If you are new to sports betting, then you definitely need to learn where the odds come from and how they come about. Let’s say you’ve heard of mobile Bet 365 for the first time and don’t know what to do next. Knowing how odds work is critical, as this knowledge will allow you to understand how likely an event will be and how much you can win. This will all seem difficult at first, but we’ll try to make it as easy as possible to understand how odds work.
What are Odds in Sports Betting?
Odds are the probability of a certain result taking into account the margin of the betting operator. It is used to determine the possible payout and net profit in case of a successful bet. In Bangladesh, the European format of the odds is offered to all players. It is written as a decimal fraction with two digits after the dot.
For example, in a football match between Real Madrid and Barcelona, the betting site gives odds of 2.15 for a win for the home team, 3.55 for a draw and 3.45 for a win for the visitors. If you bet 1,000 Bangladeshi tacos on Real’s victory and your bet plays out, your net profit will be 1,115 BDT (1,000 * 2.15 – 1,000 = 1,115).
Types of Odds
Not all odds are displayed in the form we are used to. In the UK, they are written as classical fractions. For example, 20/4. In the form we are used to, this would be a odd of 6.00. To translate the British format into the European format, use the formula Ke = Kb + 1. That is, in this case, you divide 20 by 4 and add one. The result is 6.00.
The United States has its own ratios. In this country they are written as a whole number with a minus or plus sign. A plus odds shows the potential net profit for a bet of 100 BDT. A minus odds shows how much money we need to bet for a potential net profit of 100 BDT.
For example, in a tennis match between Rafael Nadal and Novak Djokovic, the operator gives odds of -417 on the Spaniard’s victory and +320 on the Serbian. With a bet of 417 BDT on Nadal you can get 100 BDT net profit. But on the Serb it is enough to bet the same 100 BDT and in case of his success you will get 320 BDT net profit. The American plus odd can be converted to the European one by the formula: Ke = Ka/100 + 1. For the minus one there is another formula: Ke = 100 / (-Ka) + 1.
We have already written about the European odds, which are familiar to the local market. In Bangladesh, all operators without exception use this format. It is convenient!
What is Probability?
At the simplest level, betting gives you the opportunity to predict the outcome of a certain event. If your prediction is correct, you win money. For any given event, there are a certain number of outcomes. Take the throwing of a die, for example. Each person doing it can get six different outcomes. Consequently, if you bet that this person will throw a “one”, the probability that the event you want will occur is 16.67%.
How to Use Odds to Calculate Probability?
As we have already written above betting odds in decimal format, used in Bangladesh and most European countries, look like this: 1.60 / 2.60 / 3.95. To calculate the probability using the value of the odds, you can use a special formula: Probability (%) = 1 / coefficient.
How to Use Adds to Calculate Possible Winnings?
When making your bet, it doesn’t hurt to know how much money you can win. Calculating this amount is not important at all. There is a special formula for this purpose: Win = (odds * bet amount) – bet amount.
Let’s take an example: at odds of 1.50, the net winnings will be 500 BDT (1.50 * 1,000 BDT) – 1,000 BDT = 500 BDT.
How Do the Odds on the Sites Differ?
The initial calculation of the betting odds is the result of the work of experienced analysts, who in their calculations apply both mathematical models and analytical analyses of situations based on external information about the state of a particular player. There are even separate companies specialising in the preparation of betting lines.
The analytical centres provide “pure” quotes, which are subsequently overlaid with a margin, a percentage for the betting operator’s services (in essence its net income). The higher the margin of a particular company, the lower the odds it will offer to its own clients. In this the real probability of the outcome of a particular event depends on what margin the betting platform will set. The line may change in the case of:
Before the start of the event, there was a message that really affected the possibility of the outcome (e.g. a goalkeeper was injured, or a player broke up with his girlfriend before the event, or the opposing team had a strong forward in the line-up, etc.);
The odds were overloaded due to a large number of bets. In the latter case, the possibility of changing the result will not be affected by the change of indicators.
Benefits of Bet365
Lately, many players in Bangladesh have been calculating odds and betting not only from a computer but also from their phones. Mobile apps have a lot of advantages, which ensures their popularity. Let’s take Bet365 app as an example:
- Available entirely in English.
- Quickly navigate to the app with a single click.
- All sections load quickly thanks to excellent optimisation.
- Allows you to receive alerts about sporting events, new promotional offers.
- You can place your bets anywhere you like – the main thing is a stable internet connection.
- The programme works well even on older phones/tablets.
So if you still don’t have mobile betting software, Bet365 app download you can via this link. It’s completely free and opens up new possibilities to the world of betting. Try it now!