Safe betting is always and at all times associated with betting odds. But what exactly are they? Where do they come from?
What are betting odds
They are really just probabilities, the conversion is very simple and it helps to understand the odds better. By looking at the odds, you can directly see how likely the bookmaker thinks a particular outcome of the game is, which the bettor himself does not have to agree with. But it is up to the client to work out his own odds based on the probabilities in order to see if a bet is worthwhile.
There are different types of betting odds. Three main types of Vulkanbet betting odds
British fractional odds are the ratio of the amount won (profit) to the bet.
European decimal odds – it is the amount of winnings for every $1 bet.
The American moneyline odds are the odds of the moneyline which show either the amount you have to bet on the football to win $100, or the amount you can win for every $100 wagered.
Bookmaker odds conversion
There is a probability in every odds. For example, there is a 50% chance. This means that with a 50% probability Team A will win. The number itself is based on other data, such as
the previous encounters between the two opponents,
- goal difference,
- field conditions.
The following formula can be used to convert probability into a betting odds: Betting odds = 1 / probability * 100
Accordingly, a probability of 50% can also be considered as odds of 2.00. At the same time, this will also be the odds by which you can calculate your winnings. If you are successful, you will get $2 back for every dollar you bet.
Because each quota has a probability, you can also calculate the inverse and convert the probability back to a quota. The inverse formula is as follows: Probability = 1 / odds * 100
In this case 2.00 again results in a 50% probability. However, it should be noted that the bookmaker’s initial probability is not necessarily disclosed, as he also includes margin in the odds. For example he might make the odds 1.93 from an initial probability of 50%. The discount helps the bookmaker to make a profit.
What are the betting odds based on?
Betting odds are based on probability. This is obvious at first, but what are they based on and where do they come from?
The bookmaker is ultimately responsible for this. The event probabilities are the result of an analysis taking into account various factors. Teams are rarely clean sheets and have a history.
A very simple deduction of probabilities might be, for example, the following: Two teams have played each other ten times in the same place. Team A won 5 games, team B won 3 games, and two games ended in a draw. From this, probabilities of 50%, 30% and 20% can be constructed.