Decoding Wagering Odds: A Beginner's Roadmap to Betting Insight

Tue, Aug 22, 2023
by CapperTek

Understanding betting odds is one of the most important steps to being a successful sports gambler. Some people think this is a challenging endeavor, but with some experience and commitment, understanding betting odds and how to calculate them may come naturally.

The first thing to understand is what the odds on a wager mean. Odds show a sportsbook's prediction of the results of a game or event. Similar to how the games on the Borgata online casino app show RTP (return to player) percentages. 

They also consider the possible return on any bet and the likelihood that an event will occur, which we call the probability. 

Calculating Soccer Odds and Probability

When you convert odds to a percentage, you calculate the probability. It’s critical for bettors who wish to analyze the prospective value of a wager to transform odds into probabilities. Decimal odds may be easy to convert because you only have to multiply them by 100 to get the probability percentage. 

For example, when you flip a coin, there is a 50% probability that it will land on heads because there are only two possible outcomes. Sportsbooks will represent 50% probability as a decimal odd of 0.5.

Converting fractional odds to probability involves a more complex math equation. Still, it’s well worth your time learning it. The equation is % = B divided by (A+B). In this equation, the % is the probability, the B is the wager you place, and the A is the sportsbook payout if you win. 

For example, if the sportsbook believes there is a 50% chance that A.S. Roma will win the Serie A League. The fractional odds they will give will be 1/1. Let's use the above equation to prove this:

% = 1 / (1+1)

% = ½

% = 0.5

0.5 * 100 = 50%

Calculating Possible Returns

If you are given fractional odds of 10/1, and your bet is $1, you will be paid $10 for winning the wager plus your initial $1 stake to make your total payout $11. You use an equation to work out your returns if given decimal odds. 

The equation is returns = (stake multiplied by odds) minus the stake. Let's use 1.5 and $2 for this example: 

Return = ($2 * 1.5) - $2

Return = 3 - 2

Return = $1

Finding Good Soccer Odds

Sportsbooks set their odds as they choose. There is no standard or limit between sportsbooks, so different sites offer you different odds. Finding the best betting odds is crucial for bettors looking for the best value for money. 

Good odds depend on your preferences but could be considered as the odds that offer you the highest possible profit potential; you just have to shop around.