Tips for The Average JoeJanuary 11, 2019
What You Need to Know about Betting Odds
A lot of people in the United States have made gambling one of their activities of passing the time. There are a lot of people who have found jobs in this industry, and hence it cannot be underestimated. However, it is good to know that gambling can be a dangerous hobby if not done with the right knowledge. The latest statistics show that $107 billion was lost in the USA in 2017 alone. There is the need to ensure that you get the different concept used in gaming to avoid losing your hard earned cash. If you are new and you do not understand well the concept of betting odds, this one is for you.
First, it is important to know exactly what it means by betting odds. Despite the subject sounding complicated, it is essential to know that odds refer to the probability or the likelihood of something to happen. A good example to explain this is when we throw a six-sided dice. By betting that when rolled it will land on lets on 3 gives you 16.67% of the chance being right. In the case of placing a bet, the odds help one to work out the payouts. The high the odds, the lower the chances of winning, but the higher the potential payouts.
Another thing that you need to know is that betting odds are of various forms. To begin with, let’s look at the so-called fractional betting odds. When it comes to the fractional betting odds, you will realize a forward slash between the given numbers let’s say 4/1 which means 4 is to 1. There are also the decimal odds. These are the common odds in the betting world. A good illustration is when you have an odd of 2.0 for a specific event, and it turns correct which means your stake will be doubled. The third category of odds is the American odds. These odds have either a positive or a negative odds.
It is also crucial to know that odds will not be the same. with different bookmakers, they have different odds for the same events’ likelihood of happening. It is normal to have different odds as different people will have different opinions on the same issue. There is the need to ensure that you do research always to see the best site with the highest odds.
As seen above, there is the need to understand the concept of betting odds so that you are in a better position to make your predictions right. From there it will be easy to see what works for you and you can get rich by making your predictions.