There is a saying – “all betting is equal”, and it couldn’t be more true. You may be familiar with the concept of 3-to-1 betting. It is simply betting on a team with an extremely high chance of winning versus one with a very low chance of winning. A 3-to-1 favourite will win three times as much as you would have placed on a 1-to-1 favourite. It’s a pretty cool concept when you think about it. The reason this phrase gets repeated so much is that the mathematics of 3-to-1 betting makes it easy to understand. It’s essentially just like double or nothing (or in some places, even quadruple-betting) but on a longer shot.
Odds And The Mathematics Of 3 To 1
Odds are often used in relation to sports betting. The longer the odds, the more the payout. For example, a horse with odds of 4 to 1 will payout four times as much as a 1 to 1 favourite. It’s the same as comparing apples to oranges. An apple has a 0.75 chance of being an orange. Therefore, you would have to stake $175 to make $175 – four times as much as you would have to stake on a 1 to 1 favourite. Mathematically, this is expressed as:
- The long odds are x to 1.
- The short odds are 1 to x.
- The favourite is x to y.
- The underdog is y to x.
x and y are known as the fractional parts of the odds. The whole is x+y. The longer the odds, the more the payout. If you are familiar with poker, this is known as a ‘pot’ game. The most common type of 3-to-1 betting is pick ’em. Here you are picking between two separate teams of players (known as participants or participants A and B). The favorite will win if both teams score the same amount of points. What makes this type of betting interesting is that you need participants with very different skills to make it go well. For example, you might want one team to be really good at football and the other to be really good at tennis. The point is that if you are correct about which team wins, you win the jackpot. If you are correct about which team loses, you lose your stake. This is why people look at odds when they are unfamiliar with sports betting. It’s a helpful tool for estimating potential wins and losses before you place a bet.
How Is It Illed?
If you want to make a wager on a sporting event, you need to deposit money with a bookmaker. After you make the deposit, the bookmaker will give you an ‘account’ number. This is essentially a code that you will use whenever you place a bet or request a payout. In most cases, you can also find the account number by looking up your username (if you used one when you registered) in the bettors forum of the bookmaker’s website. When you enter this account number when betting or requesting a payout, the bookmaker will process the wager or request and give you the results. Most bookmakers are fairly reliable, and problems are usually due to problems with the software they use (or the hackers who break into their system and alter the results). Be careful when depositing money with a bookmaker as there are many scammers who will try to trick you into giving them your account details. Never give personal information such as your social security number or credit card details to anyone, especially online. Not even the bookmakers!
Winnings And Losings
If you are correct about which team wins, you win. If you are correct about which team loses, you lose. This is why it’s a ‘profit’ or ‘loss’ game. As a rule of thumb, it is usually best to choose a team that is more likely to win since, if you are incorrect, you will lose your money regardless of whether or not they win. You can also use this rule when choosing between two teams participating in a pick ‘em game. As long as you have faith in your judgement, it’s usually best to go with the favorite. If you are unsure of whether or not to pick the favorite, then it might be a good idea to take a look at the odds. The longer the odds, the more the payout. If you are unsure of whether or not to take a chance on the underdog, then it might be a good idea to look at the other team first.
OverUnder And Parlay
Odds are also used in relation to ‘over/under’ and ‘parlay’ betting. With over/under betting, you are making a wager on the total number of goals that will be scored in a particular game. This is different from ‘straight’ betting, where you are making a wager on the result of the game. For example, let’s say you are betting $100 on the San Antonio Spurs to win the NBA championship this year. This is known as ‘straight’ betting since you are making a wager on whether or not the Spurs will win the championship. Alternatively, you could be betting on the total number of goals that will be scored in the game. This is known as ‘over/under’ betting because you are wagering on whether or not the total number of goals will be above or below a certain amount. For instance, you could be wagering $100 on the total number of goals scored to be less than 10. In this case, you are essentially betting that the number of goals will be less than 10. In a nutshell, over/under betting is making a wager on the total number of team or individual wins (or losses).
A ‘parlay’ is when you combine two or more wagers into one. You are essentially combining two or more bets into one. For example, you could be taking a double-digit win bet with a 6/4 favourite. This is known as a ‘10-bet’ on the two teams. (you are betting $10 on each team to win). If both teams win, you win the two 10-bet wagers combined. If one team loses, you lose your 10-bet wager on that team. If both teams lose, you win your 6/4 wager (since you have a 10-bet on each team). If you are unsure which teams will win, it’s usually best to take a ‘pass’. You can read more about parlay betting here.
Rolling The Dice
Some people like to ‘roll the dice’ and make their own odds. Essentially, they will pick a team and then adjust the payout based on how the game goes. This can get rather complicated, and it is usually not a good idea to do it yourself without knowing what you are doing. This is especially true if you start messing with the odds. If you want to roll the dice and make your own odds, then find a good website that provides services for online gamblers (like, for example, CasinoCruises.com). They will be able to help you pick a team and set your odds. Once you are done placing your bets, you can also request a payout to see the results of your wagers.
Using Statistical Analysis
Some people like to use ‘statistical analysis’ when making a wager. Essentially, they will pick a team and use statistical formulas to calculate the likelihood of them winning. This is usually done by looking at things like past performance, injury records, etc. The problem with this method is that it requires a lot of work to figure out each team’s probability of winning. If you are unfamiliar with the terms ‘statistical analysis’ and ‘probability’, then you may want to steer clear of this method. It can also get rather complicated and there is a lot of extra work for little reward. For example, let’s say you decide to use this method and figure out that the Toronto Raptors have a 90% chance of winning the NBA championship. You will then have to wager $100 on them. However, if they do not win, you will lose $90 ($10 from each of the two bets you placed).