how to figue out betting odds

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п»їHow to Calculate Odds.
Last Updated: February 1, 2021 References.
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The mathematical concept of odds is related to, yet distinct from the concept of probability. In simplest terms, odds are a way of expressing the relationship between the number of favorable outcomes in a given situation versus the number of unfavorable outcomes. Usually, this is expressed as a ratio (like 1 : 3 or 1/3 ). Calculating odds is central to the strategy of many games of chance, like roulette, horse racing and poker. Whether you're a high-roller or simply a curious newcomer, learning how to calculate odds can make games of chance a more enjoyable (and profitable!) activity.
David Jia Academic Tutor Expert Interview. 14 January 2021. Let's say we bet that we'll roll either a one or a two. In this case, there's two possibilities where we win - if the dice shows a two, we win, and if the dice shows a one, we also win. Thus, there are two favorable outcomes.
David Jia Academic Tutor Expert Interview. 14 January 2021. In the example with the die, if we bet that we'll roll either a one or a two, that means we'll lose if we roll a three, four, five, or six. Since there are four ways that we can lose, that means that there are four unfavorable outcomes. Another way to think of this is as the Number of total outcomes minus the number of favorable outcomes. When rolling a die, there are a total of six possible outcomes - one for each number on the die. In our example, then, we would subtract two (the number of desired outcomes) from six. 6 - 2 = 4 unfavorable outcomes. Similarly, you may subtract the number of unfavorable outcomes from the total number of outcomes to find the number of favorable outcomes.
David Jia Academic Tutor Expert Interview. 14 January 2021. You may choose to represent this ratio as a fraction. In this case, our odds are 2/4 , simplified as 1/2. Note - 1/2 odds don't mean we have a one-half (50%) chance of winning. In fact, we have a one-third chance of winning. Remember when expressing odds that odds are a ratio of favorable outcomes to unfavorable outcomes - not a numerical measurement of how likely we are to win.


Betting Odds Calculator.
The betting odds calculator allows you to input your stake & odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets.
Top Offers.
American Odds are the default odds at American sportsbooks. These odds are based on winning $100 for a given bet.
Betting a Favorite: The odds for favorites will have a minus (-) sign , and represent the money you need to risk to win $100 .
So if you're betting on the Packers at -140 against the Vikings, that means Green Bay is a slight favorite. You need to risk $140 to win $100 on the Packers. If they win, you profit $100 and get your original $140 back.
The rest of the world uses Decimal Odds , in part because it’s easier to convert them to implied probabilities than American Odds. Decimal odds represent the amount a bettor wins for every $1 wagered . And the number represents the total return , not just the profit like American and fractional odds.
The Packers would be 1.714 in decimal odds as a -140 favorite in American odds. For every $1 risked, you’re profiting 71.4 cents, plus your $1 back.
Fractional Odds are used primarily in the UK and Ireland. Few bettors use fractional odds for betting sports (other than horse racing), because the conversions to understand return are difficult.
To calculate winnings on fractional odds, multiply your bet by the top number (numerator), then divide the result by the bottom (denominator). So a $10 bet at 5/2 odds is (10 * 5) / 2, which equals $25. A $10 bet at 2/5 odds is (10 * 2) / 5, which is $4.
Did you notice those percentages add up to more than 100%? That’s because of the vig, which is a sportsbook’s cut for facilitating your bet. To calculate implied probability, use the following formulas:
For negative numbers (favorites), drop the minus sign, then do:
For positive numbers (underdogs) :
The bet amount is how much you’re risking on a given bet. As a responsible bettor, it is important to understand proper bankroll management.
Sports Betting Odds.
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