Bookmakers Odds Comparison

How do bookmakers calculate odds

The betting world will face a virtual restart when the impact of COVID-19 subsides. It would be a great time for newbies to join the betting action. If you are new to betting or a person who has just started, it is important to understand the odds.

What are Betting Odds

Odds is the probability of an event to happen. Betting odds allows you to calculate the amount you will get if you win the bets. Betting odds are commonly represented in the form of fractions. These kinds of odds are known as fractional odds. Odds are also represented in the form of decimals. Check our article How Do Bookmakers Calculate Odds to get a deeper understanding of this subject.

Know Your Odds

Let us now consider an odd 4/1. From this, let us now check how to calculate the probability of an event to occur. The formula for the probability calculation is Probability (%) = B / (A+B).
We now replace the digits 4 and 1 in the odd with the letters A and B, respectively. So, 4/1 can be calculated as 1 / (4 + 1) = 0.20. This means there is a 20% chance that the event will happen. In other words, the probability of that event to occur is low.

Like the probability calculation, calculation of winnings is also an important thing in betting. Let us now check how to calculate the winnings by using the odd.
We have 4/1 as the odd. Here also replace the digits 4 and 1 with the letters A and B, respectively. But the calculation is much easier than probability calculation. For every value of B that you bet, you will win A, plus the return of your stake. So, in case of the odd 4/1, you will win £4 for every £1 you bet.

Now you know how to calculate the probability of an event to happen and the winnings in a bet if the betting odds are provided. The basic logic here is that the lower the probability of an event happening, the higher will be the potential winning from that event.

Why Bookmakers Odds Comparison

If you are going to place bets, you must check the odds with different bookmakers, compare them, and understand how much you can win. You have to choose the odds that will lead to the most profit when you win.

All Bookmakers do not offer exactly the same odds for every single betting market. The odds vary from one bookmaker to another. The differences in odds look small, but significant. Bookmakers odds comparison is much simple like searching what is available and choosing the best one. You can do this simply by visiting a few betting sites and compare the odds that each bookmaker offers.

You can also check the odds of different bookmakers on various odd comparison websites. They will provide you the information regarding which online bookmaker offers the best odds on a bet. Always try to place your wager with whichever site offers the best value.

Best Odds Bookmakers Comparison

Unibet usually offers the best odds in football betting. Ladbrokes and Bet365 are the other two famous bookmakers with attractive odds in football betting. In the case of tennis betting, 888 Sport, Bet365 and William Hill are the top three bookmakers who offer the best odds in the market.

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