If you are new to betting and are wondering how the odds work, amongst many other things, we tell you more in this feature. Although the focus is primarily on sports betting, some of these ideas can be applied to betting in general as well.
Simply put, betting odds allow you to understand how likely an event is to happen and with that, how to calculate your potential winnings. Betting odds can be expressed in a ratio or as a decimal. When it comes to gambling, the odds represent the ratio between the amount staked by the bookmaker – the individual or entity that collects the bets and pays off winnings – versus that of the bettor.
There is a probability involved in everything you can bet on. Take throwing dice for example. There is a 1 in 6 chance of any number between 1 to 6 showing up. Similarly, betting odds represent the chance of the wagered outcome becoming reality. Betting odds can be displayed in fractions, and common values are 9/1, 4/1, 1/1 and so on. To calculate what that means in terms of percentage, simply follow this formula: B / (A+B). Take the example of 9/1. 9 and 1 make 10, hence 1 divided by 10 gives you a 1 in 10, or 10% chance.
Does Following Tips Increase Chances of Winning?
“Betting tips” is a popular search amongst sports bettors, with many of these bettors counting on the historical success of tipsters to increase their own chances of winning. If you are wondering whether it is a good idea to take tips from seasoned bettors, you first need to understand the concept of survivorship bias. Survivorship bias occurs when you pay too much attention to the actions of the successful at the expense of what caused the unsuccessful to lose out.
When it comes to survivorship bias in sports betting, it is important to remember that there is always an element of luck involved in accurately predicting the outcome of a sporting event. Besides that, most unsuccessful tipsters delete their tips after they have been proven to be wrong. What you then get is search results of successful tips only, giving you the illusion that tipsters are always right. By luck, some of these tipsters will predict accurately in the next round and some others will not, again narrowing down the pool of successful tips out there. Therefore, the tips you see online are only the surface of the iceberg and following them will not necessarily increase your chances of winning.
Placing Sports Bets
Betting sounds simple enough: decide on an outcome and how much you want to bet on it. Today, there are several different ways you can place a bet. The traditional way involves going down to a shop and passing your bet to a bookmaker. Sportsbooks can also be found in casinos. However, the advent of online gambling websites has meant that many bettors now prefer to place their bets from the comfort of their own homes. Simply open an account and deposit some fresh funds, and you are all good to go.