How Do Odds & Betting Work?
Do you find yourself confused when looking at betting odds? It might seem like some kind of different language at first, but it can be easy to get your head around once you know the basics. This post will teach you the basics of betting odds as well as look at a few important considerations when it comes to betting. Keep reading to find out more.
Betting Odds Explained
Understanding betting odds is essential if you want to place any kind of bet. Essentially, the odds are the likelihood of your bet winning in the eyes of the bookmaker and will help you to calculate how much money you would win if the bet comes in.
There are two ways that odds are usually shown when placing any kind of bet. Fraction odds can be easier to understand and a way to show probability. A coin toss is a good example as the likelihood of getting “heads” is 50% and this is represented as 1/1. Fractional odds can be easy to work out your potential winnings – if you place a £10 bet on a 4/1 bet then you would pay out £50 (£40 for the win and your £10 stake).
In terms of decimals, potential winnings include the stake so you need to multiply the stake by the odds. If the odds are 4.5, for example, then a £1 bet would return £4.50 (including your £1 stake).
Why Does the House Always Win?
You will often hear people say “the house always wins” when it comes to betting, but why is this? Essentially, this means that the odds never truly reflect the probability and there is always a profit margin added by the bookmaker so that they will profit regardless of the outcome. Additionally, behavioural economics is a factor as the more people place bets/gamble the more the house will take in.
Dangers of Illegal Gambling
Gambling is a gigantic market with a lot of money being moved around, so it is no surprise that this is an area where crime can occur. There are many illegal websites that target young and vulnerable gamblers with no customer protection and this is why people must only ever use trusted gambling websites. White collar defence and investigations solicitors can help those that uncover illegal gambling websites and clamp down on these sites.
The world of gambling continues to grow with people enjoying bettering on online casinos, football, horse racing and even politics. It can be hard to understand betting odds but hopefully, this post will help and allow you to better understand probability and working out how much money you could make from a bet. It is also important to be aware of the dangers of gambling and to always stop when the fun stops.