If the likelihood of the event increases, bookmakers will reduce the odds. When the favourite meets the underdog, the odds are always higher for the underdog and lower for the favourite.Īs the event progresses, the odds change as well. Sporting events usually distinguish between a favourite (referring to a leading, popular team) and an underdog (referring to the less popular opponent). In other words, the greater the chance of an outcome, the lower the odds. For the first factor, everything is clear: the odds inversely relate to probability. Two main factors determine a bookmaker’s betting odds: the probability of the event and the margin. Let’s explore how the odds calculations work and what factors should be considered. Football, hockey, table tennis, volleyball, and the relatively new but up-and-coming eSports are invariably the top most popular sports for all regions. The UK favours horse racing, while India is more likely to bet on cricket. Each country has its specifics which are mainly related to its culture and history. The sports disciplines available for betting depend directly on the location. We will look at each type of odds in detail below. The different display of odds is only due to the habit of players in certain regions to perceive betting odds in a certain way. No matter how the odds are written, the value is always the same and indicates how much the bettor will get if their outcome wins. To convert this percentage probability into decimal odds, for example, we need to divide 100% by the probability of the outcome, which in our coin case is 100% / 50% = 2.0 The simplest case of probability involves a 50/50 chance of winning a coin toss – no more options, just heads or tails all the time. The term ‘event’ in this context refers to sporting events (matches, games, etc.) on which bettors place their stakes.Įssentially, odds are a measure of how likely something is to happen. Betting odds are the probability of a particular event outcome expressed in monetary terms, including the operator’s margin. Now that we have established the definition of probability, let’s get back to the odds. If the bookmaker does not calculate the probability themselves, choosing a reliable sports data provider is essential. In order to calculate the probability, an in-depth analysis of player, team, opponent stats and so on is performed. Probability in sports betting is the possibility of one of the outcomes to occur. Understanding betting oddsīefore we talk about odds, it is important to introduce the concept of ‘probability’ it is on probability that the bookmaker’s odds are built. Our hands-on tutorial will guide you through real examples to understand how sports betting odds work, what types of odds are available and how they differ from each other. Bookmakers can evaluate odds provided by their data suppliers and better cater for the needs of their players, while players can clearly interpret the outcome of their bet.Īt first glance, the table of events may appear complicated and the odds unclear, but that is a misconception. Understanding how betting odds are calculated is essential for both players and operators. Betting on sports is inalienable from knowing how to read sports odds.
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