Odds explanation - How do betting odds work?

Odds explanation - How do betting odds work?

In the field of sports betting, there are betting odds. But what exactly is a betting odds and how is it composed? With a normal bet, there is a bet between two parties. Privately, there is often a bet for something and the loser has to clean up dust, for example. Sports betting is a bit different. In this case, the sports betting bets a certain amount on the outcome of a football match. Bookmakers offer betting odds on different bet types. The higher the odds, the more unlikely the outcome of a football match is, according to Buchmacher. If you bet on a very unlikely outcome and are right, you profit from a high win. Sports bettors want their assessment to be correct and want to bet on a bet that has the highest possible odds. In addition, they always want to place bets with a secure provider. On Openodds.com you will find information about bookmakers with PayPal.

What are the components of the odds?

Now, of course, the question is how the odds come about in the first place. Every bookmaker has to calculate the probable outcome of the game. The result is the odds. For example, if there is a bet with a odds of 2.00, the bet would be doubled by the odds. The odds are in principle made up of several components. Normally the odds set by the bookmaker are displayed as a decimal number. There are the events “0”, “1” and “2”. Sometimes there are also “0” in “x” instead of “0”. “0” or “x” means a tie. The “1” stands for a home win and the “2” for away win. If you want to bet on a home win, you have to pay attention to the “1”.

Changing the odds – What happens now?

Of course, it can happen that the odds change in the meantime. Changes are due to the fact that the betting provider assesses the outcome of the game differently from various factors. It is possible that the general conditions of the football event have been changed, resulting in a different probability of the final result. Also, losing players or a different player line-up may lead to changes in odds. Often the odds are changed due to the high risk of loss. If excessive amounts of money are bet on a sporting event, the bookmaker could suffer a high loss. Therefore, quotas are sometimes changed in order to lose as little as possible. The popular bet is in principle downgraded and the other outcomes are raised. However, it is also the case that an already placed bet remains with the old odds. This means that nothing can be changed once the bet has been placed.

Setting betting odds – that’s how bookmakers proceed

The winnings are easy to calculate. Sports bets only have to multiply the stake by the previously set odds. This is a very simple undertaking. But calculating the odds is much more complicated. Bookmakers have to be able to estimate well how the outcome of the game will turn out. The providers determine the fair odds. 1 x 2 bets are usual for games in the German Bundesliga. For example, the bookmaker estimates that the home win is 60 per cent, a draw 26 per cent and an away win 14 per cent. All in all, the three percentages must amount to 100 per cent. This percentage is now used to determine the fair odds. This is 100 divided by the percentage. The result is fair quota. In the case of the home win in the example, the odds would be 1.66 per cent. A draw would be offered with 3.84 per cent odds. The away win would be 7.14 per cent.

But the fair odds do not come to the beginning since the bookmaker must earn also money. If the fair odds were applied, the provider would have to pay out the losers’ money to the winners. Therefore a real odds is determined. When determining the real odds, however, there are differences from provider to provider. It depends on how much money a provider wants to retain himself. Some bookmakers are satisfied with a profit of 10 per cent. But there are also bookmakers who would like to retain 20 per cent, for example. In order to determine the fair odds, the determined fair odds are multiplied by a value of less than 1. If the fair odds are multiplied by 0.9, the bookmaker keeps 10 per cent for himself. If the fair odds are multiplied by 0.8, the bookmaker receives a profit of 20 per cent. It is the case that the bookmakers pay out a large part of the deposited money to the players again.

Odds on live bets in constant change

The odds on live bets will be adjusted regularly based on the latest game developments. It depends on how the soccer game changes over the course of the season. Sports weather could therefore constantly give new tips in order to achieve a small profit in the end. Some sports bettors rely on the Surebet betting strategy. With this strategy, the sports bets must be registered with several bookmakers and give a tip. Players try to bet on a variety of outcomes by shifting the odds. In this way, a small win is usually possible.

Odds – not so easy at all

So it is not so easy to determine betting odds. So the bookmakers have their hands full until they have determined the real odds and offer them accordingly on their pages. It is quite clear that the bookmakers have to make a profit. This is why there are occasional changes to the odds. This is the only way the bookmakers can survive on the market. If the fair odds were used as a basis, the bookmaker could quickly make a loss, which could have existential consequences. Those who, for example, like to bet on favourites should decide on a result as early as possible. The sooner sports bettors decide, the higher the winnings can be. If sports weather is waiting too long, the odds are usually worse for the players and a win is therefore lower.