Tianna Fujimura asked, updated on December 31st, 2020; Topic:
betting odds

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Formation of **betting odds** takes into account two key parameters – outcome probability in percent and margin set by each bookmaker. ... The higher is outcome probability to win, the lower are **odds**. And vice versa. Thus, in matches between a favorite and underdog, the higher odd will be on outsider's win.

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Next, where do Bookmakers set their odds from?

**Bookies** don't actually **set their odds** based completely on the real **probabilities** but rather on how likely they think **their** punters will wager on each outcome, allowing them to balance **their** book.

At all events, who sets the odds in sports betting? odds compiler

No matter, how do you calculate odds of winning?

**Odds**, are given as (chances for success) : (chances against success) or vice versa. If **odds** are stated as an A to B chance of **winning** then the **probability** of **winning** is given as PW = A / (A + B) while the **probability** of losing is given as PL = B / (A + B).

What are true odds?

When you hear someone use the term “**true odds**” they are referring to the actual **odds** of something happening as opposed to what a linemaker or sportsbook would offer. The “**true odds**” are a better indication of the actual probability of something happening.

More choice in **odds**. One sure **way to beat bookies** is to take the longest **odds** you can get. No one **bookmaker** is any more generous on **odds** than any other, but it's rare to see every **bookmaker** have the same prices for a specific outcome. Check them all before **betting**, and always go with the longest **odds**.

Bookmaking is generally **illegal** in the **United States**, with Nevada being an exception due to the influence of Las Vegas. In May 2018, a **United States** Supreme Court ruling struck down the Professional and Amateur Sports Protection Act of 1992, which prevented individual states from legalizing bookmaking.

In Summary. Betting **odds** represent the probability of an event to happen and therefore enable you to **work** out how much money you will win if your bet wins. As an example, with **odds** of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20.

To determine what the **odds should** be on a given game, **oddsmakers** rely heavily on advanced mathematics, scientific formulas, computer algorithms and experience. They also take into account power ratings. A power rating is a statistical representation of how strong every team is compared to each other.

If the **odds** are minus (–), then that amount of money must be wagered to win $100. (e.g. –150 **means** you must **bet** $150 to win $100.) If the **odds** are plus (+), that amount of money **would** be earned on a successful $100 wager. ... Money line is also sometimes referred to as “American **Odds**.”

Standard Win Bets and PayoutsOdds$ Payout$2 Payout

4/5 | $3.60 | $9.00 |

1/1 | $4.00 | $10.00 |

6/5 | $4.40 | $11.00 |

7/5 | $4.80 | $12.00 |

You should be able to view the **odds** of a bookmaker at the moment of placing your bet. Lower **odds** mean lower payouts and **greater chances** of winning, whereas **higher odds** mean **higher** payouts and less chance of winning. Even money **odds** mean that your **chances** of winning are 50/50.

This **means** that out of 5 possible outcomes, **odds** are that there will be 4 of one kind of outcome and 1 of another kind of outcome. For every 5, **odds** are that 4 will be a particular event and 1 will be another event.

When a money line is a positive number then the **odds** are the amount you **would** win if you were to bet $100 and were correct. For example, a money line of +**200 would mean** that you **would** make a profit of $200 if you bet $100 and were correct. That's also equivalent to fractional **odds** of 2/1 and decimal **odds** of 3.

To **convert** from a **probability to odds**, divide the **probability** by one minus that **probability**. So if the **probability** is 10% or 0.10 , then the **odds** are 0.1/0.9 or '1 to 9' or 0.111. To **convert** from **odds** to a **probability**, divide the **odds** by one plus the **odds**.

The **probability** that an event will occur is the fraction of times you expect to see that event in many trials. The **odds** are defined as the **probability** that the event will occur divided by the **probability** that the event will not occur. ...

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