We rarely attribute a numerical figure to answer these questions but we are still dealing with a question of probability. How often do you think: “What are the chances of me making that train on time?” or “How likely is it to rain?” With a good understanding of how to calculate probability yourself and how it compares to the odds provided by the bookmaker, you can begin to make more informed decisions when it comes to what you should bet on, when you should bet and how much you should stake for the bets you make.īasics of Betting | How does betting work? - Episode 1Ĭonsidering how we are faced with a problem to solve or an assessment of risk every single day of our lives, it is surprising how unfamiliar the average person is with being able to calculate probability. To really expand your understanding of odds and betting, you must also understand how to calculate probability. However, if you consider betting to be just about odds, you're missing the bigger picture. Using implied probability in betting can also help you compare odds between bookmakers. Sports betting explained: How to bet on sportsīetting is about assessing the chance or probability of an event happening and bookmakers like Pinnacle use odds because it translates implied probability into a more usable form in order to offer betting.
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