Understand the Main Element of Betting on BETCRED
For those who are starting 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?
Odds represent the quotation of each team in a bet for a given game. They indicate the probability of an event happening in a match or competition, which can be football, basketball, volleyball or even a horse race.
Criteria used by betting houses:
- Current ranking of the player or team
- Injured players
- Most recent results
- Playing home or away
How do odds work in practice?
Betting houses analyze and calculate the possibilities of a specific event. Let’s look at a game between Brazil and Costa Rica to better understand:
- Odds Brazil: 1.22 (probability of 81.96%) ⚽
- For every NZD 1.00 bet, the return would be NZD 0.22, with a high probability of winning.
- Odds Costa Rica: 13.00 (probability of 7.69%)
- For every NZD 1.00 bet, the return would be NZD 12.00, but with a low probability of winning.
- Draw Odds: 6.00 (probability of 16.66%) 🎲
- For every NZD 1.00 bet, the return would be NZD 5.00.
Betting House Margin or Juice
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 house’s commission, usually ranging from 3% to 6%.
What are the types of odds?
Odds can be presented in different ways in betting houses. It is important to know them to know which one to use.
Decimal Odds:
- Simple and common format in New Zealand.
- To calculate the probability: divide NZD 1.00 by the odds and multiply by 100.
- Example: For a bet of NZD 10.00 with odds of 1.22, the gain would be NZD 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 NZD 2.00 for every NZD 9.00 invested.
- To calculate the probability, add the numbers and divide by the total invested.
American Odds:
- Used in sports such as basketball and American football, with positive and negative numbers.
- Example: odds -450 indicate that it is necessary to bet NZD 450 to win NZD 100; odds +500 mean that a bet of NZD 100 would win NZD 500.
- Probability Calculation:
- Negative odds: odds / (100 + odds)
- Positive odds: (100 / (odds + 100)) x 100
With this information, it is clearer to understand what odds are, the existing types and how they are calculated. Understanding odds is essential to making informed and strategic bets on BETCRED. Good luck!