Understand the Main Element of Betting at BETCRED
For those starting out in the world of betting, 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?
Odds represent the rating of each team in a bet for a particular game. They indicate the probability of an event happening in a match or competition, which can be soccer, basketball, volleyball, or even a horse race.
Criteria used by betting houses:
- Current player or team ranking
- Injured players
- Most recent results
- Playing at home or away
How do odds work in practice?
Betting houses analyze and calculate the possibilities of a specific event. Let’s analyze a game 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 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 betting house’s commission, generally ranging between 3% to 6%.
What are the types of odds?
Odds can be presented in different ways at betting houses. It is important to know them to understand which to use.
Decimal Odds:
- Simple format and common in Brazil.
- 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 used in Europe and indicated by fractions.
- Example: odds of 2/9 mean 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 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.
- Probability Calculation:
- 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 essential for making informed and strategic bets at BETCRED. Good luck!