What Are Betting Odds and How to Interpret Them

What Are Betting Odds and How to Interpret Them

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If you have come here it is because you want to know what a betting fee is and how to interpret it or as I once read: “what are those numbers that appear in the betting houses when there is a game?”. The odds on a bet is the factor that determines the amount of money you win when you bet UG money .

But the odds are not simply numbers that are put there for someone’s pleasure. To determine these odds, the bookmakers have experts in mathematics, statistics and probability. And that is exactly how betting odds should be interpreted, as the probability of a result.

How to Interpret the Betting Odds?

In the world of betting, it is interpreted that the lower the odds, the greater the probability of that result . In mathematical terms, you have to divide the odds 100 to determine the probability.

We use the match between River Plate Vs Palmeiras as an example , with the odds:

Given this panorama of quotas, the following can be interpreted or deduced:

River Plate is the favourite, for having the lowest odds

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Hitting the win for River Plate will leave me less profit than guessing the win for Palmeiras or the draw, for the same amount bet

River Plate has the highest probability of winning the match

It is more probable that there will be a draw, than that Palmeiras win

To obtain the numerical probability of each bet we divide the odds 100.

100 / 1.87 = 53.47 ➔ River Plate has a 53.47% chance of winning.

100 / 3.30 = 30.30 ➔ There is a 30.30% chance that the match will end in a draw

100 / 4.50 = 22.22 ➔ Palmeiras has a 22.22% chance of winning.

Not All Bookmakers Have the Same Odds

Not necessarily, although sometimes it happens. If they are very popular events, there are minimal differences such as 1.87 to 1.89, for example. The bookmakers compete for which one offers the highest odds because that is what the user really wants, who pays him more for his money and that, that the odds.

It can safely be said that all bookmakers offer similar odds, in some cases they may differ tenths of points. There are very few houses that really make a difference in terms of quotas, but you should not get carried away one tenth more, calculate the real difference. A minimally high odds will only be worth it if you are willing to bet a good amount of money.

Let’s talk about a fictitious odds in a football match and see what a higher odds means.

We are talking S / 1 difference, this if we bet S / 50. So, you have to take into account if the difference in odds is really substantial and if the amount I want to bet is high enough , whether it is worth betting on the house that pays me the “highest odd” will depend on these two factors. ” or if for S / 1 of possible extra earnings I better choose the other house that I like better even if it has a slightly lower fee.

If in this example we bet S/300 instead of S/50, the difference between what one house pays me and the other would be S/6.

Get your line if it is in your best interest to go to that house that pays you a few hundredths of a point more or if you better go to the one where it is more comfortable for you to bet (where you already have a balance, where depositing and withdrawing is easier for you, where they attend you better, among other factors). In this way we resolve the question of what are Sports betting odds and how to interpret them? .

Odds Change All The Time

The odds for a given event are subject to fluctuations. You can see a quote at 2pm and an hour later the same option has a slightly different quote. In general, the earlier in the event you bet, the higher the odds.

It also happens a lot that at a certain moment House A has higher odds than House B and hours later it is the other way around, that is why it is so difficult to establish a bookmaker as “the one with the best odds” , because that does not exist, everything fluctuates.

Of course, at the moment you choose to place a bet and you have the quota in your coupon or ticket, the quota is frozen for you and with that quota your earnings will be calculated regardless of whether tomorrow or later there are fluctuations.

Imagine that two days in advance you bet that a team scores at least 3 goals in a match X, the next day the highest scoring player of that team is injured in a previous match and it is announced that he will not play in the match you bet on. , you will see how the odds of that same bet that you made rise like foam, why? because without that key player it is highly unlikely that such a number of goals will be scored. Of course it depends on which team it is.

And in this way the quotas are moved circumstantial factors, injuries, suspensions, weather, coaches, referees, home or away games and even the motivation of a team.

When quotas fluctuate, their interpretation varies.

Low Odds / Favorites Bets

It is mistakenly assumed that betting on the favorite (lowest odds) is a safe bet because that team is the best and has an immense chance of winning, but how many times have we not seen those favorites lose what seemed impossible to lose? Or even worse, if you bet on a team X to win, the game ends in a tie and you lose the bet. Sure bets don’t exist! Make use of intuition, analysis, your own knowledge of the game and a good strategy, remember that between luck and chance there is a stretch full of surprises.

What we do find very interesting is making combination bets of favourites, because when combining, the odds become higher and the potential profit is worth more than in a simple bet.