Sports Betting Odds Explained: Understanding The Basics
If you are new to the world of UK sports books online, the first thing you should know is how the betting odds work. It’s incredibly important as it allows for you to understand the likelihood of possible events when playing video slots or table games, it also gives you an estimate as to what your winnings will be. What might appear confusing at first quickly becomes second hand knowledge to all, this is especially true with online sportsbooks.
At it’s most basic, figuring out the odds of a bet is simplistic math. It’s predicting an outcome of a series of events that can happen when placing a certain bet. If someone is to roll a dice & bet on the number one being landed on, there’s a 16.67% chance that their bet will be correct.
Betting sites odds present the outcome of any bet’s profitability rate, depending on the game being played that rate can be increased with extra bets being made.
Determining the best betting sites odds is done with simple division. What’s first needed is to reveal the payout percentage of the game being played. This determines the likelihood of how often your bet will be awarded.
When fractioning your bet with the various payouts of the game, what is found is the amount of money that can be awarded through your bet. Determining the betting odds gives a calculated answer to the probability of the win and the value of that potential win.
There’s two separate odds used in the global gambling industry, with most UK betting sites following them. The norm is becoming decimal odds as their more simplistic to use for the common player. Fractional odds were the previous norm, reaching their height of popularity in the United Kingdom.
It was primarily used for horse races and bookies; over time it was used in casinos but primarily, it is found with betting sites online. Only ten years ago was this method used by the majority of gambling establishments.
In recent years with online gambling raising in popularity, this method has changed so much so that it’s extended to horse racing and land based gambling.
The reasoning behind decimal odds gaining the favor is that fractional odds never would showcase the possibly winnings for players. Instead it only showed the likelihood of those payouts being won.
This only gave players and the casino half of the equation. Betfair was one of the first gambling establishments to move from fractional odds to decimal odds. That was only a few years ago upon which the rest of the industry made their way to the same method.
Simple calculations by using decimal odds gives players the advantage on table games and other casino games. The following factors listed above don’t come into effect when playing a video slot. Those games operate on a random number generator, allowing for all wins that are triggered to be done so at random.
This gives all an equal opportunity at winning the largest of payouts or even the progressive jackpot. That's different however, when playing video poker, blackjack, roulette, keno or any other table games.
Determining the odds will allow for a strategy to be developed, giving players knowledge of when and where to place bets in order to influx their rate of profitability.
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