How sports betting odds works in online football betting?

Question

I don’t have idea about online sports betting but I want to bet on football sports. Can someone tell me that how sports betting odds works in online football betting?

Answer 1

Well it depends in what format your odds are written. The two most widely used means of expressing odds are fractional and decimal. Fractional odds have been around in the UK since betting began, while decimal is the method used by most European countries, though it is gaining in popularity in the UK since the introduction of betting exchanges and most on-line bookies now offer the choice. Given the choice, decimal is now my preferred option, it is so much easier to work with.
When converting fractional odds to probability we need to divide the right hand side of the fraction by the sum of the left and right hand sides and multiply the answer by 100. When written like that it looks complicated, but it really isn't. Let's do an example:
Odds of 7/4 converted to probability.
7/4 becomes 4/(7+4) which is 4/11 = .3636
Multiply by 100 and the answer is 36.36 so our probability is 36.36%
A couple more examples:
5/4 = 4/(5+4) = 4/9 = .4444 = 44.44%
4/1 = 1/(1+4) = 1/5 = .20 = 20%
When converting decimal odds to probability things get really simple, all we have to do is divide 100 by the decimal odds.
So faced with decimal odds of 5.0 we simply divide 100 by 5 as follows:
100/5 = 20 so the probability is 20%
A few more examples of decimals to probability:
1.25 = 100/1.25 = 80%
1.90 = 100/1.90 = 52.63%
Not only is it easier to see what chance the bet has as a percentage, but it also gives us the ability to see just how much of a profit the bookmaker is actually making. To do this we need to convert all the odds on an event into percentages and then add them together. Any amount over 100% is the profit that the bookmaker is making on that event.
Taking match odds on a football match as an example, there are three possible results home win, away win or draw. Assuming the game is priced as follows:
Home win = 1.75 (57.14%)
Away win = 3.9 (25.64%)
Draw = 3.5 (28.57%)
Logically the result of an event can only be 100%, but we can see here that by adding up the probabilities (in brackets) we actually arrive at a total of 111.35% this extra 11.35% is called the overround, it is the profit that the bookmaker is expecting to make on this event and is generated by offering worse odds on the event than the actual true odds.