Most people that bet do so because they want to gain an edge over the competition. However, at times, all it takes is a little bit of knowledge to make sure that your bets pay off. That’s why we’ve gone ahead and compiled this extensive guide; to help you understand what betting odds of -3 to 10 mean, and how you can put them to effective use.
The Difference Between Even and Odds
When you place a wager on an even number to come in, you are essentially placing a wager on that the number will land on an even number. For example, placing a wager on the number 6 to come in as an even number means that you are saying there is a 50% chance that the number will be even. Conversely, if you bet on odd numbers to come in as even numbers, you are stating there is a 50% chance that the number will be odd.
The terms “odds”, “straight”, and “even” are used quite frequently when talking about betting, so it’s important to fully understand the difference between them. In most cases, when a bettor refers to “odds”, they mean the betting odds of the event.
The line between even and odd numbers is simply the difference between the two sides of a wager. If you’re interested in placing bets, but don’t know how to calculate the difference between odd and even, this handy tool will do the trick:
How To Calculate The Odds On An Event
While calculating the odds on an event may seem rather complex, it’s actually not. If you’re curious, there are generally three steps to take:
- Take the odds of each participant
- Add them together
- Subtract the over/under
Let’s break these steps down.
- Step one: Take the odds of each participant
- Step two: Add them together
- Step three: Subtract the over/under
The first step is quite straightforward – you need to figure out what the odds are of each participant. If you’re not sure how to do this, simply look up the odds for each horse, or each member of the competing teams in a sport. Remember: You should always look up the odds, because they can change from one bookmaker to the next.
To illustrate this point, let’s say you want to find out what the odds are of Beyonce winning the 2020 Grammy’s. You would first need to search for the odds of Beyonce, then you would add these together to figure out the total odds of her winning the award. This is because, even though she is the only candidate, the odds of her winning would be the sum of the odds of her and every other candidate.
As for the second step, adding the odds together, this is typically done by multiplying the odds of the first participant by the odds of the second participant and so on. For example, if you are using the Grammys as an example and Beyonce has a 50% chance of winning, and Jay-Z has a 20% chance of winning, your total odds of Beyonce winning would be (50 x 50) + (20 x 20) = 960
Step three is quite simple as well. All you need to do is figure out how much the under/over will be, and then subtract this number from the total. So in our previous example, if the over/under is +500,000 then you would subtract 500,000 from your 960 to figure out your final odds of winning. In this case, you would win 560,000 dollars if you were to place a wager on Beyonce to win the grammy.
This is probably the most important concept to grasp when it comes to betting. If you want to place a winning wager, you need to make sure that the under/over line is fair, and that the house doesn’t have an unfair advantage. If you don’t know how to find this information yourself, it’s usually best to ask the bookmaker how much the over/under is, or check their website for current odds.
Understanding The Ranges Of Betting Odds
An important thing to keep in mind when looking at betting odds is how they vary. In most cases, the odds will be set in intervals of 1/2 or 1 point. For example, you may see odds of -3, -2, -1, 0, 1, and 2. This means that there is a 33%, 33%, 33%, 33%, 22%, and 11% chance, respectively, that the number will land on that particular number.
When looking at betting odds, it’s important to remember that they are generally set in fractions. So if you see odds of -1.5 or 1.5, this means there is a 50% chance that the number will be even, and a 50% chance that it will be odd.
When Are The Odds Most Likely To Change?
The odds of an event are always changing, so it’s important to be constantly aware of this fact. As soon as the event you are betting on happens, the odds will change, and you will have to recalculate your wager. If you don’t remember how to do this, you can contact the bookmaker or search on the internet for “recalculate odds” to find the instructions.
In most cases, the odds will change very gradually, but in other instances, this may not be the case. For example, if a big sports event were to end in a tie, the odds of this would usually stay the same for the rest of the week. However, if this were to happen on a Saturday, the odds of this being a straight would greatly decline on Sunday.
How Do I Calculate The Net Profit (or loss) From A Bet?
One of the most important things to consider when betting is the net profit (or loss). Since you are essentially wagering on a win or lose proposition, you will either make money or you will lose money, based on the outcome. To figure out your net gain (or loss), you simply need to take into account the odds of each side, as well as the amount bet. To calculate this for a win, simply take the odds of each participant, add them together, and divide by 2.
For a loss, you would do the opposite. Take the odds of each participant, add them together, and then subtract the over/under.
For instance, if you had odds of 1 and 3, and an added amount of money bet on the Under, your net profit (or loss) for the bet would be $1.50. In this case, you would lose $1.50, since you had 3 chances of losing, and only 1 chance of winning. If you had instead chosen the Over, your profit (or loss) for the bet would have been $3.
Using Betting Odds To Redeem Bets
In some instances, you may decide to use the odds of an event to redeem a bet. To do this, simply find the odds of the event, and verify they are within the acceptable range. If they are not, you can contact the bookmaker and ask them to change them. However, in most cases, this is illegal, as the odds may have been manipulated by the bookmaker to make money off your wager, regardless of whether you won or lost.
Using odds to redeem a bet is generally not a good idea, as this could be used to justify future bets – and sometimes these bets could be very large. For this reason, it’s usually best to find the actual winner of an event, and use their name as a hedge against the unexpected.
What Are The Commonly Asked Questions About Betting Odds?
Now that we’ve gone over the basics of how betting odds work, it’s time to address some of the more common questions regarding this subject. So, here we go:
- Are bookmaker’s odds always in favour of the house, or can I find games where the betters win more often?
- Can I find historical data on odds, so that I can see how the sport’s favored, and the underdog have performed in the past?
- What is the difference between implied odds and real odds?
- Does it matter where I place my bets?
- How many points do I need to bet to make a profit?
Let’s answer these questions one at a time.