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We are back, and Bettingsoftware.com is proud to bring you the with the 2nd part of our article about ODDS! Here you will learn more about Value Odds, Types of ODD, and how to calculate probabilities.
Value Odds
When we bet, our goal is always to make a profit. Even when we bet only for fun, no one bets to lose money, so it is essential to understand how all the details of betting work in order to trace strategies towards victory. Understanding what odds are and how to find value in these odds is part of these decisive details for success in betting.
But what is better, betting on low odds, which have high chances of victory but pay little, or betting on high odds, which have small chances of victory but pay much? The answer to this question is: It depends.
How to find value in betting
When analyzing a bet and its odds, you need to have enough knowledge about that event to understand whether that bet is worth it or not. Look at each bet as a business offer, because the bookmaker is offering you an opportunity. Then ask yourself: is it worth it or not?
To answer this question it is important to interpret the numbers: a rate of 1.10 means that the event has about a 90% chance of happening, and therefore yields you a profit of only 10%. Betting $100 on a quote like this will net you only $10. Is it worth the risk?
Several circumstances of your analysis of the event in question influence when deciding whether a bet is worth it or not: the lineups of the teams, the situation of each team in the championship, the tactics used by each coach, the motivation of each team, the field assignment... In short, a very detailed analysis is required before deciding whether the bet is worth it or not.
Example: Sevilla x Betis face each other in La Liga, the odds are 1.80 for Sevilla and 2.60 for Betis. You tend to bet on Sevilla because of the great phase of one of its strikers, but doing the analysis you find out that he is suspended and will not play. The odds immediately lose their value, and you will rethink your bet.
Types of odds
In sports betting you can bet on various sports, various markets, various bookmakers and there are also various odds formats. But rest assured that the logic will not change. They are just different formats used in countries that see them in a slightly different way. I myself have never placed a bet in another odds format other than decimal, but it is important to explain so as not to be in doubt. Even more so that if you need to, it is important to know how to do the conversion, in case it is necessary.
Decimal Odds (1.44)
The example we have used so far is decimal odds. The calculation to find the odds is as follows:
1/1.44 = 0,6944 x 100 = 69,44%
Fractional odds (4/9)
Fractional odds, fractional odds or English odds are very common in Europe, especially at the British bookmakers. The logic behind these odds is simple. If you have an odds of 4/9, then it means that for every $9 invested the possible return is $4. The value on the left of the bar represents the return for the amount bet on the right of the bar. Now let's get to calculating the odds of this odds.
Add the two numbers of the fractional odds 4/9 = 4+9 = 13
Divide the value found (13) by the number on the right of the fractional odds. 13/9 = 1.44
Here we transform the odds fractional into a decimal. To get to the odds just do that calculation that we already know and saw above. It will never change.
1/1.44 = 0,6944 x 100 = 69,44%
American Odds (-225)
Used mainly in the United States, these are most common in American sports events and fights. You can understand their return just by looking at this "strange" number. To win $100 on -225 odds, you need to place a $225 bet. If the odds are +225 then the situation is reversed: you would have to bet $100 for a possible $225 win. It is very important not to fail to observe whether the odds are positive or negative.
And how to calculate these odds to understand the probability percentages? For the positive we use a formula and for the negative, another. Check it out below.
Negative American Odds
Formula: odds / (100 + odds)
-225 / (100 + 225) = - 225 / 325 = 0.69 x 100 = 69.23% (here we get the odds for the victory of Team A. There may be a slight variation in the final percentage, but it is only a calculation adjustment)
Positive American Odds
Formula: odds + 100 / (100)
225 + 100 = 325 / 100 = 3.25 = 100 / 3.25 = 30,76%
Why odds change from one betting site to another
Some betting sites will offer a lower juice and others a higher one. This implies directly in the odds and, therefore, it is interesting to have an account in more than one bookmaker to be able to take advantage of these opportunities, comparing the odds for the same markets in different bookmakers and choosing the one that offers a greater possibility of winning.
European bookmakers usually have higher juice, while the Asian ones have lower juice and can offer more competitive odds.
Another factor that influences the odds of a bookmaker, in relation to a competitor, is the volume of money bet. Although the sportsbooks have algorithms that measure the amount placed in each odds and make it fall almost automatically, there are sportsbooks that offer more competitive odds than others in certain competitions and in certain games.
One more reason to open an account at the best betting software, where you will have top odds from many bookmakers with a single account! Stay tuned for part 3, where we will learn about different markets, how to covert odds, and some frequent questions! See you next time!
