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Understanding the Maths Behind Betting Odds – 2024 Guide

Do we even have to say that lack of cash flow is a global problem? We are sure people around the world know that very well. However, they do not know the best possible way to solve that problem. Fortunately, online technology opens many doors and brings many solutions. One of the solutions that people have is online betting. Unfortunately, we also know that many people will disagree with that statement.

It is not a secret that the entire industry has a bad reputation among people. We can’t say there are not good reasons for that. Yet, people primarily need to understand that their success depends on them. More precisely, they need to improve their knowledge and skills before depositing their money.

Of course, it also matters which bookmaker you choose to reach your goal. There are many of them like 22Bet login where you can get good odds and handsome bonuses. The bonuses are there to make your betting easier and more comfortable.

The good news for the readers is that they have come to the right place. In this article, we will try to explain everything around maths and betting odds. As we said, depending on your skills and knowledge, you will manage to achieve your goal. That is the reason why you should use mathematics in the right way. By understanding the mathematics strategies, you will also understand the system around odds. It is the best possible way to raise your chances of winning a reward.

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Types of Odds

Before we get to the point, you also need to understand there are different types of odds. There are European, American, and British odd types. Of course, there are also some specific odds in the Asian betting market, but you will rarely find them in the Western world. Because of that, we will use some other opportunity to explain them.

Mathematics in Fractional Odds

Fractional odds are characteristical for the UK and Ireland betting market. Just like the name says, they are based on fractions. We have to highlight they are probably the most complex ones for profit calculations. However, you won’t have to be a math genius to deal with them.

The fractional odds are, for instance, 4/1 (four to one), 7/1, 9/1, etc. A bigger first number means that you will potentially get a better profit. For instance, let’s imagine that you invested $50 on 7/1 odd. That would mean that you can potentially win $350. More precisely, that odd allows you to make a profit of $300. As you see, it is not as difficult as you might think.

Decimal Odds

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Decimal odds are the most popular ones in the world. That is the reason why you feel meet many bettors that are familiar with them. You can find them in almost all parts of the world including the USA and UK. However, they are the most characteristical in European countries.

The previous odd type was the most complex one. However, this time, we are talking about the simplest one of all. The bookmakers will give an odd on almost everything. For instance, let’s imagine that Liverpool is playing against Fulham. Logically, Liverpool is a favorite there. Because of that, the odd on Liverpool’s win would be, for instance, 1.4. On the other hand, the odd on Fulham’s victory is 6.5. Bettors can also place a bet on the draw result which usually is somewhere around 3.0.

Anyway, here how things are working here. Let’s imagine that you place $100 on Liverpool’s victory. If Liverpool wins the game, you will get $140. In other words, you will make a profit of $40.

Yet, we are sure that you won’t play only one game at once. Let’s imagine that you played 5 games with an odd of 1.4. You probably think that the final odd of all the games would be 5*1.4= 7. Unfortunately, that is not the way how mathematics are functioning here. The right way to calculate the total odd is 1,4*1,4*1,4*1,4*1,4= 5.38. If you place a bet of $100 on that odd, you will get the chance to potentially earn 538. In other words, you will make a profit of 438 dollars.

Mathematics in American Odds

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If you plan to bet in America or Canada, the bookmakers will offer you Moneyline odds. The Americans like to call them American odds so don’t get surprised if you hear that name. Anyway, we can say they are equally as simple as the decimal once. Everything here is happening around a $100 bet amount.

The Americans use a different system to determine the profit. You should primarily know that each bet has a positive and negative sign. Let’s imagine that the odd that seems attractive to is positive. That would show you how much money you would win if you place $100. On the other hand, things are a bit different for the negative odds. The number you see shows the money that you need to wager to win $100.

We can use an example to make things clearer. Let’s imagine that Sacramento is at -120. That means you will have to invest $120 to make a profit of $100. On the other hand, Los Angeles Lakers are at +150. If you place a $100 bet on that team’s win, you will potentially earn $150. More precisely, the reward you get would be $250 in total.

Final Thought

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You probably see why maths is important for the betting world. However, they do not always say the full story. It may happen that favorites do not win a game. More precisely, that is happening all the time. Instead of following the numbers and spending too much money, make additional research.

Check if the team you plan to bet on has a winning or losing strike. On the other hand, check if all the players of a team are in a good shape or some of them are struggling with injuries. These insights can tell you if your betting decision is good or not.

About Sini V.