BETTING ODDS – What is it?
Simply put, betting odds are the odds that you’ll get paid when you win or lose a bet. For instance, if you wager $100 on a game and it ends up being a tie, you’ll win $100. If it ends up being a close game and you bet on it, you’d better be confident that your team will win because there’s no way you’ll come out ahead on the bet.
The concept behind betting odds is simple: the house always comes out on top. Well, actually, it’s a bit more complicated than that. The truth is that there are ways for you to come out on top when you place a bet on a game. However, if you’re looking for an easy way to make money, then betting on games isn’t for you. Keep reading.
The House Advantage
The house advantage is simply how much the house takes in on every wager versus how much the player wins or loses. For example, if a $100 wager results in a $150 payoff for the player, the house has gained $50 on that wager. Now, the advantage can vary from place to place and situation to situation, but it’s always in favor of the house. The reason for this skewed advantage is simply that the house takes on more risk than the player. If the house were to lose every wager it made, it would go bankrupt very quickly.
When you’re dealing with gambling problems, it’s important to keep in mind the house advantage. How much are they taking in? Are they paying you back? How much are they paying you? These are all important questions to ask before risking any money.
Why Do I Care About What Betting Odds Are?
When you’re dealing with gambling problems, one of the first things that might come to mind is how much are the betting odds? After all, this is where you’ll find the answers to all your betting question. How can I ever have enough luck to come out on top when placing bets?
Well, actually, you don’t have to be that lucky. In fact, you can become an expert at betting odds and make a living playing the game simply by knowing the odds and being aware of the house advantage. For example, if you’re familiar with sports betting and the way the odds are calculated, you can figure out whether or not you’ll come out ahead on any wager simply by knowing the odds. If you have a good feeling about a particular game and its betting odds, you can place wagers on this knowledge and make money.
Betting odds are simply one of the necessary evils of gambling. While it can be quite fun to get a good feeling about a particular game and place wagers accordingly, it’s also important to keep in mind that you’ll most probably lose money. This is why it’s important to know the house advantage for every game and situation you get involved in. For now, this is not something you need to worry about. Simply follow the advice in this article and watch the money come rolling in.
How Do I Calculate The House Advantage?
There are many different ways to figure out the house advantage. You can do this using online calculators that can assist you with advanced probability. Simply enter the amount you’re wagering and the amount you’ll win or lose in the formula and you’ll get the answer. Don’t worry, we’ll walk you through the step-by-step process of using these online calculators safely and legally.
When calculating the house advantage, use these basic guidelines:
- For games with an even number of points in each direction, like football or soccer, use the over under (OV) method. For example, if a soccer game has an even number of goals, you’d use the over under method to calculate the house advantage. It’s typically calculated as the payout / (winnings + payout) x 2.
- For games with an odd number of points in each direction, like basketball or hockey, use the straight up (SU) method. For example, if a basketball game has an odd number of points, you’d use the straight up method to figure out the house advantage. It’s simply the payout / winnings x 1.
- If a game has an even number of men on the court, use the even number method. For example, if a basketball game has an even number of players, you’d use the even number method to figure out the house advantage. It’s typically calculated as the payout / winnings x 2.
- If a game has an odd number of men on the court, use the odd number method. For example, if a basketball game has an odd number of players, you’d use the odd number method to figure out the house advantage. It’s simply the payout / winnings x 1.
- Use the scratch card method if you’re unsure of how to figure out the house advantage for a particular game. Simply scratch off a random card and wait for the results. If you win, you’ll have the opportunity to continue playing. However, if you lose, you’ll have to pay back what you won, with the chance to continue playing at a percentage of your wager. This is basically a free roll for casinos. Simply a risk-free way to earn extra cash when you’re playing cards. If you play at a reputable casino, this is a safe and legal way to make money online.
Once you know the house advantage for a particular sport and how to calculate it using the above guidelines, you’ll be able to place smart bets that will win you money. Remember, though – if it feels too good to be true, it probably is!
How Do I Play In The Knowledge That I’m Calculating Everything?
This is the important part: to be able to place smart bets, you have to play in the knowledge that you’re calculating everything. Once you know the house advantage for a particular sport, you can use this information to figure out whether or not you’ll come out ahead on any particular wager. In the previous example, if you have a good feeling about a particular sports game and its odds, you can place wagers on this knowledge and make money. However, you shouldn’t place overly high of a wager based on a good feeling. Remember, you’re taking on a certain amount of risk with every wager and if it turns out badly, you could lose money.
To avoid this, use this handy formula to figure out an appropriate wager:
(Your advantage x winnings + your advantage x winnings) / (your winnings + your advantage x winnings)
This is how you calculate the appropriate wager amount for a particular game. Simply enter the amount you’re wagering and how you feel about the game and the above formula will give you an accurate estimate of how much you should wager. If this is too difficult for you to calculate, use the scratch card method and wait for the results. Remember, you’re playing with house money so don’t risk more than you’re willing to lose!
As we mentioned above, there are many different ways to figure out the house advantage. To keep things simple, let’s use the example above where you have a good feeling about a particular basketball game. If you decide to wager $100 on this game, you’d use the over under method to figure out the house advantage. In this case, the OV is 2.0 and the SU is 1.0. This means that for every $100 you wager, you’ll get $200 back (plus your $100). Your net gain is $100. This is why it’s important to know the house advantage for every game you get involved in. Using the OV and SU methods above would give you a general idea of what to expect. In this case, you have a good feeling about this particular game so you should place a wager accordingly.
Place Bets Wisely!
Knowing how to calculate the house advantage for a particular game isn’t enough. You also have to know how to place bets wisely. After all, you’re playing with house money and you want to be sure that you’re not putting yourself in a bad spot by betting too much. In the example above, if you have a good feeling about this particular basketball game and decide to wager $100, you might think you’re doing well because you came out ahead on the OV calculation. However, this is not necessarily the case because based on your calculations, you should place a lower wager. Remember, though – too low of a wager and you could lose the entire amount you wagered. This is why it’s important to play it safe and only place bets that you’re confident will pay off.