Betting odds for dummies or more simply put, betting odds to show you the probability of a future event, if you’re a dummie. With this information you can work out how much money you will win if your bet wins.
Introduction: Betting Odds For Dummies
One of the first and most important things you’ll need to learn if you’re new to betting, is how the odds work. Essentially, you’re able to see the likelihood of an event coming to pass. You’ll also be able to calculate your winnings. Read this guide for betting odds for dummies and discover the basics of understanding the odds.
The Basics: What is probability?
Basically the likelihood of the occurrence of an event. Like you dying in a plane crash or Catalan independence or even getting your sorry self a date on Tinder.! For any given event, there are a possible number of outcomes. What betting odds do, is present us with the likelihood of anyone of these outcomes reaching fruition. How likely is it that one of these outcomes will come to pass? Let’s take rolling as dice as an example. There are 6 possible outcomes. If you bet that the person will roll a 6, well that’s a one in six probability or 16.7% chance that it will happen. It’s math, not luck!
Calculating Probability Using Betting Odds
Pay attention you dummy…here comes some math! When you see two numbers with a forwards slash between them ie 10/1those fractional odds. With this we can calculate the probability of something happening. Here’s an example.
9/1 we can express as 1 / (9 + 1) = 0.10 – There is a 10% chance that the event will happen.
4/1 we can express as 1 / (4 + 1) = 0.20 – There is a 20% chance that the event will happen.
1/1 we can express as 1 / (1 + 1) = 0.50 – There is a 50% chance that the event will happen.
1/4 we can express as 4 / (4 + 1) = 0.80 – There is a 80% chance that the event will happen.
Good job! Now that you know the probability of something happening, it’s time to put some money into play. Take a look at Intertops Poker to see the how the odds work.Let’s use betting odds to calculate winnings
Show Me The Money
9/1 for every £1 you bet, you will win £9.
4/1 for every £1 you bet, you will win £4.
1/1 for every £1 you bet, you will win £1.
1/4 for every £4 you bet, you will win £1.
There are many gambling sites in the US that quote the odds using decimals. They are an alternative to see the odds as fractions. After a while you’ll probably find them easier to work with. Try you new knowledge with this list of gambling sites in the US.
9.0 we can express as (9.0 * £10 stake) – £10 stake = £80 winnings.
4.0 we can express as (4.0 * £10 stake) – £10 stake = £30 winnings.
2.5 we can express as (2.5 * £10 stake) – £10 stake = £15 winnings.
1.25 we can express as (1.25 * £10 stake) – £10 stake =£2.50 winnings’
Which is best: Decimal Odds Versus Fractional Odds?
There’s not much between them and it all really come down to taste and fashion. Traditionally the fractional system was in use in the UK. But that’s the English with their retard counting system (also looking at you, America!). Younger people are embracing the metric system, so decimals are part of everyday life. If you attended the Cheltenham Horse races ten years ago, you would find all the odds offered in fractions. But thanks to a renewed interest in Horse racing from a younger crowd, all the offered odds are now in decimals. Another difference is that fractional odds only represent the winnings and do not include the returned stake, as shown in the decimal system.
In Conclusion: Betting Odds For Dummies
The probability of an event happening is represented with betting odds. With this you can also work out your probable winnings. One final example for you: with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20. Easy peezy! Now you understand betting odds for dummies, you’re technically no longer a dummy! So go and have a flutter on Intertops Poker! We have covered this important topic before but with a different take. Check it out!