How Does the betting work?
Betting provides you the possibility to predict the outcome of an event and, if you get it correctly, to win money. Those are the key steps that explains how the betting work:
- Learn about the betting odds and what return you can have
- Understand the probability that an event will actually happen
- Pick a market where you are confident that you can get an edge over the bookies
So to recap the most important thing would be to learn how betting odds work as sometimes they may seem confusing and complex initially. This is really important when learning how to bet as they basically tell you how likely is an event to happen and also what kind of potential return you will have.
Every bookmakers will have similar yet different odds for a certain event. The reason is that the odds are the reflection of the probability. For any given event there are a number of possible outcomes: if you roll a dice for example there are 6 possible outcomes which means that there is a 16.67% chance that it will happen. Betting odds are simply a reflection of how likely is that an event is going to happen. Bookmakers normally use fraction in the UK to show odds although you can also see them as decimals if that makes it easier for you.
If you see two numbers separated by a trailing slash than this is a fractional odds (ie. 5/1). From this you can find out how likely is that an event is going to happen with the following calculation: 5/1 is A/B. Probability (%) = B / (A+B). For example 5/1 will be 1 / (5+1) = 16% chance that the event will happen. So now you can figure out how likely the outcome you are about to bet is going to happen. If you bet £1 on a 5/1 event you will get a return of £5 plus the stake (£1).