In times of the World Wide Web, we can always choose from countless betting providers. This gives us incredible opportunities to still get the most out of our bets. But how do I find the best betting odds? To know the answer go here for betting odds.
This article takes you a closer look at the bookmaker’s odds and shows you how to find the best odds.
Table of Contents
What Are Good Odds In Betting?
Nowadays, with just a few clicks, you have access to hundreds of different bookmakers and thus an almost infinite selection of betting odds. It’s not that easy to keep track of them! But not every odds are worth a bet. Instead, you should know what is essential with good odds so that you can always find the right bet. But what is a reasonable rate?
In general, a rate always stands for a probability. This means that a bookmaker will only offer you a low rate for a bet that is very likely to occur. Conversely, you will be rewarded with high odds for an improbable bet. A good odds, therefore, means a payout that is above the assumed probability. The bookmaker assesses the situation differently and, in the best case, has miscalculated.
How To Calculate Betting Odds?
Sports betting and numbers belong together and are equally crucial for long-term success. Because before you decide on a bet, you should first know how odds are calculated. But don’t worry: this won’t be a long excursion into the world of mathematics. Instead, we will show you how you can find out whether a quota is worthwhile within a few seconds.
To get started there is, therefore, a simple example with a coin toss. The probability for heads or tails is 50% each. Let’s say we have a bookmaker where you can bet on the outcome of the coin toss. This gives you odds of 1.90 for a bet on the right side of the coin.
Step By Step Procedure To Calculate Betting Odds
Step 1: Calculate the Fair Quota
We convert the 50% probability into a quota.
- 1/probability = fair odds
- 1 / 0.5 = 2.00
Intermediate result:
That means a 50% probability would be an odds of 2.00.
Step 2: Compare Bookmaker Odds
Now we have to find out whether the bookmaker offers a fair odds. We use a simple formula for this.
- Value = (probability * odds) -1
- Value = (50% x 2.00) -1 = 0
If the value that comes out is greater than 0, we have a good odds.
That means:
- bookmaker odds
- value = (1.90 x 50%) -1 = -0.05
We see that bookmakers are offering poor odds that are well below the fair odds of 2.00. This is relatively easy to find out in our example with the coin toss because we know the probabilities. This is usually much more difficult with sports betting.
Conclusion: Recognizing Good Odds
In the first step, you learned how to calculate odds and find good odds. To do this, you have to analyze a game and assess the chance of winning calmly. Then you calculate a fair rate based on the probability, which is also called the break-even rate. To be successful in the long term, you should bet on odds that are well above the break-even rate.
In the following, we will help you to choose the right odds. To do this, you calculate the break-even rate and look for the corresponding playable rate. If a bookmaker offers this, you place your bet there. So you are guaranteed to be successful in the long term.
