How to calculate the odds?14th Nov 2016 |
Lenny is being generous and offering a way to pick up some extra
profit on a daily basis to give you powered odds for a variety of sporting events. Odds are a little complicated to figure out when it comes to sports betting, but Lenny wants you to make the best choice possible so he has put together this guide to demystify the maths behind the odds.
Understanding the best
For first time players, the odds associated with sports bets, and many other types of bets, can be a little confusing. In a nutshell, the numbers represent how likely a particular outcome will be as well as what the payout will be if you bet on either side to win.
Say, for example, that two teams are exactly equal in performance, strength, talent, etc., and one is not more likely to win over the other. In this case, the odds would be 1 / 1. That means that if you were to bet on team A at a one-to-one win probability and they won, you would double your money. That kind of odds ratio almost never happens, however, as one team is usually favoured based on a number of factors.
One thing to bear in mind is that all sports betting sites will offer different odds. So always shop around before you place that bet.
Bet the way you want
As the odds are based on the likelihood of one team winning over another, the digits displayed to represent the degree of that likelihood. If team A is very strong and has a lot going for it and team B is not the odds will favour the more likely team which is team A.
If the odds were 3 / 1 in favour of team A, and you bet 30 pounds for them to win, you would get your money back plus 10 pounds making your winnings 40 pounds. If you bet on the weaker team to win by placing 10 pounds on the same game, you would win your money back plus 30 pounds if they won. In both scenarios, you would get 40 pounds if you won, but based on the 3 / 1 ratio, the underdog would pay better because that team is not expected to win.
The trick in betting with odds is that you have to make a choice to either make less money by making the “safe bet”, or more by taking on more risk.