Betwinner India How are the odds calculated? From our article you will learn what the odds are, how they are calculated in bookmakers, and why any self-respecting bettor needs to understand what they are, Betwinner India. In domestic bookmaker companies, the most common option for presenting odds is the decimal format for presenting odds. In some foreign countries, fractions are also popular (a number of leading domestic bookmakers offer their customers a service for converting decimal odds into fractions and vice versa) or the so-called American format. But, in whatever format the odds are presented, they all express the likelihood of a particular event. Actually, the very fact of the presence of various formats only proves that they are only a means to achieve goals, and the goal is placing bets. Therefore, the opinion that odds are key elements in the betting process on events in the world of sports is wrong. In order to understand their actual role, you yourself should learn how to calculate the probability of an event and compare the values you received with those that the bookmaker offers you in the form of odds. Only then will you be able to consciously decide when, on what, and in what amounts to place your bets. Fundamentals of Probability Theory In everyday life, we are often faced with the fact that we need to assess the likelihood of a certain event, sometimes without even thinking about it. For example, a person sometimes subconsciously asks himself questions like "What are my chances that I will not be late for the plane?" or "How likely is it that rain or wind will not interfere with the fish bite?" It is unlikely that these probabilities can be assessed by some more or less accurate figures, but this does not make them stop being. The probability of any event occurring, as is known from the school algebra course, is measured in values from zero (that is, the event will never occur) to one (the event will surely happen). All his other outcomes are located on a numerical scale between "0" and "1". The simplest example in this case is tossing a coin, which can fall up either heads or tails (we do not consider here anecdotal options for placing it on an edge or hanging in the air). Thus, if a person wants to know what is the probability of the occurrence of the event of his choice (for example, falling heads), he must apply a simple equation: Desired outcomes / All possible outcomes = Probability of event Obviously, the only required outcome in this example is a heads up, and there are only two possible outcomes - “the coin will fall heads” and “the coin will fall tails”. Thus, the numerical value of our probability is ½ (in fractions) or 0.5 (in decimal). If we recalculate it as a percentage for even greater clarity, then the value will be 50%. Calculating Bet Odds Then everything is quite simple. Continuing to consider the example of tossing a coin and getting the heads we need, let's say that the coefficient of such an event is calculated by the formula: 1 / probability of desired outcome = odds It is easy to calculate that in our case the coefficient will be 2. On the contrary, if we know the coefficient (from bookmaker quotes), then the probability of the event occurring is determined as follows: 1 / decimal odds = probability It is clear that by flipping a coin any arbitrarily large number of times, you will get a cumulative probability for both possible outcomes of the toss (heads or tails) equal to 100%. However, if you try to calculate the same joint probability of two unique possible outcomes (for example, the total of goals scored in a football match is greater than 2.5) of an event offered by your bookmaker, you will always get a value slightly above 100%. So what's the deal? Calculating the bookmaker's margin And the fact is that any bookmaker puts its own margin into the odds set by it, without which the very existence of "beeches" would lose its meaning. As a rule, bookmakers themselves never disclose the amount of their margin, but now we are able to calculate it without them. For example, one of the bookmakers offers a coefficient of 1.57 for the outcome “both teams will score - yes” and 2.54 for the outcome “both teams will score - no” for the English Premier League match “Manchester United” - “Arsenal”. Using the above formulas, we can calculate the bookmaker's suggested cumulative probability as a percentage.