Anyone who bets on sports knows the importance of odds. But how exactly do betting operators like 1 Win (https://1wins-bf.com/) calculate these numbers? This article will reveal some of the secrets of this process.

What is a Odds

Odds in sports betting is a numerical value that shows how much money a player can get if he wins a bet relative to the amount he bet. The odds reflect the probability of a team or athlete winning a particular match or competition.

Here’s how it works:

A high odds means that the probability of a team or athlete winning is low, but if you win, you will get more money. For example, if the odds are 5.00 and you bet 100 XOF, you will receive 500 XOF (5.00 * 100 XOF) if you win.

A low odds means that the probability of a team or athlete winning is high, but the potential winnings will be smaller. For example, if the odds are 1.50 and you bet 100 XOF, you will receive 150 XOF (1.50 * 100 XOF) if you win.

Operators can use decimal format, American format, or fractions to record odds. In each of these formats, the odds look different, but their meaning remains the same. All odds express the probability of an event occurring.

The fact that there are many different odds formats (American, decimal and fractional) is proof that they are only a means to an end, i.e. placing bets. It can be said that betting sites trade in “risk measured by probability”.

The basis of betting is to estimate the chances or probabilities of an event occurring. Bookmakers such as Pinnacle use odds because they are useful for expressing expected probabilities in a more convenient and understandable form for the customer.

Using expected probability when placing bets will also help in comparing the odds offered by different sites. But if you think that odds are the key elements of the betting process, then you are not seeing the whole picture. In order to really expand your understanding of the nature of odds and betting, you must also be able to calculate probability.

A proper understanding of how to calculate the odds yourself and compare the outcome with the odds offered will help you in making informed decisions when it comes to choosing the right offers, times and their size to place your bet.

Main Features of Odds

Odds are set by betting operators based on various factors. Below we will tell you about the main ones:

Statistical Analysis

The basis of any odds is statistics. Websites analyse the previous games of teams, their current state, player statistics and so on. Based on this data, they make predictions about the possible outcome of the match.

Today, odds are typically generated by processing numbers and using databases to shape the market. Companies analyse dozens of variables to properly assess the probability of each outcome.

For example, it could be the previous results of the home team compared to the away team, or the history of individual athletes and their performances in specific competitions. By running numbers through mathematical models, betting sites can quickly set odds in real time.

Expert Opinion

Betting companies hire experts in various sports. These experts help to determine which teams have a better chance of winning. Sometimes they use analytics prepared by specialised agencies. This is why sometimes you can see the same odds for a certain match from different operators.

Market Factors

Odds also depend on market conditions. If a lot of people bet on one team, the odds on that team winning may decrease. This is done to limit the betting operator’s losses in case the bet goes the wrong way. The aim is to find the right balance between the interest for punters and the risk of losing money.

Unforeseen Circumstances

Player injuries, changes in coaching staff or other unforeseen circumstances can affect the odds. Betting sites constantly monitor such news and adjust their odds accordingly.

Margin

To guarantee their profits, companies add their margin to the odds. This is the difference between a team’s actual chances of winning and the odds offered to players.

Obviously, every business must make a profit, otherwise it is doomed to failure. That is why sites offer odds that are adjusted according to probabilities and allow the company to stay in the plus in the long term. That is, if a site estimates the probability of a team winning at 1.55 or 1.60, it is likely that the odds will be set at 1.5. This is how most major sites like 1Win work.

Final Words

In general, calculating odds is a complex process that requires analysing a lot of information. Large companies such as 1 Win use a combination of statistics, expert opinion and market factors to provide their customers with the best possible odds. In addition, the large betting volumes allow them to place smaller margins on many events and offer bettors better odds.

Sports nowadays is not only a pastime, but also a way to earn money. You can make money on sports by betting on events with favourable odds. Nowadays there are many operators in the world who accept bets on different sports. One of them is the aforementioned 1Win, a brand that can be trusted and recommended for use by sports betting enthusiasts. The company regularly endeavours to improve the quality of its services in order to enter the European markets. The betting site is very convenient for Burkina Faso bettors, as it allows you to open in the local currency, as a result of which customers from the country will not have to lose money when converting currencies. Not to mention the welcome bonus of 500% on deposits up to 612,000 XOF. We advise you to evaluate!