Do you think calculating odds and understand the entire process is a little bit hard and take time to learn? So the answer is yes, it could be or not. Your chance of winning or losing in the bookmaker’s eyes and how much money you will win if the bet is successful all depends on the odds.
Although the odds may be confusing at first, our complete guide will ensure that you understand how their odds work and can make smarter choices while placing your free bets.
What are the betting odds exactly?
Bookmakers aggregate the betting odds to show how likely they think an event or an event is happening.
These odds are usually expressed as decimals (2/1) or decimals (3.0) and used in the UK and Europe. There is also a strong or weak route or American way: the number plus a minus sign (+200).
What are the odds or probability?
Probability is just the chances of something happening. If the bookmaker is likely to achieve results in an event, it is more likely to happen. If the event is considered very unlikely, then it is very unlikely to happen.
British bookmakers most often display probability as a score, separated by a forward slash (such as 1/2) between two numbers.
Almost everyone knows this statistical term of probability to toss a coin, and we expect two possible outcomes are head or tail. The probability of winning is one-half of the chance, which can be expressed as a 1/1 odds, which means that the result has a 50% chance of winning. In this way, punters can use the betting odds to determine the likelihood that the bookmaker believes the result will occur.
How to calculate probability based on odds?
Now it has been clear to you that two numbers alienated by a forward slash conclude the odds, calculating the probability of an event, you use these odds.
The simplest way to clarify the calculation of probability (in percentages) from the odds is by taking the two numbers that appear in the odds and replacing them with letters. So, for example, 2/1 becomes A/B. The calculation formula is probability (%) = B / (A + B).
How to read the odds?
Now that you know how to calculate the probability of an event, you can use the betting odds to calculate the potential return if you want to bet.
Decimal odds tell you the possible winnings on your betting. For example, if you beat Tottenham Hotspur 4/1 with a 1/1 bet, then if it succeeds, it will pay £5 (£4 profit plus your £1 share).
How decimal odds work in free bets: Image credit-www.pexels.com
How decimal odds work?
When converted to decimals, the potential bonus includes bets, so you only need to multiply the bets by the odds. Decimal odds use on different betting trade platforms because here, users can control the odds by themselves. You can understand the decimal betting odds by these given examples.
11.00 odds = £1 bet will return £11 including principal
4.5 odds = £1 bet will return £4.50 (including principal)
Odds of 1.5 = £1 bet will return £1.5 (including principal)
How to summarize the odds?
To complete an understanding of how odds and odds work, you will now know how to read the odds, what the chance of winning is based on the odds, and your potential winning rate.
It’s time to start a bet. If you want to open an account with a bookmaker, you should take advantage of the different new customer discounts available on the free betting pages.
Fractional odds tell you the potential winnings related to the principal you bet. For example, if you beat Tottenham Hotspur 4/1 with a 1/1 bet, then if it succeeds, it will pay £5 (£4 profit plus your £1 share).
Conclusion
So there you have it. We hope you’ve learned some new tips around betting odds and are ready to utilize them and improve your game. Good luck!
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