What are odds in online sports betting? How do odds relate to calculating winnings?
Understanding odds also means understanding how to calculate your potential winnings when betting on football. However, there are many different odds formats used by bookmakers. Players also need to have some basic knowledge to choose the most suitable betting options for themselves.
The following article will help you understand more about the concept and significance of odds in today's football betting.
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Understanding What Odds Are
Odds are considered as the exchange rate for payouts to players when they win their bets in football.
When participating in sports betting, players make predictions about the outcome of a match. Odds play a role in expressing the probability of how events in the match are likely to unfold, and they are represented by carefully calculated numbers. These odds can be expressed in fractional or decimal formats.
Fractional Odds
These odds typically look like: 1/1, 2/1, 9/1, etc. Players can calculate the odds of events happening with a simple formula: (%) = B / (A + B).
For example:
9/1 odds can be calculated as 1 / (9 + 1) = 0.10, which is equivalent to a 10% probability of the event occurring.
1/4 odds can be calculated as 4 / (4 + 1) = 0.80, which is equivalent to an 80% probability of the event occurring.
1/1 odds can be calculated as 1 / (1 + 1) = 0.50, which is equivalent to a 50% probability of the event occurring.
Decimal Odds
These odds typically look like 4.0, 2.5, or 1.25, among others. Many players find decimal odds easier to understand when betting.
The formula for calculating potential winnings is as follows:
WINNING AMOUNT = (ODDS X BET AMOUNT) - BET AMOUNT
For example, assuming a player bets 100k:
Choosing odds of 1.25 would result in a winning amount of (1.25 x 100) - 100k = 25k.
Choosing odds of 2.5 would result in a winning amount of (2.5 x 100) - 100k = 150k.
Choosing odds of 4.0 would result in a winning amount of (4.0 x 100) - 100k = 300k.
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Compilation of Common Odds Formats at Betting Websites
Asian Handicap Odds – Decimal Odds
➜ These odds typically have the following characteristics:
➜ Usually represent both the bet amount and the winnings for the player.
➜ Asian Handicap Odds have a value greater than 1.00.
➜ The formula for calculating winnings is: Bet Amount x Asian Handicap Odds = Winnings.
➜ Applicable to bet types such as 1X2, score betting, combination bets, etc.
Malay Odds – MY Odds
Characteristics include:
Also include the bet amount and the winnings in the representation.
Format includes both positive and negative numbers.
The formula for calculating winnings is as follows:
For positive odds:
If you win: WINNING AMOUNT = BET AMOUNT + (BET AMOUNT x MALAY ODDS)
If you lose, you lose your entire bet amount.
For negative odds:
If you win: WINNING AMOUNT = (BET AMOUNT x MALAY ODDS) + (BET AMOUNT x 1.00)
If you lose: WINNING AMOUNT = BET AMOUNT + (BET AMOUNT x MALAY ODDS)
Hong Kong Odds – HK Odds
Only display the player's potential winnings.
Format is greater than 0.00.
The formula for calculating winnings is: WINNING AMOUNT = BET AMOUNT + (BET AMOUNT x HK Odds).
If you lose the bet, you will lose your entire bet amount.
American Odds – US Odds
Characteristics include:
When Hong Kong odds are less than 1.00, American Odds are calculated as follows:
-1 / Hong Kong odds = -1 / 0.88 = -1.13
Winning Strategies for Betting
Regarding In-Play Betting
In-play betting, often referred to as "kèo Rung" by Vietnamese players, involves placing bets while a match is still in progress. This helps players minimize losses and avoid disadvantages that may arise from pre-match betting.
To engage in in-play betting, it's essential to have a stable and high-speed internet connection. Network errors have caused many inconveniences and even financial losses for players.
Identifying the Odds
Players can select matches where the bookmaker offers handicap odds of ≥ 1. If a match doesn't have these odds, it's best to skip it. Players should choose Over 1.0 goals for the first half, with odds at 1.1, 1.25, or 1.5, and place bets where the odds for the team winning are 100.
Consider External Factors
Even if you have a good understanding of the teams, players should also consider the latest developments and trends to monitor odds. This allows for more flexible adjustments.
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Conclusion
The question of what odds are has been answered in detail in this article. Regularly access articles to learn more about playing sports betting effectively.
