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Odds on Football
The quota does nothing but estimate the probability of a given result. Later, in the case of an accurate forecast, it will serve to find the profit obtained from said success. For example, if the chosen odd is 2.00, it means that the betting house pays 2.00 euros for each euro wagered. So, if you bet 10 euros, the gross profit will amount to 20 and the net profit to 10.
How are they calculated?
The bookmakers carry out the most exhaustive studies until they finally reach the correct odds for each event. Putting the example of a football match, each company has professionals especially dedicated to collect all types of prior information (injuries, suspensions, alignments, statistics, etc.). That is how they arrive at the finest probabilities in terms of possible outcomes.
To know the probability that the bookmaker assigns to each result, the following formula must be carried out: 100 / odd. So, imagining a game between Barcelona and Celta, if the odd corresponding to Barcelona is 1.22, it means that, for that operator, the Catalan team has an 81.96% chance of winning. This is called implicit probability.
In that sense, experts say that you only have to bet when you consider that the real possibilities are higher than those stipulated by the betting house according to this formula.
Odds and probability
The probability that constitutes each odd is the ideal kick to understand how operators obtain their benefits. The equation is very simple and, following the football game, it is enough to calculate the percentages of the three alternatives available and add them. We will find that it always exceeds 100% and precisely there is the profit for the company.