Sports Betting Odds Explained: Understanding The Basics
If you are new to UK sports books online, you should first know how the betting odds work. It’s essential 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 its most basic, figuring out the odds of a bet is simplistic math. It predicts an outcome of a series of events that can happen when placing a sure 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 site's 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 a simple division.
First, the payout percentage of the game being played is needed. 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.
Decimal Odds
Two separate odds are used in the global gambling industry, with most UK betting sites following them. The norm is becoming decimal odds as they are more simplistic for everyday players. 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 is primarily found with betting sites online. Only ten years ago was this method used by most gambling establishments. In recent years, with online gambling rising in popularity, this method has changed so much that it’s extended to horse racing and land-based gambling.
Fractional Odds
The reasoning behind decimal odds gaining the favour is that fractional odds never showcase the possible 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 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 using decimal odds give players the advantage over table games and other casino games. The following factors listed above don’t affect playing a video slot. Those games operate on a random number generator, allowing all triggered wins to be done randomly.
This gives all an equal opportunity to win the largest payouts or even the progressive jackpot. That's different, however, when playing video poker, blackjack, roulette, keno or other table games. Determining the odds will allow for a strategy to be developed, giving players knowledge of when and where to place bets to increase their rate of profitability.
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