Understand the Main Element of Betting on BETCRED
For those who are starting in the world of betting, it is crucial to understand what odds are and how they work because they are directly linked to the probability of an event occurring.
What are odds and what are they used for?
Odds represent the quotation of each team in a bet for a specific 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 ranking of the player or team
- Injured players
- Most recent results
- Home or away game
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:
- Odds Brazil: 1.22 (probability of 81.96%) ⚽
- For each ₦ 1.00 bet, the return would be ₦ 0.22, with a high probability of winning.
- Odds Costa Rica: 13.00 (probability of 7.69%)
- For each ₦ 1.00 bet, the return would be ₦ 12.00, but with a low probability of winning.
- Odds Draw: 6.00 (probability of 16.66%) 🎲
- For each ₦ 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 house’s commission, generally varying between 3% and 6%.
What are the types of odds?
Odds can be presented in different ways in betting houses. It is important to know them to understand which to use.
Decimal Odds:
- Simple and common format in Nigeria.
- To calculate the probability: divide ₦ 1.00 by the odds and multiply by 100.
- Example: For a bet of ₦ 10.00 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 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 bet of ₦ 100 would win ₦ 500.
- Calculation of probabilities:
- 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 fundamental to making informed and strategic bets on BETCRED. Good luck!