With betting, you are given the chance to predict the possible outcome of an event and assuming that you’re correct, you’ll win money in return. Well basically, this is similar like when playing in judi online terpercaya where you make your predictions and win or lose money base on the outcome.
Let us use a dice for example on your probabilities when betting. A die has 6 possible outcomes and in this case, if you bet on a die rolled, you have 16.67 percent chance to have a correct bet. What betting odds tell you is your likelihood to win. In most cases, bookmakers particularly in parts of United Kingdom are doing this as fraction such as 4/7 while most offer the chance to see them in decimals.
Taking Advantage of Betting Odds
As a matter of fact, there is a way that you can calculate your probability for every bets. Whenever you see a couple of numbers that are separated by trailing slash such as 10/2, this is otherwise called as fractional odds.
With this example, you have the chance of calculating how likely a game or event will happen from that calculation. Here are other examples to have better understanding of it.
- 9/1 is 1/(9 + 1) = .10 – Here, punters have 10 percent chance that their bet will happen
- 4/1 is 1/(4+1) = .20 – For this one, bettors have a 20 percent probability that their bet will happen
- 1/1 is 1/(1+1) = .50 – Simply speaking, you have 50 percent chance of winning
- 1/4 is 4/(4+1) = .80 – This is where you wanted to be because it means you have 80 percent fighting chance of winning.
Now you are getting into it. Now, we are able to tell your probability on every bet made. Next is to find out how much money you will likely make if you bet on following the said odds.
Calculating Your Winnings
With betting odds, it lets you to have an idea how much money you are going to make on every bet. Following the said examples above, here is what you will potentially win.
- For every $1 you bet on a 9/1, you’ll get $9.
- For every $1 you bet on a 4/1, you’ll get $4.
- For every $1 you bet on a 1/1, you’ll get $1 and;
- For every 4$ you bet on a 1/4, you’ll get $1
So that is it, easy right? As you get more involved into betting, it will be easier to check your odds and your potential winning.