Contents
What are the odds of winning?
The three Main Types of Betting Odds
What Sports Do We Offer Betting Odds On?
How to calculate probability from betting odds ?
Examples of Betting Odds
What are the odds of winning?
If you are planning to start betting, be it casino gambling, sports betting, or any other type, it's important to understand the odds. It would be preposterous and absurd to think about placing bets without having a good grip on the main types of betting odds and the ability to read and interpret the various associated formats. Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. 온라인섯다 As an example, with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20.
The three Main Types of Betting Odds
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance (percentage probability) of an event occurring can be converted and presented in any of the aforementioned types of odds.
What Sports Do We Offer Betting Odds On?
OddsChecker is the world’s leading odds comparison site and offers the most odds of any website that covers sports betting online. We compare odds for almost every major sport in the world. America’s favorite sports like football, basketball, and baseball are front and center, but we also track the betting odds of NASCAR, MMA, soccer and more. Not only is the OddsChecker team made up of some of the most passionate sports fans around, we also have decades of experience in sports betting and analysis. The OddsChecker handicapper team is composed of some of the most experienced individuals across the entire sports betting market. We use our knowledge of the most popular types of wagers to find the best play in every matchup and tournament. From moneyline (overall winner) bets, to over/under, point spreads and parlay wagers, the OddsChecker team covers them all and brings you the best free picks in the world.
How to calculate probability from betting odds ?
Now you know odds are set out with two numbers separated by a forward slash, you can use them to work out the probability of an event happening. The method for calculating probability (in percentage terms) from odds is most easily explained by taking the two numbers that appear in the odds and replacing them with letters. So, for example 2/1 becomes A/B. The calculation is: Probability (%) = B/(A+B).
Examples of Betting Odds
10/1 can be calculated as 1/(10 + 1) = 0.09 – there is a 9% chance this outcome will happen
4/1 can be calculated as 1/(4 + 1) = 0.20 – there is a 20% chance this outcome will happen
2/1 can be calculated as 1/(2 + 1) = 0.33 – there is 33% chance this outcome will happen
1/1 can be calculated as 1/(1+1) = 0.5 – there is 50% chance this outcome will happen
