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Of course, when talking about what do betting odds mean, there is no way to skip the topic of probability. Because we cannot know for sure which of the possible outcomes will happen. That's why we're talking about what is more or less likely to occur when it comes to odds.
The probability of something happening in betting is the percentage of likelihood that something is going to happen expressed via percentage. But since it’s not actually possible to determine how likely it is for a given team to win, a player to score, etc. with utmost precision, when it comes to sports wagers, we’re talking about implied probability. It can be determined by just dividing one by the decimal odds and then you simply multiply by 100 to get the percentage. Let’s take a look at a few examples:
Now, what can you do after? Not only determine how high the probability of an outcome is and how much money you can get per a certain amount of bet wagered but also see what’s the expected value of a given bet over time. To do so, you have to multiply the amount you’d win per bet times the probability of that happening and then subtract the loss per the probability of losing.
Let’s take an example:
Now to the equation:
(30*0.4) – (20*0.6) = 12 – 12 = 0
That means that over time you’d break even and that bet is so-so when it comes to value. What we know to be a value bet is something that’s got an end result of the equation higher than zero. On those occasions it’s possible to win more from your wagers (of course, over a bigger time period).
Looking for an easy odds checker tool to use? Trying to decide on which of the latest betting markets available to place your wager? Or you simply want to find some betting tips and most recent odds across the best bookmakers and betting exchanges?
Regardless of whether you’d like to bet on the next World Cup football match, some cricket tournaments, darts, basketball, snooker, Formula 1, horse racing or… whatever else there is to bet on, with us you’d find the most competitive odds right after they become available. Our data changes in real time to provide you with the newest deals and regardless of whether you’d like to bet with an UK bookmakers or online betting sites for international players, we cover it all.
If you're a fan of sports betting and you'd like to find the latest betting odds available, we offer you the best odds checker tool:
Getting to know which sites are offering the best odds and a top-tier betting experience is quite easy. Just check the respective section of our website and you'd be able to see what odds online are available for all the events which you can currently place your wager on.
Gambling odds are the numbers associated with the probability of a given outcome happening and they also signify what is your return going to be per a given stake.
That’s a tool used to calculate the potential return per a given stake and selected odds which you can input manually and see how much you’d be getting if your bet succeeds. Some calculators for odds also convert the numbers for you and show them in a different format. Instead of having to multiply, subtract or divide the odds yourself, you can simply input them here and you'll see them depicted in fractional, decimal and american format.
Good odds are the one that gives you the higher value (aka, you can get more for your money with a higher potential of winning).
That’s a statistical number which shows how strong is the association between a given event and a given outcome. It’s used within the medical field, though, and shouldn’t be confused for something related to betting odds.
Those are the odds which are tied to the match outcomes: Team A to win, Team B to win or a draw to occur.
Since with betting odds the number represents how likely something is to happen with the bigger numbers being associated with lower probability, then low odds mean something is more probable to happen. Also known as short odds, those will give you a smaller potential payout because the probability of the outcome is higher.
