When you understand the concepts of probability and odds as well as clarify the relationship between them, you will have the opportunity to significantly increase your chances of winning when betting at betting odds.
Reviewing odds betting experience and calculating probabilities based on team performance, player injuries, and other factors can help bettors make informed decisions. So to clearly understand this issue, please refer to the article below.
What is probability?
In each match, there is more than one result, and the player can only choose one of those results. Probability can be understood as the ratio between different outcomes in the same match. Accordingly, we will have the basic probability calculation formula as follows:
P = s / (s + f)
s = the result we need to get.
f = the number of other possible outcomes in it.
This can be understood if, betting on the win or loss of a match, we will have P = 1 / (1 + 1) = 50%. If the bet wins, loses, or draws a match, it will have P = 1 / (1 + 2) = 33.33% of the whole match.
What are the odds?
If you are a regular player, you will see the odds table for each match you choose. Simply put, it is the rate that the house offers to calculate the bet in each match. From there, you can calculate your chances and the amount of money you will receive when you win the bet.
Accordingly, the odds will be directly related to the small probability percentage of that match outcome. Therefore, we need to find out how similar the two sides are.
How to calculate betting odds
Our formula for calculating betting odds is as follows:
TLC = P / (1 – P)
P is the probability of a match.
Example 1: To calculate the odds of rolling a die, the probability of rolling a pre-selected die is the following formula:
P = 1/6 = 0.167.
TLC = 0.167/(1-0.167) = 0.2.
Example 2: To calculate the odds for an event with the highest probability of appearing, for example, the possibility of 5 dice instead of 1, we guess as follows:
P = 5/6 = 0.83.
TLC = 0.83/(1-0.83) = 5.
In the example given above, if we bet on the selection appearing on 5 dice and the result is correct, then we win 1 and add 5 to the previous bet, expressed in fractional form. The number is 1/5, or the decimal number is 1.20 (including bets and winnings).
The relationship between probability and odds
Considering probability and odds, there are the following types of bets for reference:
This is a type of bet that British bookmakers often apply to betting games. When betting on fractions, players can know the total winnings. They will not include the amount the player bets. This total amount will be fully returned to you once you win.
Once the odds are ¼, we will be able to bet an additional 25 GBPM based on every 100 GBP of the bet amount.
If you win the bet, you will receive a total of 600 GBP (including 400 GBP and 200 GBP in the total bet amount).
If the odds are 1/1, it is also known by another name, which is an even money bet. Temporarily, we can understand that the winnings will be equal to the initial bet amount.
This is a fairly simple bet.
When participating in betting, you will know the amount of winning money you can receive later. The bet amount will not be calculated according to the house.
All the concepts of probability and odds help you avoid risks when betting
Types of American bets are denoted as negative and positive in the odds table for players to follow. They are applied to betting issues based on the results of each match between teams.
Indo-bets are basically similar to decimal bets. Once you have won a bet, the winning amount will always be lower than the amount of money involved in the bet. At this time, the ratio will be displayed with a negative coefficient on the table.
Change bet type
Players participating in betting can change the bet format to the decimal betting system. Each different soccer bookmaker will have different display options on the board.
The above content has presented in detail to you the relationship between probability and odds. Hopefully, the above account creation information will be useful for you when participating in this football betting and prediction.