The odds are a measure of the probability of an event according to the bookmaker. The higher the odds, the greater the winnings. Each event has a coefficient. It determines the winnings that a player gets in case of a positive outcome. To calculate the amount of winnings, you need to multiply the odds by the bet amount.
Bookmakers’ odds are a complex system that requires players’ attention and understanding. Thanks to their elaborate calculation methodology and adaptation to changing market conditions, bookmakers offer fair and competitive bets to their customers.
For example, here is a simple example of calculate betting odd:
- We bet 1000 on an event with odds of 3.00. If the bet goes through, we get 3000 (1000 × 3.00 = 3000).
Several times a week bookmakers select the top matches from different sports and increase the odds on them. On the day of the match they write about such games and in order not to miss the increased odds you should follow them in your profile.
Which Kinds of Odds are Available?
Betting on sports has become a global trend, attracting millions of sports fans around the world. However, in order to bet successfully, you need to understand the basic terms correctly. Perhaps the most important of these is the betting odds, which represents the potential profit. Different countries and regions use different odds formats. Decimal, fractional and American are considered the main ones.
There are several types of betting odds:
- European;
- British;
- American;
- Hong Kong;
- Indonesian;
- Malaysian.
European odds are written as a whole number with a fractional part, for example 1.50, 2.15, 3.00. It shows how much your bet will increase if you win. To calculate the amount of your winnings, multiply the bet by the size of the bet.
One of the varieties of the European odds is the Hong Kong odds. It looks the same but shows the amount of net profit rather than the amount of winnings. If you add one to the Hong Kong odds, you get the European odds.
How Sports Betting Odds Work?
Bookmaker odds are determined by two main factors: the probability of an event and the margin. The first factor is clear: odds are inversely related to probability. In other words, the higher the probability of the outcome, the lower the odds.
In sports competitions, it is common to distinguish a favorite and a less popular opponent. When a favorite meets a rival, the odds for the former are always lower, while the odds for the underdog are higher.
As the event develops, the odds change. If the probability of the event increases, bookmakers reduce the odds. The factor affecting the outcome can be anything: bad weather on the day of the game, injury to one of the most important players, change of coach and so on.
From What do the Odds Depend?
Depends on the probability of a positive event, that is, the bookmaker estimates the probability of each event in the match, for example, the victory of one of the participants, a draw, the number of goals and violations. The lower the probability of an event, the higher the odds.
Here is a list of the very bookmakers that you can safely recommend if you are looking for best odds in sports betting and a safe betting environment:
- 1xbet;
- Betfair;
- Unibet;
- Parimatch;
- Mostbet;
- Bet365;
- Megapari;
- Ivibet;
- Betwinner;
- 22Bet;
- 888sport;
- Baji;
- LVbet, etc.
We recommend you to choose several operators at once, so you will get a guaranteed welcome bonus and from the start you will be able to get your winnings on the day of withdrawal request.
How Often Do the Odds Change?
This depends on whether you are betting in Pre Match or Live.
- In Pre-match, the odds change several times a day. They are set by the analytical department depending on the available information and the balance of power. If there is new information, the odds change, for example, if the leader of the team is injured, the odds for the opponent’s victory will decrease, and if it rains, the odds for a higher total of goals will increase.
- In LIVE the odds change several times a minute. They depend on what is happening on the field: actions of the participants, rule violations, goals, yellow and red cards. For example, if one of the teams scores a goal, the odds for its victory fall, because the probability of victory of this team becomes higher.
Conclusion
Odds are constantly changing due to new information and player actions. Bookmakers must react quickly to news, player injuries and other events that can affect betting outcomes. Bookmakers also play an important social role by supporting sporting events and teams. They can contribute to sports development by sponsoring tournaments and providing funding for youth sports programs.
There are different characteristics and preferences for each odds format in different regions of the world. No matter which format you choose, it is important to remember that odds are one of the key factors in sports betting. Odds represent the probability of a certain outcome of an event and determine the potential winnings of a bet.