I dont understand betting odds.. can someone please explain them for me? Ta x?

Question

I dont understand betting odds.. can someone please explain them for me? Ta x?

Answer 1

Read the article at http://bettingwise.hit.bg/Sportsbettingt...

Answer 2

In sport bets, basically there are two types of odds: the mathematical odds of the event that you bet on (the real probability of that event to happen) and the "house's odds", which is a subjective estimation of the house with regard to the chances of that event to happen (which takes into account additional information about that event). The house odds also give the payout.

I can recommend the book "Probability Guide to Gambling", which has a consistent section dedicated to betting odds.

Answer 3

i think you need to clarify which game you are referring to.

Answer 4

The amount you win should always be greater than the odds of winning. So, if you buy a lottery ticket for $1, and the odds of winning are 1 in 100,000,000 (100 million), then it's only worth it if the jackpot is over $100 million.

If you have a poker hand that has a 1 in 4.5 chance of winning, and you need to put $10 in to stay, then to be worth it the pot has to be over (or equal to, I suppose, in this case, since your odds can go up later) $45 (4.5 times your bet).

It depends on the game, but in general, the difference between the odds of winning and the ratio of potential winnings to cost determines how much the bet is worth.