This headline may mislead you, it gives you the confidence that you have completely mastered this concept and know its meaning perfectly. However, would you know how to quickly define what betting odds are? How are they generated and why do they acquire one value and not another?
It is evident that pointing them out on the screen is a relatively simple task, we all know where they are and how decisive they are when making our sports bet. However, knowing its meaning and understanding its usefulness is an art that for many would be much more complicated than you imagine right now.
Betting odds are one of the most important elements, if not the most. Today you will see its usefulness, you will know its meaning and you will be able to acquire a new, much broader vision of what it means to make a simple sports bet. Shall we start?
What is the odds of a bet?
We are talking about a certain value that is given to each possible event within a sports bet . In the past, betting odds were much simpler and more limited, that is, we bet on A, B, C or D at the end of the event.
However, now we have a wide range of options that make the odds a real amalgamation of possibilities , since in this sense, you can bet if A commits a certain number of fouls, corners or is penalized. There are even odds if B comes from behind at half-time or C takes a penalty.
The odds of a bet are the values that are given to each of these events, always following a statistic and probability depending on whether it can be committed or not. That is, if A is likely to win the match, his odds will be smaller than B, which will have to work twice as hard to win.
Imagine that we are going to bet on the match between Real Madrid vs Sevilla, in this case, Real Madrid has a fee of €1.40 for victory, €2.50 for a draw and €3.50 for a win. Andalusian team. If we want to know the amount that we will obtain in case of being right, we will only have to multiply the amount bet by this quota . Easy, right?
Obviously, a higher quota implies a greater probability of failure in our sports bet, but it is precisely here where the emotion of risk and the joy that comes from being successful and taking the profits comes into play. Following the previous example, the quota in favor of Sevilla would be a very interesting attraction.
Who decides the value of the installments?
Although many continue to believe that these values vary depending on the number of bets they receive, the odds of the bets are also established following statistical parameters, based on the probability of their occurrence.
And yes, as there is no participation by the user, the betting odds are established by the so-called bookies , also known as bookmakers . Although most likely you will know what we are talking about when you know its name in Spanish: The betting houses.
They are the ones that determine the sports betting odds, using automated systems whose function is to work the probability and, based on statistics, provide one odd or another. Now you understand why a top ranked team’s win will always be lower than their opponent’s.
One of the main advantages that we find over sports odds is that they are not generalized, that is, each bookmaker applies its margins and values , hence the convenience of knowing the famous surebets , sports bets where you win for sure.
Just as you can find more attractive and profitable odds depending on which bookmaker you are going to use, you can also take advantage of the circumstance and secure your prediction with a profit , regardless of the result. For that we have BetOven , an automated marvel capable of detecting these opportunities and translating them into constant income.
Types of betting odds
Although most users are used to
find the quotas in the same way , there is a small classification of
types of quotas that should be known, since in the betting houses of each
country you could find these variations:
- Decimal odds. In this case
particular, are the ones you probably know, where the amount of the installment
it is represented by an integer value and/or with decimals. For example: €2.40 of
odds for team A to win.
- fractional installments. Although it is likely that you do not see them listed in the main bookmakers, this betting quota system is also used in countries such as the United Kingdom. It is represented in fractions as 4/1 which means that you will get 4 euros for each one wagered. However, there are also odds such as 17/200, which involves taking out a calculator and obtaining the rounded result of your profit per euro wagered.
- American odds. In this case, you will see the odds represented with positive and negative signs, such as +130, which implies a profit of €130 betting €100. Or -140, where you would have to invest €140 to get €100. However, in Europe it is a system that you will not see used in any bookmaker.
As you can see, the decimal format is that most players
uses , although there will always be exceptions. Furthermore, we are talking about a type of
easy-to-understand quota, that is, you will know at all times the benefit that
you will get for each euro wagered. From a fee of €2.40 you know that for every euro
you invest you will get €1.40 profit.
Surely now your concept of betting odds has evolved, acquiring new information that will help you really understand what you are betting on and what is the best option you can take.
Although you already know that, you can also choose to learn how to get the most out of your bets by making surebets and valuebets . We tell you how and we even provide you with access to our BetOven software for free so you can see its full potential and start earning real money. You sign up?
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