The entire business of the Esports or Electronic sports betting run on odds. For anyone who has professionally gambled at least once in their lifetime, will know what the term “odds” mean. Regardless of what you’re betting on, odds play a crucial role in every aspect. If you want to win, or make money gambling or betting, then you need to know how the odds work. For someone new to this world, it can be extremely confusing. Check out this article, because we’ve made it easier for you:
What are the odds?
Odds are often defined as the chance or probability of winning an event. In layman’s terms, it is how lucky you get to earn money. However, in Esports betting, odds follow the same baseline, but with a slightly different configuration. For instance, if two teams are battling against the league of legends, then both teams have an equal probability of winning, though one is better than the other. There are men appointed exclusively to calculate the odds of winning a match. They’re called bookies. The process of calculating odds can vary from one country to another and from one game to another.
It is a way of calculating the odds in a fractional format. It finds popularity in many UK based countries and is not employed or alien to other countries. Let’s consider a match where the chances of winning of team A are 4/1. This implies that team A can win 1 out of the four matches that is it has a 20% chance of winning. These methods of calculating odds do not include the wager amount. If you have to calculate fractional odds in terms of your wager amount, then it implies for every $1you bet, you get a return of $4.
Calculation in terms of decimal odds has the upper hand in the online market, because it actually shows the punters how much they can win, instead of just the probability. Hence it is employed by almost all bookies around the world. You can calculate the odds percentage directly dividing it by 100.
It is that simple. And if you want to calculate in terms of the amount, multiply it by 5.0
1.5 = 1.5X5.0= $7.5
2.0 = 2.0X5.0= $10.0
How to make them work for you
Although these calculations of bets are a strategy employed to calculate your chances of winning, it is not always accurate. Sometimes, even the most professional and experienced bookies go wrong in calculating the odds. It is followed by a lot of practice, dedication and years of experience. This means you can only make the odds for you if you’re skilled enough to study each and every match that takes place and analyse the statistics. It is imperative to understand the players and even the oppositions and the strategies employed to bet on them. Only this can be beneficial in the long run.