You don’t need to be a math genius to make money betting. However, it is worth familiarizing yourself with the basic calculations required in the process. In this article, we will tell you about the decimal chances that most bettors use.
Betting Glossary: Key Terms
Before you start looking for events to bet on, check the article about betting terms and their meaning. This basic information will prevent you from getting confused and allow you to understand your actions fully. Also, be sure to read the bookmaker’s rules, which contain definitions of basic concepts. As soon as you learn to speak the same language as the bookmaker, you can start betting.
What Are Decimal Odds?
This type is a figure expressing a particular outcome’s probability. For example, if your bet has an 80% chance of winning, then the chances at the betting platform are 1.25. The calculation is simple: 100% was divided by the probability, 80%.
Today, many companies use this odds type. So, if the user wins, the winning amount will be multiplied by the likelihood, and the player will receive the sum. The system calculates the cash-out amount the same way.
Considering all this from the financial point of view, it turns out that a bettor who bet $1000 on winning at odds of 1.25 will receive $1250.
Advantage of Decimal Odds
These likelihoods are the most common worldwide and have significant advantages over American odds: they are easier to convert into probabilities, and players can easily understand their meaning. For European bettors, such chances represent the most familiar option. Another advantage is that the likelihoods are based on a bet of 1 currency unit and are easily scaled up and down rather than on a bet of 100 units like American odds.
Why Is It Important to Understand Odds?
Understanding this concept is essential to assessing a bet’s potential benefit. This figure represents the bookmaker’s estimate of the probability of a particular outcome. In addition, you will be able to calculate the possible winnings and decide whether to bet.
It should come as no surprise that the key to success in sports betting lies mainly in understanding the likelihoods. We are talking here about their assessment and how they are formed, which is especially important to consider in analyzing the event.
Conclusion
As noted above, bookmaker likelihood reflects the probable possibility of any outcome of sporting events. Of course, to be successful in betting, you need to know the value of the chances. It will allow you to conduct a competent analysis and decide on a betting strategy. Decimal odds are a convenient and simple system, most familiar to European users.
