One of the main criteria when choosing a bookmaker is the odds on bets. But what is it, how are they calculated, and why are these values set? In this material, we will consider in detail How to calculate odds in betting. And we will understand all the nuances of the coefficients, their calculation, etc.
What are coefficients and how are they formed?
To begin with, it is worth understanding what a coefficient is. Everything is quite simple here, the coefficient is the probability of a certain event, taking into account the bookmaker’s margin. For players who place bets, this indicator is the main one when measuring profit and payout amount. In general, we can also say that the coefficient reflects the probability of winning, it is by it that the players determine how high the probability is and whether it is worth making a bet.
Calculating odds is not easy. To do this, bookmakers attract fairly large analytical departments, and also use professional software that calculates probabilities. The first option, with manual calculation, is practically not used anymore, since it requires a lot of time and effort, a solid staff of analysts who will take into account hundreds of factors and much more. Therefore, today the calculation is carried out automatically using special software.
What are the coefficients?
Looking at the economy, you can see dozens and even hundreds of different coefficients that are calculated in different ways. But it is customary to use only 3 formats in bets, namely:
1. American.
2. European.
3. British.
In this case, all these coefficients are calculated in the same way, and differ only in the designation. Therefore, it is worth considering each of the options in a little more detail.
European odds
This is the most common type of decimal odds, which reflect the probability of an event in the format of a fractional number, for example, 2.25, 1.12, etc. Betters from the CIS are used to seeing just such options, and it is convenient to determine the probability of an outcome using them. For example, if the coefficient is less than 2.00, then the chance of winning is quite high, when the coefficient is greater than 2, then the chances are sharply reduced.
With such odds, it is also easy to understand the probability of winning and its impact on profits. The calculation is simple:
- The coefficient is determined by multiplying the face value of the bet by the quote.
- The probability in this case cannot be equal to 1 or be less than it. If the probability is equal to 1, then the bet becomes returnable. For example, if a bet was made on Total over 3, and the teams scored only 3 goals, then the bet will be returned to the account and that’s it.
- Considering the standard coefficient of 2.5, we can conclude that it speaks of a 40 percent probability of passing. In this case, the profit will be 1.5 face value of the rate. Those. if you bet $100, you will get $250, of which $150 is pure profit.
Also, European quotes have their own varieties. One of these is the Hong Kong coefficient. It differs only in its spelling, namely, such a coefficient is less than 1 from the standard one. It shows net income. That is, for the same match, the standard odds for winning 1 can be 2.3, and with the Hong Kong spelling it will be indicated as 1.3.
American coefficient
The second type, which is the most difficult to perceive in the CIS. It is expressed as an integer with a plus or minus sign. Calculated as follows:
- The positive option shows the amount won from a bet of $100.
- Negative will indicate how much the bet must be in order to make a profit of $100.
For example, 2 teams play, Barcelona and Manchester. To win first, there is a coefficient of +230 – this means that if you bet $ 100, you will receive 230 if you win (translated into European, the coefficient will be 2.3). On “Manchester” the rate is -165. This tells you that you need to bet $165 to get $100 in net profit.
They also have two varieties:
- Indonesian. Standard notation divided by 100. I.e. +100 would be written as +2.00.
- Malay. It is written as a fraction, for example, -0.80, i.e. To get $100, you need to wager $80.
British
Such coefficients are described by fractional indicators and are absolutely unusual for many players from Europe and the CIS.
For example, the ratio is 6/2. Those, the probability of winning is 6 to 2. That is, in the standard European version, it will be equal to 3, and the American one is written as +300.
Summarizing
As you can see, the coefficients in the line indicate the probability of the passage of events, and also indicate the risks. Manually calculating all indicators is as inconvenient as possible, long and a person can make a mistake. Therefore, all calculations are carried out using special software and change in real time. There are several recording formats that are selected by each bookmaker based on its audience, as well as a large number of other features. But they are easy to understand and understand, How to calculate odds in betting.