How to Read Odds
The odds is a value of the probability of the outcome of an event expressed as a numerical value. This value is set by a bookmaker's office.
The odds as a numeric value of event probability can be expressed in different ways. There are generally accepted systems of odds: "European" or decimal, "British" or fractional, "American". Each odds, regardless of the system of expression, denotes the chance that the event will end exactly as specified in the bet. The higher the probability that the event will end in a certain way, the lower the odds on it, and the lower the chance that the outcome of the event will go according to such and such scenario, the higher the odds.
How to calculate the betting odds?
Calculation of odds is the key to a tipster's confidence in the game because not understanding how odds are calculated generates a psychological imbalance. A clear idea of odds formation is the basis of a successful betting strategy. Many bookmakers offer their customers a variety of odds formats, and each tipster chooses the closest and most understandable for themselves. The decimal form is traditionally the most popular form of odds.
The most popular formats for expressing the values of the odds to date can be an example:
- European or decimal format. This format is the most familiar to tipsters in CIS countries, Russia and Europe. It is presented in the following form: 2.50, 2, 1.68.
- British format or fractional. This format is used more often in the UK. The values of coefficients in this format are presented in the following form: 6/4, 5/3.
- The American variant. This type of coefficient is most widespread in the USA. The expression of the coefficient values in this format has the following representation: -150, +106.
All three types of ratio calculations are used in Nigeria.
If to take into account the fact that a bet on the favorite will be in the loss, the profit of other predictions will give profit. For example, at a distance of 100 bets, the bookie is in the plus. It is unlikely that P1 will happen 100 out of 100 times, then the office will have a big loss. Such figures are unacceptable for business, so even the theoretical possibility of losses is excluded. The odds for the matches are set so that the profit of the betting company will be at any outcome. It may be small, but guaranteed.
To ensure that the bookmaker does not go into deficit in any outcome, the line odds are constantly changing.