Betting Odds Explained
Betting Odds are the mathematical expression of a probable outcome for a specific event. This works effectively as a tool that helps punters to calculate their risk exposure to a particular occasion. Generally speaking, the higher the odds are for an event, the higher the risk and the higher the potential payout will be.
Betting Odds are therefore best displayed in the following format: A to B, where A and B are numerals and the word to is usually substituted with a hyphen to make it easier to display. The following information will help clarify the basic concepts found in Betting Odds and will equip the reader with a greater understanding.
This is best described as a 50/50 chance of happening, or said another way, the likelihood of the event not happening is the same as the event happening. You may have heard the expression “even money” down at your local bookmaker, this is the same as Even Odds. “Evens” means that the winnings will be one unit per unit bet in addition to the original wager. Effectively doubling the bettor’s money.
Flipping a coin is perhaps the most common form of even odds, with anybody what has a coin on their person being able to demonstrate this probability by resting a coin on their thumb and forefinger and uttering the words “Heads or Tails?” and then launching the coin by extending the thumb upwards.
In an Odds Against scenario of Betting Odds the likelihood of the event happening are less likely and the probability of a negative outcome is higher. If a bet 4 to 1 (4 -1) Odds Against then the event is said to be 4 times less likely to occur than not occurring. This means that the amount wagered will be multiplied by a factor of 4, which is a good return.
This is generally said to be the opposite of an Odds Against bet and as such means that the odds of the event occurring are greater than the event not happening. This can be illustrated by putting the smaller number first. For example, 1 – 2 odds. However, it is far more likely that you will see such a wager being displayed as the regular expression but the word on will follow the odds. Therefore, using the example above in the same terms would be displayed as 2 – 1 on.
A simple way to think about an Odds On bet in this example would be to take the total amount of the bet wagered and dividing it by 2. You would then receive your wager back plus your winnings.
With these basic concepts in mind it is very easy to see how an event can be bet on. By following these simple guidelines, punters are able to minimize their risk and maximize their chances of winning with sports betting NZ sites.
There are multiple factors the contribute to the outcomes of events where Betting Odds are in play, and these are not necessarily mathematical. Anything from crowd turnout, weather conditions and player injuries can contribute to the outcomes of a match, and therefore, the odds are affected as well.