Odds and Probability
Odds and probability are two sides of the same coin but if one looks closely, there are some profound elements a bettor needs to understand when making accurate betting predictions. Both terms describe the probability of an outcome happening or not happening, but what are their actual roles during the game? As part of our MLB betting guide, we shed the light on the difference between the two and learn how to use them.
Many people find the very nature of mathematics boring and confusing. It’s the numbers that always turn them off. But Bitcoin MLB betting makes things easier for you through odds and probability. Beyond everything, learning how to compute the odds and how to measure the probability in sports betting can be a pivotal tool when done right. It can help you identify the bookmakers with the best betting value and the teams.
THE DIFFERENCE BETWEEN ODDS AND PROBABILITY
Basic probability is the likelihood how an event or an outcome is likely going to happen. It is often expressed as a decimal number between 0 and 1.0–0 indicates that the outcome is impossible to happen, while 1 indicates certainty. Some sportsbooks, however, use percentages where 0% indicates impossibility and 100% indicates certainty. Make sure you clarify this before moving forward.
Odds are the chances in favor and against an event. You will always encounter these in matches involving the favored team and the underdog. These can be expressed in many ways but the most commonly used by bookmakers are Decimal, Fractional, and US odds.
CALCULATING THE PERCENTAGE PROBABILITY IN BETTING
Odds and probability are important elements required for computing the probability statistics. The mathematics behind all these can help you determine your winnings using only a simple calculator. Knowing how to convert betting odds into percentage probability automatically gives you potential value of your bet for the underdog and the favored team. In return, you get to understand the betting value for both and you can decide if the whole scenario is worth your bets. The conversion can be seen below:
Take note that the calculation will be using one of the four basic operations in arithmetic: Division. The displayed decimal odds, for example, should be used as the divisor of 100.
100 ÷ odds = probability %