betting odds

betting odds in English 



When you first come across betting odds bookmakers the media would have you believe it's a level playing field where you can profit by picking a winner. 


betting odds
betting odds


Think about that logically for a second. It doesn't make much sense, does it? If it were true, it would mean the bookies possess a divine power where they can predict the future. 



It also means that nobody else could do it. Otherwise, they'd soon be out of business, which might leave you wondering why they spend so much money promoting tipss bookies don't predict the winner to make their money and understanding how betting odds work, we'll show you why.



 So wherever you are in the world, but in US work the same way, the format may change, but the underlying structure remains the same. It's just an expression of pricing. 



Simply put, betting odds work by reflecting the implied chance of an outcome in monetary terms inclusive of the operators margin. It doesn't matter which sport you're betting on, or where you do it from. 



In fact, it has nothing to do with the football teams, greyhounds, tennis players or horses. But the previous bit in our explanation isn't all that clear.



 So as the saying goes, tell me and I forget, teach me and I may remember, involve me in either. So here's an example to involve you with how betting odds work. 



Assuming we're looking at the betting odds on a football match, the chance of the match happening is 100%. Otherwise, the bits will not take place. Individuals are linked to each outcomes from a billy just like the value of ingredients are linked to the price of a cake.



 Sounds fair enough, right? But makers make money by putting these odds together and adding on a hefty margin for themselves. They again like a baker word when selling the cake.



 So if we look at our football match example, you have three possible outcomes. Team A wins, Team B wins in the draw, let's say Team A of favorites with a 50% chance of winning team B the underdogs with a 30% chance and the juror is most unlikely with 20%. Together they all total 100%. In betting terms, this 100% figure is called the overhand. 



If one outcomes odds increase and others must decrease. Simple if we convert these probabilities into the three different odds formats, decimal fraction and moneyline. You get something like this. 



However, these prices are the true value of something happening. If bets struck a true odds over the long term neither bookmaker nor panna would make a profit.



 But there's more about that in the bid and strategy video that will follow this one in the end screen. bookies ensure they win by subtracting a chunk of value from each outcomes price. 



It changes the overall overarching figure like this. This is why you'll typically see I've round figures 108% 225% with a bookmaker. Occasionally they're as high as 140% on events like the Grand National, this is because bookmakers know the entire nation is going to have a bet anyway, so they just jack up their margin. 



But there's a better option on offer. On the bet an exchange like Betfair of betdaq betting odds work differently. And exchange platform is a place where users like you and I are free to match bets against each other at a price we agree on. 


The winner is then charged a small commission when the event is settled. At the time of publish both the exchanges mentioned in this video offer a flat rate of 2%. So if we're going back to our example, you can see a quick comparison between the different platforms is quite shocking really, isn't it but wait because the most important bit is yet to come. 


If you cash out on an existing bet you only pay commission on the winning figure that's cashed out supposed to get in bad value on the opening bid and again on the cash out there.


 As a brief example, if you place a back bet on Chelsea that had a true price of 4.5 You'd more than likely get a price of 4.0 with a bookmaker, free to one infraction awards.



 100 pound of 4.0 means a 400 pound total return. By placing the same back bit with a bit in exchange, you'd likely get the 4.5 price and then pay 2% on your winnings. 100 pound or 4.5 is 450 pound return minus the 2% which is seven pounds total return being 443 pounds.


 Now the important bit if you cashed out with a bookmaker, you'd see their margin applied again, assuming the true price has moved to 3.5. The cash out would be worth 14 pound 29 profit. 



But a bookie would apply their margin again offering you the 3.75 price to cash out against this makes their cash out offer just six pounds 67 out, double shafted. 



However,

if we were on an exchange that allowed you to cash out your full bid from 4.5 price of 3.5. Only then would they apply the tips in commission, cashing out between 4.5 and 3.5 is worth 28 pound 57. So you pay 2% commission on that a total of 58 pence.



 The end result for these identical bets on alternative platforms that are this 667 With a bookmaker or 2799 with the exchange. This is exactly why you should always use a betting exchange instead of a bookmaker. So now you understand how betting odds work.


 It's time to take a little look at betting,strategy taking it one step further. 


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Watch this video click here....


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