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From Probability to Betting Odds

The betting world is quite complex and in order to understand it you need to learn a lot of new things from different fields. If you want to learn hot to bet, then you need to do a lot of research. You will never be able to understand the betting system and its traps from a single article. We suggest that you read all our articles if you want to master the art of betting. In this article we will teach you how to convert probability with betting odds. Before reading this article we suggest that you familiarize yourself with the basic concepts of probability.

From Probability to Betting Odds From Probability to Betting Odds Picture
  • Sports probability

In order to understand our explanations and our examples, you should first know that we use the decimal odds. All betting odds are based on sports probability. In soccer, the odds are given by the probability of one team winning or making a draw. In other sports, the odds are given by the probability to beat records or win competitions. In the betting world, if you don’t do your research, there a high probability that you’ll lose your money.

  • Probabilities in different sports

As we mentioned above, in order to be able to convert probability to betting odds, you need to understand how probabilities are calculated. Although the formulas are the same for all sports, each sport and game should be approached differently therefore, you should also check out some tips for betting on your favorite sport.

  • Gathering data

The first thing that you need to do is gather date based on past performances. Once you do this, you need to use frequency distribution in order to arrange your data. In order to do this you must establish the relevant aspects of your sport. For example, if your data concerns the last 10 games of a specific team, you need to see how many times they scored one, two or more goals during a season. For example, a team managed to score two goals/game in three out of ten games; they scored 1 goal/game in 6 out of 10 games, and they didn’t manage to score any goal in one of the 10 games. This is a simple example of frequency distribution but you can use more other factors as well in order to do this such home/away games, win/lose/draw. It all depends on the type of bet you want to make. If you want to bet on a team’s victory then you do the frequency distribution based on the results of the last games of that certain team.

  • Converting probability to betting odds

In order to convert your probability to odds, you need to use 1/x formula. In this formula, “x” is the probability in decimal format and 1 stands for 100%. This decimal method is the most popular way of converting probability to odds and it is used worldwide.

 

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