Introduction
The betting odds represent the probability of the outcome of an event, i.e. how often it would occur, if the event were repeated again and again.
If you keep tossing a coin for long enough heads and tails should come up about the same number of times.
Betting odds based on the statistical probability are known as the true betting odds. In this case, the true odds are 1-1, because you will lose once for each time you win. Because most sporting events are never rerun under exactly the same conditions, the true odds are always a matter of opinion. Not only that, when you bet with a bookmaker the betting odds don't just represent the likelihood of the result. They also reflect the bookmakers need to make profit and different amounts of money taken on the possible outcomes.
The art of betting is in trying to find odds that are out of line with the true probability. Betting odds offer the possibility of winning more money by backing an unlikely outcome, or taking less risk by backing a likely one.
titel
Online betting odds can be described in a number of ways. Traditional British odds are shown as a ratio e.g. 4 /1, 2/1, 1/1 etc. Online betting odds can also be expressed as a percentage or as a decimal number e.g. 5.0 ,3.0 or 2.0 In decimal format the number represents your total return including your stake. Most bookmakers use traditional betting odds as the default for online betting odds, Whereas on betfair the norm is to display decimal odds, however most bookmakers offer both options for your convinience.
Starting Price is calculated after the start of the race and is an average price for that horse determined by racecourse officials using the prices shown by on-course bookmakers. This means the bookmaker cannot yet tell you what the exact odds are going to be. When you back a horse using a starting price, the price can change based on market conditions, and you are agreeing to whatever the odds will be at the start of the race. However most races are priced up by one of the bookmakers online.
Most online betting odds bookmakers who feature on the internet operate independently of each other. Online betting odds are set independently by each individual bookmaker and therefore can vary. Using as site such as Oddschecker is wise as they display all the odds from most major bookmakers together - they display all the different online odds so you can see at a glance which bookmaker is offering the best price. Most punters think that the betting odds offered by the bookmakers on a particular outcome reflect the true probability of that outcome occurring. However for the bookmaker, the process of deciding how high or low to set the odds actually has two parts: The Probability. Good online bookmakers do employ odds compilers with specialist sporting knowledge who calculate the likelihood of the various possible outcomes and then draw up the odds. However these days its more likely that they use the betting exchanges to set thier odds. Once the market has been formed and the bookmaker has started taking bets from punters the odds will be changed in response to where the money is going and how people are betting. Some bookmakers are driven almost exclusively by the market. They will tend to post prices later than the others, once they have seen the other betting odds.
titel
There are many factors to consider when attempting to determine the probability of a particular outcome and therefore checking the online betting odds is very important so you can obtain the best betting odds available. In horseracing these factors would include - Form - the past history of all the runners -Going - a description of how the weather has affected the track - The riders, trainers and owners - The pedigree of the horses - The draw and Weather forecast. All the above are important factors in predicting the outcome of any horse race. How much importance you attach to each of the particular factors is down to your personal feelings. All of this information is available on the website. When considering these factors it will help you to form an opinion as to the probability of particular outcomes of horse races or the True betting odds. Bear in mind that while the online bookmakers must set betting odds on almost every horse race, you can concentrate on one race that interests you. If, in your opinion, the bookmakers are offering betting odds that you believe to be longer than the true betting odds, you have found a Value Bet. Value bets is the only way to beat the online betting odds bookmakers in the long term.
titel
When the online betting odds market has opened, and the bookmaker starts to take Bets, thye need to take into account market conditions or the money staked on the event. A bookmaker is a professional and he must make a profit from the betting odds he gives. If a lot of punters bet on a particular horse then he stands to lose a lot of money if it wins. In this situation, which can occur when a horse is tipped by a high profile tipster service, bookmakers will make the betting odds on that horse lower to balance the betting odds book and discourage punters from backing it. They should also then raise the betting odds on the other horses in the race to attract punters to put money on those other horses. Consequently the betting odds they offer may cease to represent a true view of the outcome of any particular event and are more likely a reflection of what other people are betting on.
For the bookmaker the most important thing is to pay out less in winnings than he takes in stakes. So he will try to ensure that he makes a profit on each event on which he makes betting odds or a book. This is done by setting an Overround. To calculate an Overround you need convert the betting odds of all participants in the event to percentages, then add them together. Remember you need to add in the stake, for example 2/1 represents 1 in 3. While mathematically speaking the true overound of all horse in a race must be 100 percent as only one can win, however the bookmaker's Overround has to add up to more than 100 percent. It's the amount over 100 percent that represents the bookmaker's profit. You dont need to work out overrounds as most betting odds sites and exchanges do it for you and they are on display. You can use the Best Book to identify a race where the prices are likely to represent good value. The closer to 100 percent the better the value of the betting odds. Bear in mind that a good book doesn't mean that all the odds represent good value. You still have to identify the best betting odds.
OnlinePokerTycoon