathematical guess when you have nothing much to go with.

That’s why the purpose of this article is to help you know your onions when it comes to odds. It’s not a perfect science, but once you start getting a proper understanding, things starts getting better and you are more likely to hit bigger winnings.


To start making better be--tting decisions and claiming bigger winnings, the first thing you need to do is work out yourself what you think the chances of a team winning is and compare your own prices with that of the bookmaker. Don’t worry this simple task of compiling your own be--tting odds is not as scary as you may have thought. Moreover, you can always start developing your skills with simple methods until you become adept to venture into more challenging waters.

If you are interested in learning how to compile your own odds, stay tuned because I will be dropping the guide soon.

Drop any questions in the comment section and I will gladly answer you.

Staking high on small odds or staking meagre amount to win big.... Which is better?

Juicytips360:
Everyone might claim to know what be--tting odds are, but not everyone actually understands them indepthly. They simply only know what the bookmakers offers to them.
SO WHAT ARE BE--TTING ODDS?

Be--tting Odds are a numerical expression, usually expressed as a pair of numbers, used in both gambling and statistics. In statistics, the odds for or odds of some event reflect the likelihood that the event will take place, while odds against reflect the likelihood that it will not. In gambling, the odds are the ratio of payoff to stake, and do not necessarily reflect exactly the probabilities.

The above is a classic dictionary explanation of be--tting odds. Even if you if you knowledge of English isn't that great, as a bettor, I am quite certain you would be able to grasp what the definition was talking about.

I am not here to tell you what you already know about be--tting odds. I simply intend to take you further into the world of be--tting and give you more knowledge on be--tting odds.

Sometimes you wonder why you lose more than win not realizing that some of your gambling misfortunes could well be trimmed if you know how odds really work.

Obviously, money is the tool of trade when it comes to sports be--tting, the sporting event is the product you want your money to pay for and the odds are simply the price at which your money buys that product (event). So without odds you can as well keep your money as there would be no trading and without basic understanding of how this odds work you will not be a successful bettor.

so you see, in the world of sports be--tting , odds are of extreme importance to both the seller (bookmaker) and the buyer (bettor). The party with the superior knowledge likely takes the advantage.

So then, what are be--tting odds and how do one interpret them?

Be--tting odds are simply the price of a bet. Nothing more, nothing less. Odds are there to tell you how much your payout would be in the event of a winning bet and are not necessarily the actual probability of an event happening or not happening.

Simple right?

Wait until you get introduced to the two main types of be--tting odds:

Decimal Odds
Fractional odds

There is no difference in terms of payout or value to choose one over the other. They are same things displayed differently. As mentioned earlier, in gambling the odds are the ratio of payoff to stake and do not exactly reflect the true probabilities of an event.

Decimal odds are what you most likely used to. With these sort of odds format your stake is included in your returns automatically. For instance an odd of 1.5 implies you would win $150 with a $100 stake (stake x odd = winnings). That’s one advantage of decimal odds. Just by seeing the odds you can tell your expected returns.

The real headache lies in fractional odds. As the name implies, they are displayed in fractions and there are two ways you can use to understand how they work:

In terms of the ratio of how much you will profit/how much you have to stake.
In terms of the implied long term frequency of an event happening.

Say you have a fractional be--tting odd of 5/1 – one meaning is that if you stake $1 (denominator) at 5/1 you’d win &5(numerator) and have your staked returned to you. So if you stake $4 at 7/4 then you’ll win &7 and get your N4 stake back.

If you look at the odds above carefully, the numerator is bigger than the denominator. This is referred to as proper fractions in math, but in gambling they are known as “odds against selections”. When the likelihood of an event not happening is greater than the likelihood of it happening, then the odds are ‘against’ that event happening. For taking on such risk, the amount the gambler wins is greater than the amount staked.


Another way to look at those same odds is in terms of the implied long term frequency of occurrence – taking the 7/4 odds for instance, what it says is if this event is repeated 11 times (numerator 7 + denominator 4), the team will win 4 times and not win 7 times.


Not to mention you can see odds that are upside down with the denominator bigger than the numerator (improper fraction) – such as 4/6, 2/3 and so on. This sort of fractional odds are called ‘odds on selections’ and it tells you the bookie is tipping this team as the strong favorite to win.


So an odd 2/3 implies that for every $3 stake you bet, you will win $2 and have your stake returned.


Who says fractional odds aren’t headaches? Decimal odds are no doubt far easier for the heart and brain to understand hence their popularity.

So if I ask you 4/5 and 3/8 which is smaller? even the gifted would find it uneasy to give an answer at a go, but turn same question around and ask 1.80 and 1.37 which is smaller? the answer is obvious and as clear as day.


Evidently, decimal odds makes it super easy to calculate potential returns -you see an odd and you know at once that if you stake this amount you make that amount but fractional odds goes the extra mile of forcing you to think in terms of probability. So these guys are saying if this team plays this same game 10 times they’d win just 3 and not win 7? How true? Is the bookie over/underestimating something? You see, probabilistic reasoning kicks in.

In a game where outcomes are randomly distributed, thinking in terms of probability could sometimes help you make an educated mathematical guess when you have nothing much to go with.

That’s why the purpose of this article is to help you know your onions when it comes to odds. It’s not a perfect science, but once you start getting a proper understanding, things starts getting better and you are more likely to hit bigger winnings.


To start making better be--tting decisions and claiming bigger winnings, the first thing you need to do is work out yourself what you think the chances of a team winning is and compare your own prices with that of the bookmaker. Don’t worry this simple task of compiling your own be--tting odds is not as scary as you may have thought. Moreover, you can always start developing your skills with simple methods until you become adept to venture into more challenging waters.

If you are interested in learning how to compile your own odds, stay tuned because I will be dropping the guide soon.

Drop any questions in the comment section and I will gladly answer you.

.

Come on bro. Where you at?