Sports Betting: How Does It Work?

Iridessa (Wayne Lordan) (centre) holds off Hermosa (Ryan Moore) in the Coolmore 'Fastnet Rock' Matron Stakes. Credit: @LeopardstownRC.

It is believed that betting on sports appeared in ancient Rome, when both noble people and plain folk made bets on gladiator games, chariot and horse racing. Nowadays, bets on almost any sports are accepted, from boxing and football to darts and cybersports. Moreover, bettors can learn about current events in many sports on specialized web-platforms like https://mybetbuddy.com/.

But how does it work? Plenty of modern bettors place bets through mobile applications or betting sites, where, basically, everything is intuitive. However, it is not the case for a person who is out of touch with online betting.

How to calculate winnings? Let’s say a certain bet has odds of 2.70, while your bet is £100. You need to multiply the odds by the betting amount and take away the money you wagered. In our case, the win is £270 and the profit is £170.

How are betting odds formed? Each sporting event is analyzed by bookmakers before they start predicting on which outcomes people will be betting the most. 

Betting odds are the probabilities of all outcomes. They can be calculated by a simple formula: it is necessary to divide 100% by a probability indicator. For example, the probability that the team “A” will score a goal to the team “B” in the first half of a match is 25%. Accordingly, the coefficient is 4.00.

And what is a margin? If we add up all the odds set up by a bookie for one game or competition, the final figure will turn out to exceed 100% – let’s say, it makes up 110%. In this case, the excessive 10% is the bookmaker’s margin. To put it simply, it is a guaranteed bookie’s income.

What to do to be on the plus side? Experienced bettors often avoid bets with low odds because they don’t guarantee wins, while to make up for one loss with 1.20 odds, you need to have five equivalent bets won.

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