Understanding the Main Element of Betting on BETCRED
For those starting out in the betting world, it is crucial to understand what odds are and how they work, as they are directly linked to the probability of an event occurring.
What are odds and what are they for?
The odds represent the odds of each team in a bet for a specific game. They indicate the probability of an event happening in a match or competition, whether it be football, basketball, volleyball, or even a horse race.
Criteria used by betting houses:
- Current ranking of the player or team
- Injured players
- Recent results
- Home game or away game
How do odds work in practice?
The betting houses analyze and calculate the possibilities of a specific event. Let’s analyze a match between Brazil and Costa Rica to better understand:
- Brazil Odds: 1.22 (probability of 81.96%) âš½
- For every $1.00 bet, the return would be $0.22, with a high probability of winning.
- Costa Rica Odds: 13.00 (probability of 7.69%)
- For every $1.00 bet, the return would be $12.00, but with a low probability of winning.
- Draw Odds: 6.00 (probability of 16.66%) 🎲
- For every $1.00 bet, the return would be $5.00.
Margin or Juice of the Betting Houses
There is a margin or commission that the betting house receives, known as “juice.” In the example above, the sum of the probabilities exceeds 100% (106.31%), and this difference of 6.31% represents the commission of the betting house, usually varying between 3% to 6%.
What are the types of odds?
The odds can be presented in different ways in betting houses. It is important to know them to understand which one to use.
Decimal Odds:
- Simple and common format in Australia.
- To calculate the probability: divide $1.00 by the odds and multiply by 100.
- Example: For a $10.00 bet with odds of 1.22, the gain would be $12.20, representing a probability of 81.96%.
Fractional Odds:
- More commonly used in Europe and indicated by fractions.
- Example: odds of 2/9 means that the expected return is $2.00 for every $9.00 invested.
- To calculate the probability, add the numbers and divide by the total invested.
American Odds:
- Used in sports like basketball and American football, with positive and negative numbers.
- Example: odds -450 indicate that it is necessary to bet $450 to win $100; odds +500 mean that a $100 bet would win $500.
- Calculation of probabilities:
- Negative odds: odds / (100 + odds)
- Positive odds: (100 / (odds + 100)) x 100
With this information, it becomes clearer to understand what odds are, the existing types, and how they are calculated. Understanding odds is fundamental to making informed and strategic bets on BETCRED. Good luck!