Odds – In Simple Language About The Basics Of Betting
In modern society, the probability of an event is expressed as a percentage. To make the example as complete as possible, use dice as a base. So, after you roll the dice, the chance that any side of the dice falls out reaches the mark of 1 to 6. The die has six faces of the same size, so any of the 6 numbers has an identical chance. It is easy to calculate that the probability of falling out of any of the edges reaches 16.66%.
Moving on to the coefficients
In betting, the decimal odds are used for one simple reason – this is the simplest, most convenient and affordable way to indicate the probability of a particular outcome. Decimal odds are used everywhere, it is very easy to calculate it.
It is also customary to use classic decimal fractions in betting – in some cases they replace percentages. Here’s an example to show you how to convert odds from percentage to odds.
Suppose the team’s chances of winning the upcoming match reach 80%. If we print the decimal coefficient, we get the following result: 100% / 80% = 1.25
As mentioned before, these are decimal coefficients, but they are also called European ones, since they are very popular in Europe and the post-Soviet space. It is much easier to work with such odds – for every $ 1 that was wagered, $ 1.25 will be paid upon winning. A quarter from every dollar is your winnings, it can be calculated by subtracting the body of the bet from the winnings.
It is equally easy to transform decimal odds into a percentage of likelihood. To do this, you need to divide the unit by the given coefficient and multiply the result by 100. So, divide 1 by 1.25 and multiply by 100. The output is 80%.
In different countries, bookmakers may use different odds and the next most popular are fractional odds. They are most actively used in the United Kingdom, but with the globalization of our world, this type of odds by default can be found in large bookmakers on the network.
The last variation is American odds
In European markets, American coefficients are not found at all, therefore, those who have never dealt with them often have to deal with them in a hurry. As part of the educational program, we will talk about the American coefficients in this section.
The main feature is that American odds can be positive or negative. A striking example: +100 and -100. The second feature is that the odds cannot fall below 100. Using American odds, the player can see how much he needs to bet to get $ 100 profit.
Converting American odds to decimal. So, the odds offered by the bookmaker reach negative -250. It must be divided by 100 and add one to the resulting number. Do this: divide 100 by 250 and add one. The output is 1.40.
Important! A positive odds will show the player how much he will win if he bet $ 100. For example, if a bookmaker offers to bet +250 odds on an event, this means that the win will reach $ 250 if the stake is $ 100.
Converting a positive American coefficient to a decimal European coefficient is very simple – divide the coefficient body by 100 and add one. Those. strictly opposite to negative: 250 divided by 100 and add 1. We get 3.5.