How are the bets odds and payments stats are determined by a casino for sports games

Planning to start gambling, be it casino games, sports betting, or any other kind, it is important that you understand things.

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If you plan to start gambling, be it casino games, sports betting, or any other kind, it is important that you understand things. It would be absurd and absurd to think about placing bets without having a good understanding of the main types of betting odds and the ability to read and interpret the various formats involved.

The three main types of betting odds are fractional odds (UK), decimal odds (European), and US odds (money line). They are different ways of presenting the same and there is no difference in terms of the payments made. This means that a probability (percentage probability) of an event occurring can be converted and presented to any of the above probability types.

Key takeaways
  • The are three ttypes of odds are UK - fractional odds, EU -decimal odds, and US - Money line.
  • Odd types are presented differently, but no difference in terms of payments made.
  • Decimal odds are the amount won by one for every €1 paid.
  • Fractional odds are the proportion of the amount won by the bet
  • The American odds, depending on the negative or positive signal, indicate how much you need to spend to win $1 or how much one of every $1 saved is earned.

By Bets odds we mean the estimate of the probability that is attributed to a particular result relating to a given event. If successful, the player will "win" the stake invested in the bet, multiplied by the odds.

It is not easy to understand how the odds are calculated, especially for those who have recently entered this world. Casino or Betting sites have complicated algorithms which, through the set of information regarding the single match or competitions. The bookmakers' task is to promote and change them when there are variations in the source information.

How to calculate betting odds

Before understanding how to read the odds it is necessary to understand the difference between odds and probabilities.

Once the bettor is aware of this, he can easily calculate the probability that the bookmaker assigns to each result, with the formula 100 / odds . For example, if the bookmaker attributes to a certain event the success of the home team with an odd of 1.5, it means that it attributes a probability of 66.6% to that event.

The advice to follow is to look for bets with real chances of winning, higher than those established by the operators themselves. The calculation to find this result is obtained thanks to the formula mentioned above.

How the odds are read and converted: European, British, American

Let's try to understand the differences, and how to convert a share from one system to another.

European odds - Decimal
For this comparison we start from a quota displayed “European style”, that is with the decimal: 2.60. With this type of reading, we know that by betting 10€, in case of victory we would collect 26€. The stake is therefore "gross", as it includes both the invested sum and any profit.

English odds - Fractional
The one in use in the United Kingdom is fractional and is expressed in two numbers separated by "/", on the left the dividend and on the right the divisor, such as 3/2. The odds can be expressed in a textual way, "3 against 2". The most important difference, however, is substantial, because the British only consider the net share, or the potential profit. In fact 3/2 is the equivalent of our 2.50, since 3: 2 is 1.50, which is the net profit. To convert the English share into European one, the following formula must be followed:

(dividend + divisor) / divisor

In our case it would be (3 + 2) / 2=2.50. Let's take another example with the English 11/4 odds. Converted into a European share it would become (11 + 4) / 4=3.75.

American odds – Money line
The American system, on the other hand, is more complex. Sports betting odds in the United States appear as a 3-digit whole number preceded by a "plus" or "minus". For example, +150 or -175, and so on. For our way of understanding the odds it seems incomprehensible, but it is simpler than it seems. The odds with the "+" are those above 50% which are above 2.00. The odds with a "-" in front are instead those below 50, odds with 1 plus decimals: 1.50, 1.75 and so on.

The system for converting American shares into European ones helps us to understand its substantial simplicity. The formula for US odds with the plus sign in front is

(US share + 100) / 100

Let's take an example. The US share +150 will become (150 + 100) / 100=2.50.

The formula for American odds with a minus sign in front is instead

(US share + 100) / US share

Therefore, the American odds -180 will become (180 + 100) / 180=1.55.

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How to interpret the betting odds

It is important not to be fooled by the first appearances, it is necessary to understand how bookmakers try to orient their profit with a continuous rebalancing of odds and probabilities. To find out what the real odds are most advantageous for those who bet, it is essential to understand how the game works.

If you plan to enter the world of gambling or the world of games, it is important to be able to understand and interpret all kinds of odds well. Once you've mastered the three common odds types (fractional, decimal, and American), you can move on to a more in-depth reading of this topic and learn how to always win the house.

See you the math behind betting and gaming odds to convert between different odds formats, convert odds to implied odds, and the differences between the actual odds of an outcome and the odds displayed.

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