Betting/Odds Useful Tips

Betting/Odds / Thursday, March 29th, 2018

betting odds explained

Betting, or Odds, is the game where you bet on the outcome of certain events. The different outcomes have different odds. If you bet 100 coins of outcome x in game y, and the odds for this outcome is 2 and the result is in your favour, you get paid 200 coins. This is the betting essence.

In gambling, the odds on display do not represent the true chances that the event will occur, but are the amounts that the bookmaker will pay out on winning bets.

Profiting in gambling involves predicting the relationship of the true probabilities to the payout odds. If you can consistently make bets where the odds of paying out are better than the true odds of the event, then over time (in theory) you will come out ahead. Sports information services are often used by professional and semi-professional sports bettors to help achieve this goal.

The odds or amounts the bookmaker will pay are determined by the amounts bet on each of the respective possible events. They reflect the balance of wagers on either side of the event, and include the deduction of a bookmaker’s brokerage fee.

Sports betting is the general activity of predicting sports results by making a wager on the outcome of a sporting event. Different game providers offer betting/odds-games, like for instance Unibet and Betsson.

Different format of the odds
Odds for different outcomes in a single bet are presented either in European format (decimal odds), UK format (fractional odds), or American format (moneyline odds). European format (decimal odds) are favoured in continental Europe, Canada, and Australia. They are the ratio of the full payout to the stake, in a decimal format. Decimal odds of 2.00 are an even bet. UK format (fractional odds) are favoured by British bookmakers. They are the ratio of the amount won to the stake. Fractional odds of 1/1 are an even bet. US format odds are favoured in the United States. They are the amount won on a 100 stake when positive and the stake needed to win 100 when negative. US odds of 100 are an even bet.

All kinds of betting
If you browse through the different betting/odds services mentioned on WinOnWeb you will find that you can bet on the outcome of numerous events, not inly in sports, but in politics, int he stock market and more. The rule is; the more you know about one special field, the better possibility it is that you will earn money on betting.