If you love sports betting, you may have wondered how the bookies calculate the odds for a game. Here are all the details you need to know about betting odds.
Betting odds in online casinos like UFABET are not different from physical sports betting. But, the whole procedure looks complicated and calculative. Nevertheless, it is not difficult to understand the concept of the betting odds calculation method.
So, interested to know? Here is a brief guide for you.
In the case of online betting odds, the bookmakers’ main aim is to create a betting line that offers them profit irrespective of the match outcome.
True odds
Ture odds refer to the true probability of a particular match involving two teams in any game. The bookmakers first research the two teams’ performance, player performance, and previous match-up history to find the true odds. They are known to use probability and statistical methods for this.
A game can have three outcomes- win, draw or lose. For bookies, the aim is to find a “fair book” or a betting market where the sum of the probability of the three outcomes is 100%.
Here, consider a cricket match of two teams, A and B, while one is a home team, and the others is an away team. Let’s assume that the home team has a probability of 50% while the away team has a winning probability of 16.67%. The match also has a probability of drawing for 33.33%. It is indeed a “true book.”
Margin and offered odds
After this, they adjust the true odds with a margin that can offer them an advantage if anyone bets differently. So, they adjust the true odds and upload the new odd line as the betting odds.
Consider that a game has a true odds of home win, lose and draw of 4/6, 6/4, and ¼, i.e., 605, 40%, and 20%. If you check this probability percentage, you will find that it is not a “fair book” as the percentage becomes 1205. Hence, the bookmakers determine the odds as 3:2:1.
In short, the bookmakers are always ready to ensure they make a profit while you are also profiting from the game.
You can easily calculate the profit margin of any bookmaker by the following method-
Consider a game with four outcomes M, N, P, Q. First, you have to convert the betting offs into decimals.
Next, use the formula= {(1/M +1/N +1/P +1/Q ) x 100}-100
This will offer you the margin in a percentage for you.
Changing of odds before a match
If you check out carefully, the betting odds often change just before or during the match. It happens spontaneously as the teams start to play or some new factors come up since the bookmakers use only mathematical calculation and various factors to make a rough calculation, the need to adjust if the need comes up.
For example, betting on the favorite team, a participating team’s recent victory or performance can change the betting odds before a match.
Conclusion
Bookies use a mathematical calculation to find the odds and then decide on their odds as per the data. Understanding the procedure will offer you a better insight and allow you to make better strategies for games.
