Betting Software (BSO)
Professional Bettor
- Joined
- Feb 15, 2022
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We at bettingsoftware.com are back with the 3rd part of our post abou the basics of betting!
We hope you enjoy this latest journey in our exploration on Odds and their meaning!
How to Convert Odds
Let's consider a match where Barcelona to beat Sevilla was at 1.45, but what are Barcelona's real chances of winning?
I just knew that low odds meant a higher chance for the home side in this case. The calculation to find out the probability of any odds is simple:
1 / 1.45 = 0.6896 x 100 = 68.96% chance for Barcelona to win.
Through this calculation, you can convert the odds of any event that, worldwide, the betting sites offer. And as you could see, Barcelona was really favored for the match. But what about the odds of Sevilla winning the match?
Just do the same calculation with the Sevilla odds and you will find the odds. It also works for the odds of a draw and any other market. Everything is possible to find with this same formula. Let's check what were the odds of a draw and a win for Sevilla in this match then?
1/4.06 = 0,2463 x 100 = 24,63% chance of a draw
1/7.92 = 0.1262 x 100 = 12.62% chance for Sevilla
The bookmakers create, or pay for services, to have the odds available to the bettor. But for this, there are several factors taken into consideration when creating them. Some are: match information, relevant match data, and statistics.
Another thing you need to know about odds is that when you add up the percentages, you will not find 100%. The value will always be higher. Let's go back to our example of the Barcelona-Sevilla match.
This percentage over and above 100% has an explanation. It is the margin that the bookmaker puts in to make a profit, regardless of the result. What we call juice or rake.
The different markets and their odds
Bookmakers offer a multitude of markets for their customers when betting. You don't just need to bet on who will win the game, but you can bet on who will win the first half, how many goals will be scored, if both teams will score and several other possibilities, even bet on corners. These markets can be very interesting and contain very attractive Odds of great value.
One example we can highlight is the corner markets, where a particularity reveals how important it is to know every detail of the games where you are going to bet: games in compact stadiums usually have many corners. Knowing this, you can take advantage of the odds in this little explored market.
The goal market is a good opportunity to make an in-depth analysis of numbers and statistics to find out if a bet has value or not. If the bookmaker offers a 2.10 odds for more than 2.5 goals, and you know that both teams on the field have an attacking mentality and very leaky defenses, then you are looking at a valuable bet.
Always trust your knowledge and be sure to analyze every detail. The more knowledge, the greater the chance of long-term success in sports betting.
Betting Live
Sport has a characteristic that makes it even more exciting and passionate, its unpredictability. We can predict a lot of things, but even the strongest team in the world can fall to an inferior team. Every bettor is subject to bad luck, but we have several ways to minimize its effects.
Betting live is one of the best experiences sports betting can provide, and it's also a way to find value in the odds offered. If you place a bet by watching the event after it has started you have many more tools to analyze what is happening.
Many times we do the pre-game analysis and come to a conclusion, but when the game starts we realize that the team is behaving differently, or the coach has saved players at the last minute, or the team's key player is too marked.
There are many factors beyond our ability to predict, so live betting is a great opportunity to find value based on what we are watching. On the other hand, an Odd can be good before the game starts and be adjusted by the bookmakers as the game starts, so each case is a case.
Frequently Asked Questions
What are odds?
Odds are the probabilities of an event happening. Put simply, the odds tell you the chance of a particular bet winning.
Is there a difference in payouts if I use decimal, fractional or American odds?
No. The most adjustment you will see is "zero point zero, zero something" in the difference. Changing the odds type because you think you will earn more is illusory and will make no difference in the long run.
How are the odds calculated on a multiple bet?
In multiple bets, as you choose the options, the betting site will multiply the odds. Let's say you have chosen 3 different bets and the odds are 1.50, 2.30 and 1.80. The multiple's calculation will be as follows: 1.50 x 2.30 x 1.80 = 6.21. This value can be extended at bookmakers such as Sportsbet.io, which offer turbocharged odds once a day to the bettor.
