The first thing to do – it is to understand what betting odds are, what they are needed, how they are formed, what they depend on and so on. So that’s where this article will begin. The odds is a numerical multiplier which expresses the probability of a particular event in a sporting confrontation and includes the bookmaker’s margin. This lets the player know what the potential winnings of his bet will be. That is, thanks to this indicator, you can easily calculate all the possible percentages – how much you lose and how much you gain. This is a very important topic for any player, because knowing how all the odds are calculated, you can bet competently and not lose. The popularity of sports directly depends on the location we are considering, each country has its own peculiarities. In the UK horse racing is preferred, while in India more often bet on cricket. Soccer, hockey, table tennis, volleyball and the relatively new but fast-growing cyber sports are consistently at the top of the list in all regions. In sporting competitions, one usually distinguishes between a favorite (the leader) and an underdog (a less popular opponent). When they meet, the odds are always lower for the former and higher for the outsider.
Тypes of odds for betting
There are several types of odds for betting with bookmakers. Each player decides for himself which one is more convenient for him. They have the following names: European, American and British. Regardless of your location on the globe you are free to choose any of these types. So many people in America use European and vice versa. So it really doesn’t matter, as long as you’re comfortable. Well, let’s look into each of them.
European betting odds
It is written as a decimal fraction, usually with two decimal places after the decimal point. Here you can determine the possible payout by multiplying the bet amount by the odds at the bookmaker’s office. Walrus is the commission the company charges for its services.
You can calculate it as a percentage of the European coefficient using this formula: (1 / K1 + 1 / K2 + 1 / Kn – 1) x 100, where K1, K2, Kn are odds on the outcomes, n is the number of variants in one market.
British betting odds
Recorded as an ordinary fraction. You can determine the potential profit when betting on British fractional odds by multiplying the stake amount by the value of the fraction. Let’s imagine that in a football match between Barcelona and Real Madrid you bet N-th sum on the victory of the home team at odds of 5/2. If Barcelona wins, the profit will be: N x 5/2. You can calculate a stake for any amount of money in this way. To convert these fractional odds, the following formula will help you: Ke = Kb +1, where Ke is the European rates and Kb is the British rates.
American betting odds
In terms of recording, it is simpler here than in the others, this type is written as an integer with a minus or plus sign. The plus American odds show the potential net profit for a bet of INR 100. Minus American ratios show how much to bet for a potential net profit of N. For example, in a tennis match between Paolo Lorenzi and Fabio Fognini, the bookies give odds of -417 to win the former and +320 to win the latter. If you stake INR 417 on Lorenzi, you can get INR 100 in net profit. And on Fognini, it is enough to bet INR 100 to get INR 320 in net profit if you are successful. To convert plus American odds to European rates, you will need the formula:
- Ke = Kap / 100 +1, where Ke is the European coefficient and Kap is the American plus odds;
- Ke = 100 / (-Kam) +1, where Ke is the European odds and Kam is the American minus.
Hong Kong odds for betting
This type of betting is very simple, so it is popular in other countries as well. Let’s understand how Hong Kong odds work. They are similar to one of the previous formats – European, as they are displayed in decimal form. They also have a significant difference: Hong Kong odds show only the net payoff that a player can receive if his bet wins. To calculate the net profit in this case you need to multiply the odds by the amount of your bet. It’s really easy and by doing this simple mathematical operation you will get an exact answer. And to find out the total winnings you need to add the amount of your bet to the net profit number.
Indonesian betting odds
This format looks the most usual way, as well as the standard decimal betting odds. It is true that this type appeared thanks to the Americans. The reason is that it has both positive and negative values. In case the coefficient is shown with “+” sign it means that it shows the net profit with the bet in INR 82 1. Basically, everything is the same in the American system. The only difference is that they determine the profitability from INR 8200, and Indonesians – from INR 82. In case the player saw the sign “-“, he can calculate what amount should be bet in order to get profit in INR 82. Here will be the following formulas: net profit = – (rate / coefficient) and total sum = – (amount / odds) + bet.
Malay betting odds
If you compare this system to the American system, it is exactly the opposite. Bookmakers determine the odds with a minus or plus sign and present them as a decimal fraction (example -0.41 or +3.0). If there is a minus sign, it indicates how much to bet to win MYR 1. Here will be the following formulas: net profit = – (rate / coefficient) and total sum = – (amount / odds) + bet.
