Betting Guide: How To Quickly Understand Odds & Conversions

Betting sounds attractive to many, but few become successful while having fun. The first stop for beginners should be a betting guide. You probably know a person who is passionate about betting, but rarely wins. The key to becoming better at betting is learning how it works.

Betting odds are at the center of betting as an activity. So, the best way to improve is to understand everything about these odds. All you need to know about betting is in this betting guide. Remember to read slowly and focus. Let’s begin.

how to make money from gambling onlineBetting Guide: Betting Odds Work on The Principle Of Chance

You must first understand the concept of chance before you can understand betting odds. Chance is the likelihood that an event will happen. Many times you will hear the word “probability” when talking about chance. Probability is a chance expressed in percentages.

Here is a simple example: let’s imagine that you want to roll a dice. A dice has six sides. So, rolling a die results in the probability of one out of six for each outcome. In other words, there are a total of 6 possible outcomes, but each roll results in just one outcome. The reason is that the dice cannot land on two numbers at the same time.

So, there is an equal chance that the dice will land on any of the six numbers. Now, let’s convert this chance into probability—the dice will 100% land on one of the six numbers.

If you divide 100% by the six possible outcomes, you get 16,66%. This number is the probability (or chance) that the dice will land on any of the six numbers. Also, this probability is equal for all six numbers.

Using Chance & Probability To Understand Betting Odds

You need to learn how to convert betting odds to improve your chances of betting. Converting betting odds is necessary because of their respective implied probabilities.

There are two reasons for understanding the implied probability. The first reason is that this probability helps you determine the potential value in a betting market. If you calculate this value and don’t like it, you should not waste time betting in that market. The second reason is that calculating this probability also helps with individual bets.

There are three most popular formats of betting odds in the world. These formats are the decimal, fractional and American formats. By now, you know that you can convert odds into implied probability. But, you can also convert implied probability into these odds formats.

This betting guide can help you master the conversion process, so let’s go into more detail.