First, odds are a representation of the probability of an event occurring in a sports controversy. Now, in other words, odds are the numbers that determine the odds and determine the value of that bet.
Simply put, odds are critical in sports betting. After all, odds determine odds and are used to calculate the value a bettor can get if he gets it right.
For example, let’s say you regularly follow South American football. Then you want to bet Brazil against Argentina. In a very simplistic way, let’s assume that the casino offers bettors the following odds in a single outcome market:
Brazil National Team Victory – 2.0;
Draw – 3.20;
Argentina Victory – 3.40;
In this case, on the bookmaker’s website, these will be the odds at the time of the bet. So, in this example, you can already see that the bookmaker sees Brazil as a dueling favorite. After all, Brazil’s winning percentage is lower than Argentina’s.
So, in the same example, let’s assume the punter decides to invest 100 reais in cash in each case. So the calculation looks like this:
Vitória do Brasil – 100 reais x 2.0 = 200 reais (or 100 reais profit);
Draw – 100 reais x 3.20 = 320 reais (or 220 reais profit);
Argentina wins – 100 reais x 3.40 (or 240 reais profit).
Can you see the difference? Depending on the information and your own analysis of the match, you may find value in one of these situations. Then, you’ll put a portion of your funds on one of these guesses. easy, isn’t it?
Odds Format
Now that you know that odds are in quotes, it’s time to briefly explain how the odds format works. After all, the bettor can choose how he wants to read the odds.
Basically, bookmakers have betting odds in three different formats:
Decimal (or European) odds;
fractional odds;
and US odds;
Just to illustrate, the probability percentage of 55.56% looks like this in different formats:
Decimal: 1.80;
Decimal: 4/5;
Americans: -125
Today, there are calculators that can convert probabilities to odds, as well as convert odds from one form to another. In addition, on the different bookmakers’ websites, the player can choose the format in which his preferred odds are displayed. In short, you prefer how your quotes are presented.
This way, you have everything you need to place legal bets and not get lost while reading offers.
