Calculating sports betting probabilities involving 2

Calculating sports betting probabilities involving 2
they represent in terms of the sporting event that you are betting.

What really are the odds being shown all about?

Lets use an example of a football match between Barcelona and Real Madrid where there are three outcomes, a win for the home team, a draw or a win for the away team.

We will assume fractional odds of 4/6 on Barcelona, 11/4 on the draw and Real Madrid at 4/1 for the following examples and from this information you can see the percentages that the bookmakers have played on the probability of each outcome.

Basic Odds Understanding, the first thing you need to understand is what basic betting odds mean.

Lets take odds of 2/1.

This means that you need to bet one unit to win two back.

Odds of 4/1 means that you bet one unit to win four back.

Then you have odds-on prices such as 1/2.

In this scenario, you would need to bet two units to win one back.

So a 1 win on odds of 2/1 lands you 2 profit while a 1 win at 1/2 odds-on lands you.50 profit.

So there is the risk/reward factor of betting.

The longer odds of 2/1 have less of a chance of winning, while the 1/2 odds-on price is more likely to happen but you would have to risk twice as much to get the same return as if the longer price won.

There is no difference between decimal and fractional odds, only that when looking at decimal odds it includes the stake return.
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