Value Odds
When we bet, our goal is always to make a profit. Even when we bet only for fun, no one bets to lose money, so it is essential to understand how all the details of betting work in order to trace strategies towards victory. Understanding what odds are and how to find value in these odds is part of these decisive details for success in betting.
But what is better, betting on low odds, which have high chances of victory but pay little, or betting on high odds, which have small chances of victory but pay much? The answer to this question is: It depends.
How to find value in betting
When analyzing a bet and its odds, you need to have enough knowledge about that event to understand whether that bet is worth it or not. Look at each bet as a business offer, because the bookmaker is offering you an opportunity. Then ask yourself: is it worth it or not?
To answer this question it is important to interpret the numbers: a rate of 1.10 means that the event has about a 90% chance of happening, and therefore yields you a profit of only 10%. Betting $100 on a quote like this will net you only $10. Is it worth the risk?
Several circumstances of your analysis of the event in question influence when deciding whether a bet is worth it or not: the lineups of the teams, the situation of each team in the championship, the tactics used by each coach, the motivation of each team, the field assignment... In short, a very detailed analysis is required before deciding whether the bet is worth it or not.
Example: Sevilla x Betis face each other in La Liga, the odds are 1.80 for Sevilla and 2.60 for Betis. You tend to bet on Sevilla because of the great phase of one of its strikers, but doing the analysis you find out that he is suspended and will not play. The odds immediately lose their value, and you will rethink your bet.
Types of odds
In sports betting you can bet on various sports, various markets, various bookmakers and there are also various odds formats. But rest assured that the logic will not change. They are just different formats used in countries that see them in a slightly different way. I myself have never placed a bet in another odds format other than decimal, but it is important to explain so as not to be in doubt. Even more so that if you need to, it is important to know how to do the conversion, in case it is necessary.
Decimal Odds (1.44)
The example we have used so far is decimal odds. The calculation to find the odds is as follows:
1/1.44 = 0,6944 x 100 = 69,44%
Fractional odds (4/9)
Fractional odds, fractional odds or English odds are very common in Europe, especially at the British bookmakers. The logic behind these odds is simple. If you have an odds of 4/9, then it means that for every $9 invested the possible return is $4. The value on the left of the bar represents the return for the amount bet on the right of the bar. Now let's get to calculating the odds of this odds.
Add the two numbers of the fractional odds 4/9 = 4+9 = 13
Divide the value found (13) by the number on the right of the fractional odds. 13/9 = 1.44
Here we transform the odds fractional into a decimal. To get to the odds just do that calculation that we already know and saw above. It will never change.
1/1.44 = 0,6944 x 100 = 69,44%
American Odds (-225)
Used mainly in the United States, these are most common in American sports events and fights. You can understand their return just by looking at this "strange" number. To win $100 on -225 odds, you need to place a $225 bet. If the odds are +225 then the situation is reversed: you would have to bet $100 for a possible $225 win. It is very important not to fail to observe whether the odds are positive or negative.
And how to calculate these odds to understand the probability percentages? For the positive we use a formula and for the negative, another. Check it out below.
Negative American Odds
Formula: odds / (100 + odds)
-225 / (100 + 225) = - 225 / 325 = 0.69 x 100 = 69.23% (here we get the odds for the victory of Team A. There may be a slight variation in the final percentage, but it is only a calculation adjustment)
Positive American Odds
Formula: odds + 100 / (100)
225 + 100 = 325 / 100 = 3.25 = 100 / 3.25 = 30,76%
Why odds change from one betting site to another
Some betting sites will offer a lower juice and others a higher one. This implies directly in the odds and, therefore, it is interesting to have an account in more than one bookmaker to be able to take advantage of these opportunities, comparing the odds for the same markets in different bookmakers and choosing the one that offers a greater possibility of winning.
European bookmakers usually have higher juice, while the Asian ones have lower juice and can offer more competitive odds.
Another factor that influences the odds of a bookmaker, in relation to a competitor, is the volume of money bet. Although the sportsbooks have algorithms that measure the amount placed in each odds and make it fall almost automatically, there are sportsbooks that offer more competitive odds than others in certain competitions and in certain games.
One more reason to open an account at the best betting software, where you will have top odds from many bookmakers with a single account! Stay tuned for part 3, where we will learn about different markets, how to covert odds, and some frequent questions! See you next time!
