How To Understand Betting Odds System – Betting Tutorial 101 – Part 1

Howdy Friend? Today and coming days, i will walk you through the general concept of betting mastery a.ka. Betting newbie to pro masterclass, a.ka. betting tutorial 101. If you pay attention to details and read every tutorial to the end, you are guaranteed to crack every code that has been limiting your betting knowledge and hence constant failure– Time for a mind shift. Let’s Go There

Betting Odds Explained

It is evident how difficult most punters especially the newbies find it understanding the meaning attached to different odds they find in the bookie shop. It gets even worse when you’re faced with the task to convert odds from UK fractional format to European decimal format and vise versa. This article unravels every detail explanation you will need to have a complete understanding of betting odds irrespective of the format they are presented.

To first understand what betting odds are, we have to first understand the concept of chance.

Chance

A chance is the likelihood of a certain event happening. It is often expressed in percentages, also referred to as the probability.

Example, Let’s roll a dice aka Ludo Seed. Rolling a dice yields a probability of 1 out of 6 for each outcome. The chance of the dice landing on any of the 6 numbers is equal. In percentages this means a 16.66% chance (or probability) of any of the six numbers to coming up.

How is this calculated? Simply by dividing 100% by the 6 possible outcomes

Decimal Odds

Odds are simply another way to express probabilities. Decimal odds for example are simply inverted probabilities, which is why it is so easy to calculate with them. Hence their popularity. Instead of saying an outcome has a probability of X%, X is now translated into a number.

This is how it is done:? 100% divided by Chance = The Odds.

For instance, If you expect the probability of Manchester United winning a football match to be 40% it would look like this is in decimal odds: 100% /40% = 2.50 odds

Odds expressed in this way are known as decimal odds or European odds. For every unit you bet on the outcome you receive a return of 2.50 should you win. Once you subtract the unit you invested, it leaves you with a profit of 1.50.

Fractional odds

Fractional odds are another way of expressing odds, mainly used in the UK. To use the previous example of decimal odds 2.50, fractional odds would express the probability as 6/4 (or 3/2 or 1.5/1):
You have to bet 1 to win 1.50 profit.

A common error is to assume that 2.50 decimal odds should be 2.5/1, but this is wrong. Fractional odds calculate your net profit rather than your total return of a bet, which is why the stake itself (which equals 1) is being factored in below the fractional line. Odds of 3/2 reads as 3 to 2, which means you have to wager 2 units to win 3 units.

Generally this way of representing odds is on the decline even in the UK, as it is easier to calculate with decimal odds, especially when calculating the underlying probabilities.

You can convert fractional odds to decimal odds simply by working out the fraction (for 6/4 you simply divide 6 by 4) and then adding one. i.e (6 divided by ) + 1 = 2.50 odd

Or if you like, add the numerator and the denominator together then divide by the denominator. i.e (6 + 4) = 10 divided by 4 = 2.50

Done..

US Odds

American odds can be even more confusing than fractional odds. Firstly, they are either positive or negative. For example – 150 or + 150. Essentially, they show you how much you will have to stake in order to achieve a profit of $100 or how much profit you will have if you stake $100.

Negative odds will show you how much you will have to stake in order to achieve a profit of $100. If a team is represented with odds of – 150, it means you will have to stake $150 to get a $100 profit. Here’s an example of how to convert negative American odds into their decimal equivalent.

Let’s say we have odds of -150. We simply divide 100 by 150 and add 1. i.e 100/150 = 0.67 +1 = 1.67

Positive odds will show you how much profit you will have if you stake $100. If a team is presented with odds + 150 you will have $150 profit for a stake of $100. Namely, + 150 is equal to decimal odds 2.50.

You just need to divide by a hundred and add one for positive American odds to get the decimal odds equivalent. i.e. 150/100 = 1.50 + 1 = 2.50. Finish

Decimal odds are easily the most popular form of expressing betting odds. But whatever format makes the most sense to you, is what you should choose to work with.

An understanding of betting odds will lay the foundation for all of your betting. Remember that the odds reflect the chance or probability of an outcome occurring. Once you grasp this concept, you’re well on your way to more successful betting. If you have any question to suggestion, please comment in the box.

In our next article, we’ll talk about VALUE BETS

Article credit – bettingexpert.com