![]() ![]() This is because you are getting better odds than the real chance. However, if this is indeed a throw of a dice, in the long term, by betting on all outcomes with a better price than 6.00 (probability of 16.66%), you will be at a huge advantage and making a profit against the bookmaker. If these six possible outcomes were horses, with jockeys, on a soft track with hurdles, going left-handed in inclement weather and with different handicap marks, you can see how much more difficult it can be to figure out which is the best outcome to bet on. The same scenario of an overground (Over 100%) book has been produced to a level of 5.62% in the bookies favour. In this book, you can see how the bookmaker has adjusted some prices up, and others down. Now let's take the same table, same dice and same equal chance and create a different table Side Understanding odds and getting the best odds available when betting is key to understanding how bookmakers work and helping you make a profit from betting in the long term. This example demonstrates how the bookmaker will take the non-profitable 100% book and add a margin by slightly lowering the prices to create a total of over 100% to create a 9.2% over-round on the book. Remember, there is an equal chance of all outcomes, and so the prices are the same which will differ if applied to a football match or a horse race Side ![]() ![]() The table below demonstrates the true probability, and how a bookmaker might price it up. This can be expressed by the probability of 16.66%. If you roll a 6 sided dice, there is a one in six chance of any one number coming up. Let's take a look at an example with more than two possible outcomes, but again, each with an equal chance. We saw in the coin toss example above how a bookmaker will set odds to his advantage, by offering less than evens chances to an event where there are equal, or 'even' chance of any outcome to ensure a profit on the book. Outside of gambling, probability is more commonly referred to in percentage terms. The entire business of how a bookmaker works to create a business is based around offering odds for players to bet on, let's find out everything there is to know about betting odds. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |