To many people, betting odds probably mean just one thing: winning or losing money. While there is certainly a financial aspect to betting on sporting events, there is a lot more to it than that. In fact, you could say that sport betting and gaming go hand in hand because, as a rule, the more you wager on a sport, the more you’ll play and the more you’ll earn.
The Mathematics of Probability
To put it simply, the odds are often a good way of predicting the outcome of a sporting event. This is mostly due to the fact that probabilities change as the match progresses. For example, if you wager on a tennis match and the first few games go to deuce, the odds will then start to shift in your favor. However, if the players are evenly matched from the start, the odds will then start to level out.
This is where many people get confused. They believe that because the odds are shifting in their favor, they are then automatically due to win the bet. However, this is not necessarily true. Sure, if the first few games go to deuce, the odds will then level out, but there is still a substantial chance that the player you’re backing will lose the match.
You need to keep in mind that the odds are just a mathematical representation of the probability of one team winning the match. They are generally provided by the bookmakers, and it’s up to you, the gambler, to put them into practice. To do this, simply follow these easy steps:
Step 1: Choose Your Team
The first step is to pick your team. For tennis matches, you generally have the choice between Italy and World, with the latter being the favorite. If you’re not familiar with other bookmakers, you can look up World odds to get an idea of how strong the opposition is.
Step 2: Research The Match History
Now that you have your team picked, it’s time to do some research. You will want to look into the history of the competition between these two teams. It is not always necessary to go back many years, but you should at least go back a few to get a good idea of how the recent games have gone. It would also be wise to look into other sports, such as basketball and football, to get an idea of how the teams’ previous engagements have gone.
Step 3: Calculate The Total Wagering Needed
The third step is to calculate the total wagering needed. This is purely mathematical and has little to do with sports per se. To come back to the analogy of a tennis match, if you’re playing against the favorite, you will need to wager more than if you were playing against the underdog. Simply put, the more you wager, the more you’ll win, and vice versa.
To give you an idea of how this works, let’s say you’re playing the favourite and need to wager $100 to win $50. Your total wagering will then be $150 (100 + 50 = 150). In the same way, if you were playing against the underdog and needed to wager $50 to win $25, your total wagering would then be $75 (50 + 25 = 75). The wagering amount should then be easy to remember because it’s the same for every game. If not, you could refer to this as the ‘insurance’ amount. This is also the amount you would need to wager to reach your target amount.
Step 4: Make The Payment And Place The Bet
The fourth step is to make the payment and place the bet. Once you have calculated the total wagering needed and decided upon a betting amount, it’s time to move forward. To continue the example above, you would have $150 in winnings and $75 in losses (assuming you’re betting on the favorite). To continue to bet on tennis, you would then need to place a bet of $150 on the favorite. This is the simplest and most basic form of betting odds. From here, you can either watch the match and collect your winnings or, if you’re feeling lucky, place another wager on the same team.
Where Does This All Lead?
Hopefully, this article has helped to shed some light on the way that betting odds work and how to make the most of this knowledge when placing bets. As with any new concept, there are certainly questions that can be asked, and topics that can be covered. If you are looking for further information, or for help placing a bet, please feel free to contact our friendly staff at anytime and we’d be happy to help you.