KNOW THE OVER ROUNDS IN BETTING
The meaning of betting odds is not the same as the name suggests. It does not tell you the chances of your winning but in place of that it tells you the amount of money that you are allowed to take home with you if you make a certain score. The bookmaker plays a very important role in this regard as he saves a certain percentage of your winning for the house and which is generally called the over round. There is a particular method of calculating this amount which is stated below.
1. You need to first find out the chances of happening of the concerned event. It is called the probability of the happening of the event. You will get a particular digit as a consequence and that digit will always be in form of a fraction.
2. The fraction so obtained need to be converted in the form of a percentage by multiplying it by 100.
3. Based on the kind of the betting you are indulging into and the nature of the bookmaker, there will be an ascertained percentage of over round that you need to know for further calculation.
4. The figures obtained in the above mentioned two stages need to be added together to reach another number. Known as betting percentage, this number plays a very important role in the overall process.
5. This digit needs to be then converted into the form of probability that deduces to the least valued fraction attainable. A betting percentage of 30% will be seen as 3/10 betting probability.
6. P/(1-P) is the formula that you need to apply next to reach the result where the P stands for the betting probability. A fraction will be obtained if the problem is solved. In the fraction so obtained, the numerator represents the bet to be made on which the resulting payout will be equivalent to the sum mentioned in the denominator for unit amounts.
It is very important to know this whole process because many people live in the belief that they get take the face value of the amount home with them. But that is not true. If you know the amount that is going to be deducted by the bookmaker from the winning you can make a reasonable assumption of your total income. This will also prohibit you being fooled by the system in terms of payout at the end of the game.
1. You need to first find out the chances of happening of the concerned event. It is called the probability of the happening of the event. You will get a particular digit as a consequence and that digit will always be in form of a fraction.
2. The fraction so obtained need to be converted in the form of a percentage by multiplying it by 100.
3. Based on the kind of the betting you are indulging into and the nature of the bookmaker, there will be an ascertained percentage of over round that you need to know for further calculation.
4. The figures obtained in the above mentioned two stages need to be added together to reach another number. Known as betting percentage, this number plays a very important role in the overall process.
5. This digit needs to be then converted into the form of probability that deduces to the least valued fraction attainable. A betting percentage of 30% will be seen as 3/10 betting probability.
6. P/(1-P) is the formula that you need to apply next to reach the result where the P stands for the betting probability. A fraction will be obtained if the problem is solved. In the fraction so obtained, the numerator represents the bet to be made on which the resulting payout will be equivalent to the sum mentioned in the denominator for unit amounts.
It is very important to know this whole process because many people live in the belief that they get take the face value of the amount home with them. But that is not true. If you know the amount that is going to be deducted by the bookmaker from the winning you can make a reasonable assumption of your total income. This will also prohibit you being fooled by the system in terms of payout at the end of the game.
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