What Exactly Do Sports Betting Odds Say?

Betting without odds is not. Everyone is probably aware of this. However, at first glance it is often difficult, especially for beginners, to understand how the odds arise and what exactly lies behind them. So every novice bettor should have at least once sufficiently dealt with the subject of odds in order to understand what the bookie is actually doing and, above all, why he is doing it. Only in this way is it possible to bet successfully in the long run. In addition, there are a few things to keep in mind when it comes to odds. Therefore this article should bring a little light into the darkness and clarify the most important things about odds.

What are betting odds?
With a betting odds everything stands and falls. It decides how likely a certain event is and how much money the user will get if he wins the bet. The odds are therefore the factor by which the user's stake is multiplied in the event of a win. This means that the higher the odds, the higher the payout. However, the probability that a certain event will occur is also lower with a high odds. At least this is the obvious opinion of the bookmaker. It is therefore very important to obtain sufficient background information on the game in addition to the odds themselves. Because it can happen that a bookmaker has wrong information and the odds were calculated wrong. For this reason, experts always recommend that you calculate the odds yourself again in order to be on the "safe" side with your bet. Of course, you should never forget that the word "safe" is relative in connection with sports betting, because there is still a portion of luck in the game. 

How does a betting quota arise?
The odds are calculated and created by the provider himself or by his bookmaker. And due to this mathematical calculation one speaks usually of the so-called bookmaker advantage. First of all, the probability of the various results is determined by including all the information available to them in the analysis. This includes, among other things, information about the current state, i.e. the form in which the team is at the moment, up to the table status, statistics, injuries or even losses of individual players. This information is then used to calculate a percentage probability of occurrence, which can look as follows: 
Team X wins: 50 %.
Undecided: 30 %.
Team Y wins: 20
From this, the bookie now calculates a fair quota according to the formula: 1 / probability of occurrence x 100. This means: 
Team X wins: 1 / 50 x 100 = 2,00
Tie: 1 / 30 x 100 = 3.33
Team Y wins: 1 / 20 x 100 = 5,00
This would now be the ideal case. However, the odds will not be found exactly the same way in the offer. Because the bookie now adds its mathematical advantage, i.e. the profit margin. As a rule, it is assumed that the bookmaker wants to win about 7% of a tip and therefore opens a quota key of 93 %. The formula for this is: fair odds x 93 / 100. That is: 
Team X wins: 2.00 x 93 / 100 = 1.86

Tie: 3.33 x 93 / 100 = 3.10
Team Y wins: 5,00 x 93 / 100 = 4,65
That would now be the quotas that can be reckoned with in practice. And you can see very clearly from this example how the bookmakers proceed. And it is very advantageous if you know that. For those who want to start right now, here is a very helpful experience report about a sports betting app, which makes it possible to always and everywhere participate in the betting events. 

Therefore the ratios differ from offerer to offerer
When placing a bet, it is always important to compare the different providers beforehand to see what odds are offered on a particular offer and, most importantly, to weigh which odds are fair and realistic and which are not. In this comparison, you will quickly notice that the odds of the individual providers often differ by lengths. And this is simply because the bookmakers have different information and they evaluate the events differently. But also the profit margin differs from bookmaker to bookmaker. And if the differences are perceived at first sight as very small, it must be clear that these small differences strongly affect the profit distribution over a longer period of time. 

What if the odds are changed after betting?
With sports betting, it can happen that a bookmaker reconsiders his odds after a certain period of time and changes them because he becomes aware that he was wrong in his calculation. And to prevent him from losing too much, he changes the odds by downgrading the popular bet and upgrading the other outcomes. But don't worry. Bets already placed are not affected. The change is merely a protection against those who place their bets during the course of the game. Once the user has made a bet, nothing can be changed.

The bookie can also no longer change any bets that have already been made. 

How to recognize a serious bookmaker
Among all the sports betting providers that you can now find on the Internet, it can be difficult to choose the right one. Therefore, there are a few basic things that users can follow in order to avoid falling into the trap of an unfair provider. 

1. Does the provider have a license?
The legal situation in Germany regarding sports betting is still not quite clear. The fact is that it is legal to bet. However, if you want to play it safe, you should make sure that the provider has a valid license. Only then can you assume that the company has been sufficiently checked and that it is not a fraudster. The most trustworthy licenses are those from Malta, Gibraltar, the Caribbean and Germany. However, most providers prefer the license from Malta, as the tax situation is much easier there than in Germany. 

2. Deposit and withdrawal
When making deposits and withdrawals, attention should be paid to the possibilities offered by the provider to its users. The provider should in any case offer several possibilities, whereby the payment option via PayPal always speaks for the provider, since PayPal only enters into partnerships with reputable customers. In addition, the provider should not take long in the case of a payout. The framework should not be longer than 1 week. With everything that goes over it, there is the danger that the provider deliberately delays the payout because he is not willing to pay out a certain amount. 

3. Customer support
If problems should arise, it is important that a provider has a competent, easy-to-reach customer support team that is available to provide advice and assistance. If no such support is available, a partnership is not advisable, as no help can be hoped for if complications arise. 

4. Experience reports and reviews
Before registering with a supplier, it is essential to find out beforehand what reputation the entrepreneur has. In times of the Internet, fraudsters usually have no chance to play their game undiscovered for a long time. A fraud case would rank high in the ranking and thus warn the user. 

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