A Betting strategy guide for calculating soccer odds correctly
The world of betting is a risky business. We have various forms of betting throughout the world from different locations and forms. Today, betting is extremely prominent in the form of sports betting and it is honestly no surprise. Whether we recognize them as gamblers or punters, people that bet definitely have some preliminary knowledge that helps them understand what it’s all about. Today, we will be sharing with you, our definitive betting strategy guide to enable you to correctly determine and calculate soccer odds.
5 ODDS PREDICTIONS FOR TODAY
If you are new to this, we definitely need to tell you about betting odds and how they work. This is critical to helping you understand the likelihood of an event and the potential winnings you might receive. So, at a basic level, betting odds are the same as probability with a few nuances. Betting gives you the ability to allow your accurate predictions of an event to be recognized and rewarded if you are correct. With any event, a certain number of outcomes exist.
For example, imagine rolling a dice. There are only six possible results that can exist with this action. Therefore, when you bet that someone will roll the number 6 on the dice, there is a 16.7% chance of that happening. Betting odds serve the purpose of presenting how likely an event will happen. These predictions can be presented in the form of fractions or decimals depending on the region or the platform you might be used to place your bets.
How Betting Odds are used to calculate the probability
Anytime a number is separated with a slash, for example, 4/1, these sorts of numbers are called fractional odds. Using these numbers enables you to calculate the likelihood of a given event. The basic formula is %=B/A+B which means 80%=4/1+4.
Decimals are quite often used in betting exchanges. On some websites like Betfair, they serve as an alternative to the fractions that we used for our earlier explanation. Winnings = (odds* stake) – stake. Some might even consider using decimal odds because they do seem easier to work out. So, here is our example.
(4*$4 betting stake)-$4=$12 winnings.
(8*$2 betting stake)-$2=$14 winnings.
Essentially, you will multiply your stake i.e. how much money you are betting combined with the odds that have been determined by the bookmaker. The result of this minus your initial stake is what will be calculated as your winnings.
Calculating Winnings with Betting Odds
Betting Odds are used to calculate your earnings from a bet if you win. Now, to easily determine these winnings, we will use the same A and B values from our earlier example. Now, for every B value used in your bet, you will win and A value. So, for every $4 you use to bet, if you win the bet, you will gain $1. So that will be $5 in total.
From this, we can decide to simulate a soccer match between Aston Villa and Arsenal FC. If you bet on Arsenal’s win with $10 and the winnings are $30, there will be betting odds of $20 for $10. Using this system is a great way to determine the potential of a bet and it also lets you see if the winnings are worth it. As a gambler, once you have this into consideration, combined with other factors, you will be much better at strategically placing bets.
Now, there is a lot that goes into determining these odds. Thankfully, we have produced some articles detailing the research typically used by bookmakers to determine odds. What you need to know essentially is that bookmakers create odds and you must ensure that the bets you place are with a positive value over the odds from the bookmaker.
For example, if a bookmaker calculates that a team has a 6/5 chance of winning a match, that translates to a 45% chance. Normally, you wouldn’t bet on this team. However, if you can calculate your betting odds and you discover that they have a 49% chance, that is a positive value. This means that you will stand a higher chance of beating the bookmaker which is the main goal of betting in football and sports. Why? The bookmaker knows best, so if you can beat the bookmaker over a long period of time, you will see an increase in your earning profits.