Probably one of the most interesting and fun things about betting is calculating the odds. Even though people tend to say that betting is gambling, and thus, related to luck, it very much depends upon the calculation. Not only that, but successful and expert betting requires thinking, analyzing and predicting.
In case you are new this way of gambling the following text will be helpful. Take a look at the beginner’s guide to calculating betting odds.
For starters, it is probably a good idea to clarify the basis of betting. Broadly speaking, it functions on the principle of prediction. In other words, you are supposed to calculate how likely an event is to happen. Further, an event can result in a few outcomes, what you are supposed to do is predict the exact or the next best outcome.
If this principle of prediction seems confusing and complex, take a look at the following example. If you roll the dice, there are six possible outcomes. By relying on the predictive principle you are supposed to guess the outcome of the rolling. This is pretty much the basis on which the betting works.
Now that we have covered the theory, we will move on to the practice. If you want to calculate probability, there are several ways. If there are numbers which are separated by a trailing slash (10/1), these numbers represent the fractional odds. Thanks to these numbers you can calculate the probability of the outcome in no time all you have to do is apply a simple calculation: Probability (%) = x / (y + x). Take a look at the following examples:
1 / 4 can be calculated like 4 / ( 4 + 1 ) = 0.80 which means that there is a 80 percent chance that the event will happen.
1 / 1 can be calculated like 1 / (1 + 1 ) = 0.50 which means that there is a 80 percent chance that the event will happen.
4 / 1 can be calculated like 1 / (4 + 1) = 0.20 which means that there is a 20 percent chance that the event will happen.
9 / 1 can be calculated like 1 / (9 + 1) = 0.10 which means that there is a 10 percent chance that the event will happen.
Not only can you calculate the possibility of the outcome, but you can also calculate how much money you will earn. For example when it comes to 1 / 4 for every four pound you bet you will win 1; 1 / 1 for every pound you bet you will win 1; 4 / 1 for every pound you bet you will win 4; and 9 / 1 for every pound you bet you will win 9.
Back in the day, people had to go through all the trouble of calculation and drawing conclusions, however, today, thanks to the advancements in technology, you can even download software for this, or you can calculate online. Nevertheless, it is always good and useful to know the principle of how something works!
Another tip which regards calculating is not related to math, but rather to following the field and learning everything you can about the sport on which you are betting. Now you see why it has been mentioned that batting is not that dependent on luck. It can even be said to be dependent on knowledge.
It is true that you do need luck, but you should also do everything in your power to win. What does this include? First you need to follow the leagues, competitions, tournaments and see which team or player is good or bad. Also, you need to take into consideration the good and bad sides of teams, i.e. the pros and cons. This means taking into account the players, weak and strong spots, their performances and factors which influence the quality of the performance.
Lastly, even though it is normal to have favorites, you need to be driven by logic, not the heart. So, you should bet on the team you think will win, not the team you want to win. Overall, you need to be analytical and observe the whole thing objectively and realistically.
Luckily, we live in times when information is a click away. So, you can easily learn about a sport or team, even if you are a beginner and don’t have any prior knowledge. Even better if you are really interested in the sport, because then all the reading and watching the games, analyzing and observing will be easy and fun. Further, it will not burden you, but you will enjoy it. If you are interested in gathering information you can check out the Bet9ja web page for more detail on betting.
To sum up, betting is dependent on three factors: calculation of possibility, overall knowledge and luck. By relaying on fractional odds, you can easily calculate the chance for winning. Additionally, you can even calculate how much money you will get, by yourself or via a program.
However, it is always a good idea to be as informed as you can – we are all familiar with the fact that information is power. Therefore, don’t hesitate to investigate and approach the sport analytically. After all, don’t forget to have fun and to test your limits, because the main purpose of betting is to get to know yourself, the sport, and the world of possibility!