How to identify value in your bets? That’s the big question. My friend, Alex Napier who operates the Best Bet Soccer website, has asked me to write this article to explain the concept of odds percentages and why it’s Vital To Your Bookmakers Business.
What Is Odds Percentages?
Odds are the chances of an event occurring, defined as the probability of a team winning a competition/game/ball/tournament.
Two Decks de Roulette
If you play Blackjack, you know that if the dealer is willing to let you draw a card for a 20-card game, then you have a 21 chance of beating the house. lumbung88 login Similarly in roulette, you have the chance of winning or losing; the chance of a ball landing on a given square.
Odds are expressed in percentages (bb) and are worked out as follows:
Your odds of winning
Your probability ofwinning a bet is the decimal odds of 1 to 1 (with one bet). For example, you have a 1 in 32 chance of hitting your home in the primary round of the soccer match, but only a 50% chance of winning in the final round. The odds of you winning the bet are constructed in such a way that the return you expect to make in the event you win (plus the commission you pay on the bet) is greater than the amount you have paid.
The idea is to get the house edge down as much as possible and in doing so try to create a situation whereby you are paid for the number of bets you make, where your winnings are larger than the amount of your bets needed to recover your losses and give you a profit.
What Does Odds Percentages Mean For Me?
Since Odds are key to soccer betting, let’s look at how they relate to odds percentages.
With traditional bookmakers, the odds are set using a decimal odd formula, which calculates the odds of a win according to the probability of it occurring.
Now, what this basically means is that the operators of the bookmaker are trying to make it easier for themselves to profit from the soccer betting market, by using odds percentages, which are the same value as the odds.
If the casino is willing to pay you 30% of the odds paid on an event, then you can say that the payout should be 4 times the money paid, multiplied by 30%.
You can see that the payout should be 30% of the 30% of the payout.
The problem is that people have a whole lot of information about the match, the teams involved, the players, and the statistics. They weigh up their decision on a whole load of factors but mainly they want to win and win big.
They don’t want the win to be less than 40%, the big win to be less than 60% of the money they have put on the bet.
When you look at the odds on offer you can see that the percentage of win is generally much lower than what you can expect.
This is not a surprise as betting is, by its very nature, unpredictable.
The online revolution and the speed of today’s betting has meant that you can look round for something better, something more to your advantage.
The old betting shop was very similar to the bookmaker shop, you would bet on a football match, you might win, you might lose but you wouldn’t really expect the match to be a particularly keen contest.
You were right to bet on that match as it turned out to be a much closer contest than you would have bet.
The same principle applies to the majority of your bets. The edge is slightly different but the outcome is determined by the margins of the available odds on the outcome.
The fact that there is an available margin for a greater likelihood of a greater recovery means that bookmakers should not be offering an edge when they are, in the ordinary course, likely to offer a little greater edge.
In addition to a greater probability of success, the online bookmakers offer one other very significant factor when they offer odds on soccer matches.
When they list odds on a match, overall there is an overround on the match.
The overround is the percentage by which the total available odds on a match are above the sum of the sum of the available odds on the one result.
As an example, if 60% of the available odds on a match are odds on one result, say 60% + 40% = 70% then the overround on this match would be approximately 8 or 9 points.
Using this example we will make a prediction about a match played between two low ranked teams.
We will name the team Player A and Player B. A high percentage of people will say that Player A will win the match.