Betting Software (BSO)
Professional Bettor
- Joined
- Feb 15, 2022
- Messages
- 108
- Reaction score
- 6
- Points
- 18
We at Bettingsoftware.com want to help you get started with your betting hobby, and sometimes it pays to cover the very basics once again. And so, let's take a closer look at what odds are.
Meaning
Odds can also mean probability. In other words, they are the probabilities of events happening. You know that chance that your team has of winning Sunday's game? There is a percentage chance of this happening (even if it is very small). And this probability is converted into odds by the bookmakers.
Let's take a practical example. I will quote the Levante x Betis match in La Liga. Levante was favorite in the match against Betis. The odds of the match were like this:
Levante @1.45
Draw @4.06
Betis @7.92
Let's suppose we made a successful (winning) bet of $10 on Levante's victory. In this case we would have a profit of $4.50, totaling $14.50 return. Which is nothing more than the value of the bet ($10) multiplied by the odds (@1.45).
Behind every odds in this game, both in moneyline and in other types of bets such as goals, corners or cards, there is a calculated probability.
The lower the odds, the higher the probability of the event happening. Consequently, the higher the odds, the lower the probability of the event happening.
The higher the odds, the more I win?
The higher the odds, the greater your profit. Conversely, the higher the odds, the lower the probability of you winning the bet. From now on, you will see how to convert the odds to understand, in percentage, what is the chance of a certain event to happen.
Let's take as an example the match between Barcelona and Levante. The odds for Barcelona to win is 1.30, which means that the chance of victory of Barcelona is very high (reinforcing: the lower the odds, the greater probability of that team to win). In this case, your possible profit on a $10 bet would be only $3. On the other hand, Levante's odds are at 12.00. If we were to follow the same logic of a $10 bet on Levante, with them winning the profit would be $110.
The higher the odds, the more you can win. But keep in mind what we have already reinforced: the chances are also smaller that this event will happen. Therefore, the greater the risk of losing the bet.
Parlay or Combo Bets
In the Combo bets the same thing happens. When you choose to place a combination of two or more games in the same bet, the odds are multiplied, making your bet much more attractive odds. However, the higher these odds are, the more difficult it is for all the events to happen the way you thought. The level of difficulty increases and imposes a very high standard for your bet to win.
You also need to consider the game analysis factor. It is never just the odds choice alone. The context is always broad and analyzing a soccer game makes all the difference, but we will talk about that next time.
Stay tuned because we will be back soon with part 2, where we will talk about types of odds, value odds, and more. And if you want to make the most of your betting and start with the right foot, create an account at the best betting software right now!
Meaning
Odds can also mean probability. In other words, they are the probabilities of events happening. You know that chance that your team has of winning Sunday's game? There is a percentage chance of this happening (even if it is very small). And this probability is converted into odds by the bookmakers.
Let's take a practical example. I will quote the Levante x Betis match in La Liga. Levante was favorite in the match against Betis. The odds of the match were like this:
Levante @1.45
Draw @4.06
Betis @7.92
Let's suppose we made a successful (winning) bet of $10 on Levante's victory. In this case we would have a profit of $4.50, totaling $14.50 return. Which is nothing more than the value of the bet ($10) multiplied by the odds (@1.45).
Behind every odds in this game, both in moneyline and in other types of bets such as goals, corners or cards, there is a calculated probability.
The lower the odds, the higher the probability of the event happening. Consequently, the higher the odds, the lower the probability of the event happening.
The higher the odds, the more I win?
The higher the odds, the greater your profit. Conversely, the higher the odds, the lower the probability of you winning the bet. From now on, you will see how to convert the odds to understand, in percentage, what is the chance of a certain event to happen.
Let's take as an example the match between Barcelona and Levante. The odds for Barcelona to win is 1.30, which means that the chance of victory of Barcelona is very high (reinforcing: the lower the odds, the greater probability of that team to win). In this case, your possible profit on a $10 bet would be only $3. On the other hand, Levante's odds are at 12.00. If we were to follow the same logic of a $10 bet on Levante, with them winning the profit would be $110.
The higher the odds, the more you can win. But keep in mind what we have already reinforced: the chances are also smaller that this event will happen. Therefore, the greater the risk of losing the bet.
Parlay or Combo Bets
In the Combo bets the same thing happens. When you choose to place a combination of two or more games in the same bet, the odds are multiplied, making your bet much more attractive odds. However, the higher these odds are, the more difficult it is for all the events to happen the way you thought. The level of difficulty increases and imposes a very high standard for your bet to win.
You also need to consider the game analysis factor. It is never just the odds choice alone. The context is always broad and analyzing a soccer game makes all the difference, but we will talk about that next time.
Stay tuned because we will be back soon with part 2, where we will talk about types of odds, value odds, and more. And if you want to make the most of your betting and start with the right foot, create an account at the best betting software right now!