Live betting during the match
Live sports betting is becoming more and more popular every year, also due to the development of technology and the spread of mobile Internet. Players are attracted to this betting option for several reasons:
- It allows you to feel like a participant in the event;
- Adds emotion when watching a match;
- In this case you do not have to wait long for your bet to be calculated: the result of the prediction becomes known as soon as possible, right during the game.
The ability to correctly assess what is happening on the field during the match can give the player an additional advantage over the bookmaker, which is not available in the case of betting before the sporting event.
Are the odds on the favorite too low before the game?
Some time after the start of the match it can increase markedly. Especially, by the way, it concerns betting on the total – after the first few minutes of a sporting event, odds on it, as a rule, go up. Only in the live line odds on the favorite of the meeting can suddenly become higher than on the outsider, or vice versa. This can be caused not only by a scored goal (in football), but also by injury, weather conditions or the general state of the team. Bookmaker analysts also keep an eye on what is happening and react instantly to any changes that may affect a particular outcome of an event. Betting fans do not always agree with the correctness of these estimates, and in some cases this gives the opportunity to “catch” more attractive quotes on the selected outcome than were in the pre-match line. Modern bookmakers are trying to attract players by creating additional opportunities. Live betting is not without its innovations. Thus, the websites of most legal bookmakers for many sports events in the live line added the ability to follow what is happening on the field: somewhere it uses live broadcasts of matches, somewhere everything is displayed in infographics. In addition, additional features when betting “live” can include the presence on the page of statistical facts, history of personal meetings, standings, etc.
Rules to remember
When you have a clear understanding of the principles by which the classic types of coefficients work, then the others will not cause you any difficulty. After all, the essence is the same everywhere. The following table is designed to summarize their main differences that underlie the different types:
|Type of odds||Format||How to count winnings?|
|British||Fraction and Ratio||The numerator shows the amount of winnings, the denominator – the bet.|
|American||Whole numbers with ‘+’ or ‘-‘||To calculate the potential winnings at negative odds, divide 100 by the odds, then multiply the result by the bet amount. In order to calculate the potential winnings by the positive odds, divide the odd by 100 and multiply the result by the bet amount.|
|European||Decimal||In order to determine the amount of total winnings you need to multiply the bet by the coefficient.|
|Hong Kong||Decimal||To determine the amount of total winnings you need to multiply the bet by the coefficient and add the amount of stake.|
|Indonesian||Decimal||To determine the amount of total winnings you need to multiply the bet by the coefficient and add the amount of stake. And if we talk about those with a plus sign, then to determine the total winnings you need to multiply the bet amount by the odds.|
|Malaysian||Decimal||The bet multiplied by the odds is the net win of betting on the underdog. The bet divided by the odds, is the net win of betting on the favorite.|
Bookmakers from Asia give higher odds
They offer higher odds than other European companies. But it is not that simple.
Asian bookmakers understand that because of low margins and high limits, pros and syndicates come to them. This forces them to generate the most accurate odds on the market. So even so, it is harder to make money from them.
Overloads in betting
Overload in betting is a decrease in the odds on one of the outcomes because of the large number of stakes on that choice. Because of the overload, bookmakers reduce odds on one outcome and increase rates on the opposite. For example, in the football match “Atalanta” – “Roma” put odds of 1.90 on total goals greater than 3.5 and 1.85 on total goals less than 3.5. Due to the large number of bets on the big score, bookmakers have adjusted the line: 1.65 on the “TB 3.5” and 2.20 on “TM 3.5. The main types of prognosis on sporting events:
- Organized: bets due to a leak of information about a rigged match or on the prediction of a famous caper. For example, in the hockey match “Traktor” – “Neftekhimik” expert offers to take the total pucks over 4.5, and players follow his advice;
- Unorganized: betting on the clear favorite. Let’s imagine that in the tennis match Roger Federer – Alexander Bublik players load on the Swiss. Therefore, the bookmaker reduces the odds on the victory of the favorite;
- Geo-loading: betting on fans’ preferences. For example, in a football match between Russia and Spain, most Russians stake on the home team regardless of the odds.