We will talk more about these in the future; and remember, if you want to make the most of your betting life make sure to open an account at the best betting software with no fees right now!
We hope you enjoy this latest journey in our exploration on Odds and their meaning!
How to Convert Odds
Let's consider a match where Barcelona to beat Sevilla was at 1.45, but what are Barcelona's real chances of winning?
I just knew that low odds meant a higher chance for the home side in this case. The calculation to find out the probability of any odds is simple:
1 / 1.45 = 0.6896 x 100 = 68.96% chance for Barcelona to win.
Through this calculation, you can convert the odds of any event that, worldwide, the betting sites offer. And as you could see, Barcelona was really favored for the match. But what about the odds of Sevilla winning the match?
Just do the same calculation with the Sevilla odds and you will find the odds. It also works for the odds of a draw and any other market. Everything is possible to find with this same formula. Let's check what were the odds of a draw and a win for Sevilla in this match then?
1/4.06 = 0,2463 x 100 = 24,63% chance of a draw
1/7.92 = 0.1262 x 100 = 12.62% chance for Sevilla
The bookmakers create, or pay for services, to have the odds available to the bettor. But for this, there are several factors taken into consideration when creating them. Some are: match information, relevant match data, and statistics.
Another thing you need to know about odds is that when you add up the percentages, you will not find 100%. The value will always be higher. Let's go back to our example of the Barcelona-Sevilla match.
This percentage over and above 100% has an explanation. It is the margin that the bookmaker puts in to make a profit, regardless of the result. What we call juice or rake.
The different markets and their odds
Bookmakers offer a multitude of markets for their customers when betting. You don't just need to bet on who will win the game, but you can bet on who will win the first half, how many goals will be scored, if both teams will score and several other possibilities, even bet on corners. These markets can be very interesting and contain very attractive Odds of great value.
One example we can highlight is the corner markets, where a particularity reveals how important it is to know every detail of the games where you are going to bet: games in compact stadiums usually have many corners. Knowing this, you can take advantage of the odds in this little explored market.
The goal market is a good opportunity to make an in-depth analysis of numbers and statistics to find out if a bet has value or not. If the bookmaker offers a 2.10 odds for more than 2.5 goals, and you know that both teams on the field have an attacking mentality and very leaky defenses, then you are looking at a valuable bet.
Always trust your knowledge and be sure to analyze every detail. The more knowledge, the greater the chance of long-term success in sports betting.
Betting Live
Sport has a characteristic that makes it even more exciting and passionate, its unpredictability. We can predict a lot of things, but even the strongest team in the world can fall to an inferior team. Every bettor is subject to bad luck, but we have several ways to minimize its effects.
Betting live is one of the best experiences sports betting can provide, and it's also a way to find value in the odds offered. If you place a bet by watching the event after it has started you have many more tools to analyze what is happening.
Many times we do the pre-game analysis and come to a conclusion, but when the game starts we realize that the team is behaving differently, or the coach has saved players at the last minute, or the team's key player is too marked.
There are many factors beyond our ability to predict, so live betting is a great opportunity to find value based on what we are watching. On the other hand, an Odd can be good before the game starts and be adjusted by the bookmakers as the game starts, so each case is a case.
Frequently Asked Questions
What are odds?
Odds are the probabilities of an event happening. Put simply, the odds tell you the chance of a particular bet winning.
Is there a difference in payouts if I use decimal, fractional or American odds?
No. The most adjustment you will see is "zero point zero, zero something" in the difference. Changing the odds type because you think you will earn more is illusory and will make no difference in the long run.
How are the odds calculated on a multiple bet?
In multiple bets, as you choose the options, the betting site will multiply the odds. Let's say you have chosen 3 different bets and the odds are 1.50, 2.30 and 1.80. The multiple's calculation will be as follows: 1.50 x 2.30 x 1.80 = 6.21. This value can be extended at bookmakers such as Sportsbet.io, which offer turbocharged odds once a day to the bettor.
We will talk more about these in the future; and remember, if you want to make the most of your betting life make sure to open an account at the best betting software with no fees right now!
