How do sports betting odds work? – Infographics

One of the ways that people spend their time on the internet is through online sports betting. Online sports betting can be an excellent hobby or even a second source of income to bettors who know their odds. Some people consider themselves as professional sports bettors and bet hundreds of thousands of dollars.

If you wish to be a professional online gambler, the best chance of you winning depends on the odds. Knowing the odds is critically important because it allows you to understand how likely an event is to happen and your potential winnings. For Kenyan sports bettors, football is the best sport to bet on because of its popularity.

If you are a first-time bettor, here are some tips to increase your probability of winning.

What is probability? 

The most basic level betting provides you with the ability to predict the outcome of a particular event, and if your prediction is correct, you will win money. There are a certain number of results for any sport depending on what betting market you are going to bet on. The best market with a 50/50 chance is the one is to one market.

The best betting market for beginners is on who would win the game. If you enter this betting market, you do not have to complicate yourself in calculating other probabilities but your team’s chance of winning. As a bettor, you should make an effort to read the odds to compute your winnings and bets of winning.

How do you use the odds to calculate winnings?

Betting odds allow you to calculate how much money you will win if you make a bet. Decimals are far more common on exchanges, such as Betfair, but all leading betting sites give you the option to view betting odds in this format. You can always use a betting calculator to know how much you will win if you emerge victoriously.

There are three types of odds you can bet on – the American odds, Fractional/UK odds, and Decimal/European odds. American odds for betting on the favorite work by showing how much money you would have to bet to win $100. On the other hand, UK odds quote the net total, which will be paid out to the bettor, factoring in their stake.

The figure quoted is the exact amount paid out if the bet is a winner if you bet on decimal odds. These odds are substantially equivalent to the decimal value of the fractional odds, plus one. The good news is that most sportsbooks on the internet today allow you to change between odds in different betting markets.

Once you know the kinds of betting and how to calculate the payout value, you should have a trustworthy sportsbook to trust your bets. A sportsbook is a key to how and what are you going to bet against as they provide the betting operations. If you participate in online gambling in Kenya, you can always go to Chezacash.

If you want to start your journey as an online sports bettor, you can always go to www.chezacash.com.

Sources:

https://mybettingsites.co.uk/learn/betting-odds-explained/#:~:text=Betting%20odds%20represent%20the%20probability,4%20%2B%201)%20%3D%200.20.

https://www.onlinegambling.com/sports/betting-odds-guide/

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