Those who place sports bets are bound to come across the concept of odds. In order to understand what kind of winnings a bet will bring and what the chances of winning are, you need to know how the odds work. Learn more about sports betting odds using 1win (1wins-bf.com) as an example below.
The Essence Of Sports Betting Odds
Even beginners know that the odds determine the prize. In fact, the odds are a multiplier of the amount bet. The payout is equal to the product of the multiplier and the bet. Any odds include a margin, which is the commission of the betting company. Within the same lineup, the company’s income may differ by 2-3%.
There is a formula by which 1win calculates the commission for 2-3 outcomes. If the market provides for 2 outcomes, the margin is calculated as follows:
- 100 divided by the first factor.
- 100 divided by the second factor.
- The results add up.
- The amount is subtracted from 100.
The formula is suitable for calculating margins on such markets:
- Fractional totals;
- The victory of the contestant without taking into account the draw;
- Odd/even totals;
- Will there be a penalty;
- Will there be overtime and others.
Similarly, but with the addition of another summand, consider the commission for 3 outcomes.
Relation Of Probabilities And Odds
In sporting events, the probability of a certain outcome cannot be established with certainty. For this reason, 1win uses approximate odds. The analysts take into account when calculating odds:
- Statistical performance of the participants;
- User Expectations;
- The percentage of revenue to be earned by the company.
For example, there are 30 light and the same number of dark balls in the box. The chance of getting a light/dark ball is 50%. To calculate the odds for each of the outcomes, divide 100 by 50%. The result is the odds of 2.
However, 1win puts a margin into the odds it sets. For example, the company has decided to earn 4% of all bets placed. In this case, it is necessary to subtract 4% from 100 and divide by 50. Dividing 96 by 50, we get a coefficient of 1.92.
In the case of sporting events, things are a bit more complicated. Let’s consider an example with 1×2 odds for Barcelona in home games of the Spanish tournament. Let’s assume that the squad won one of the last 3 matches at their stadium. In 6 matches, the team has won twice. So, the probability of winning the new game is 33%. Translating this into odds, we divide 100 by 33 and get 3.03. However, no company will put up such a large multiplier.
It often happens that the odds on the victory of a certain participant are lower than they should be. The fact is that the odds are affected by the behaviour of users who continue to place bets on the other team despite the statistical data. 1win analysts take this into account and lower the odds to generate revenue. This approach is relevant for any favourites. The odds on them are always underestimated, diverging from the actual probability of winning the line-up.
Types Of Odds In Betting
There are several formats for displaying odds available at 1win. The most popular ones are presented below.
English
Such quotations are written in fractions, for example, 25/5. This kind of odds shows how the net profit of the bettor and the amount bet. For example, betting 1000 XOF on a 25/5 event, the user will win 5000 francs.
The English coefficient 25/5 is similar to the usual quotation 6. To convert the English ratio into decimal format, find the quotient and then add a unit.
European
Many companies in the early days of sports betting felt that English odds were too complicated to understand. This led to the emergence of European, i.e. decimalised odds.
Excluding the margin, the European odds are the result of dividing 100 by the probability of the event occurring. In the case of an order, the user receives a prize equal to the product of the bet and the odds. In the case of an express, all odds are multiplied by each other.
American
These odds are used the least frequently, and are considered the most difficult to understand. They began to be used in America a few years after the country became independent from Great Britain.
The main feature of such odds is the use of a plus or minus symbol in front of the number. The symbol shows which team is stronger. For example, the odds for a strong team will be negative. To convert a negative American quote into a decimal one, you need:
- Divide 100 by the American odds.
- Discard the minus.
- Add one to the result.
For example, there is a quote of -105. It indicates that it is possible to make a net profit of 1000 XOF by betting 1050 francs. In decimal format, the odds can be written as 1.95.
A positive American quote is similarly translated into the European format, but there is no need to discard the minus. For example, a bettor places a bet at 1win with odds of +110. This means that a net profit of 1100 XOF can be made on a bet of 1000 francs.
Basic Information About 1win
Users from Burkina Faso usually use European odds at 1win. The platform is very popular in the country as it provides bettors with many advantages. The main one is the wide betting line. You can bet not only on football and big tennis, which are popular in Burkina Faso, but also on exotic sports disciplines. Another advantage of 1win is a generous starting bonus containing 500% of the first 4 deposits and the possibility of receiving rewards for expresses. Support for Mobicash, bank cards, cryptocurrencies and other payment services popular in Burkina Faso allows for easy transactions.
Anyone who is planning to get serious about betting at 1 win should know how sports betting odds work. By competently analysing statistics before making a prediction, you can win prizes even at high odds.