Any bookmaker offers many types of bets on various sports events. The player is invited to choose a bet on the outcome of the matches, the total goals scored, the performance of individual players and many other events. The probability of each such outcome is expressed in coefficients.
What is the sports betting odds?
The coefficient is a numerical expression of the probability of any outcome of a sporting event in the line of the bookmaker. This probability is estimated as a percentage and can take a value from 0 to 100. The coefficient is formed by dividing 100 by the probability of the event. BC analysts initially evaluate it based on an analysis of an upcoming sporting event.
How are the odds calculated in the bookmakers
How to calculate the odds on bets in the bookmaker, you can consider the simplest example - tossing a coin. This event has only two outcomes, with the eagle and tails falling with the same probability of 50%. To calculate the odds, you need 100 divided by 50. The odds for this event are 2.
But in a real bookmaker's office such a coefficient cannot be, since its main task is to make a profit. To do this, the margin is laid in the coefficient, which can be from 2 to 10%. Let's say the margin is 6%. It is divided in equal shares for all outcomes, that is, in the example with a coin it will be 3%. Thus, adding margin to the probability of an outcome, we get 53% and a coefficient of 100/53 = 1.89.
The final value of the coefficients, which is offered to the players, is formed under the influence of the amounts of bets on each outcome. The bookmaker adjusts the odds so that for any scenario, to make a profit. In the example with a coin, one can imagine a situation where most of the players bet on the loss of an eagle. The bookmaker in this case will lower the coefficient of this outcome and, accordingly, increase for the opposite.
Such an algorithm is performed for each event in the line using a special program. It forms coefficients based on three factors: probability of outcome, margin and current distribution of players' bets.
How is probability calculated?
Bookmakers have a large staff of analysts whose task is to make forecasts for sporting events. Each uses a large amount of data, comparing which determines the likelihood of a particular outcome. Forecasts, as a rule, are made on the basis of statistics of teams or athletes and the opinions of reputable experts.
How to convert probability to coefficient?
For example, as a result of the work of experts and analysts, some probabilities of the outcome of a football match were derived.
| P1 | X | P2 |
| 55% | thirty % | fifteen % |
To understand how to correctly calculate the coefficient of rates of BC, it is necessary to divide 100% into probabilities.
As mentioned earlier, such coefficients cannot be found in a real bookmaker line. Real numbers might look something like this:
If we translate these values back into probabilities, we get
It can be clearly seen from the example that now the sum of the probabilities is not 100%, but 106%. These additional 6% are the margins of the bookmaker.
Novice players can use special calculators. It’s easy to figure out how to calculate the coefficient on sports betting with their help. As a rule, you need to enter the coefficients and margin size, and the system will calculate the probability of the outcome.
Understanding the basic principles of building a line bookmaker allows players to make a profit. To do this, you need to independently use statistics and analytics to evaluate the probability of each outcome of a sporting event. Having calculated the coefficients, it is necessary to compare them with the proposed ones.
The main goal of a better is to find events where the odds are too high. In fact, the player wins when the analysts of the bookmaker are mistaken and incorrectly assess the probability.
How to calculate a possible win on a bet?
Having figured out how to calculate the odds on bets and how to assess the probability of an outcome, a better needs to know the value of a possible win. To do this, use a simple formula:
transaction amount × ratio.
If you make a bet in the amount of 100 rubles with a coefficient of 2.0, in case of a positive outcome, the gain will be 200 rubles. This amount includes both the size of the bet and the net profit, which will be 100 rubles.
What types of odds are there
In sports betting, odds are indicated by numbers, which can have one of three formats.
In this form, the lines of Russian and European bookmakers are displayed. The only exceptions are offices from the UK. Odds are written in ordinary decimal digits, for example, 1.25, 5.5, and so on.
This recording option is also called British. As the name suggests, this type of coefficient is typically used in the UK. The numbers are written in the form of a fraction and have the form 1/2, 5/2, and so on.
The fraction numerator means the winning amount, and the denominator the necessary bet amount. For example, if the coefficient is 5/2, this means that you need to bet $ 2 to make a profit of $ 5.
To convert this coefficient to decimal, you need to divide the first number by the second and add 1. For example, the coefficient 3/2 - this (3/2) + 1 corresponds to the decimal coefficient 2.5.
In this embodiment, the coefficient is expressed as an integer and may be positive or negative. A value with a minus signifies that the player’s profit will be less than the amount of the bet. The number indicates the number of conventional units that must be put in order to get a net profit of 100 units.
If a coefficient of 200 is given, this means that the player must bet 200 conventional units in order to get 100.
A plus sign indicates that the expected profit is higher than the amount of the bet. The figure in this case expresses the player’s gain at a bet of 100 conventional units.
These simple examples will help you understand how to calculate the odds in betting on football, hockey, tennis and other sports. With the help of small calculations and analysis of the line of bookmakers, you can get a good profit.