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How Odds Work At Bookmakers In Betting On The Example Of 1Win

In this article you will learn about the different odds depending on the chosen operator and the method of calculating them, which affects the size of the quotes. You will be able to better understand the betting line of a betting operator, for example the same 1Win (https://1wins-bf.com/), and make more successful bets by learning how the odds work.

What Are Sports Betting Odds?

The sports betting odds is one of the key parameters that every bettor who wants to bet on a regular basis should know about. It is a numerical figure calculated by 1 Win analysts, which reflects the probability of a particular outcome for a sporting event. This figure shows what are the chances of betting on a certain outcome: winning or losing a team/player, draw and other results. It is this figure that affects the profit a player will get in case of correct prediction.

The operator determines how likely it is that a certain event will happen. In upcoming matches where there is a clear favourite and an outsider, the odds are usually lower for the stronger team to win. Of course, with a small deposit, you won’t get a big win from your bet. However, there is also a high risk that the bet will lose.

Burkina Faso bettors should always check the odds when calculating possible profits. It is necessary to accustom yourself long before the match to assess the winnings you can get and compare it with the risk of betting. In those matches where operators use classic quotes, it is quite easy to calculate bets. The player only needs to multiply his bet amount by the numerical value of the odds.

Main Types Of Coefficients

How Odds Work At Bookmakers In Betting On The Example Of 1Win

Depending on the country in which the sites operate, different types of quotes are used. In total, they can be divided into three main types.

  1. European. Also known as decimal. This type of coefficients is found on many sites. They are called decimal because they are set in the form of decimal fractions: 1.50, 2.14, 4.00 and so on. The winnings are calculated very easily. You multiply the amount of the bet by the value of the quote. To find out the net winnings, the received amount should be subtracted from the bet size.
  2. English. It is found mainly on British sites. It records such odds in the form of fractions: 24/5, 12/60 and so on. Small quotes show the ratio of the player’s bet to the amount of net earnings. The bet amount is the denominator, and the possible winnings are the numerator. For example, you bet 1,000 XOF on an outcome with odds of 20/5. If you win, the net profit will be: 1,000/5×20 = 4,000 XOF. And that’s without taking into account the amount bet by the player. It is not difficult to convert the British odds into European. It is enough to divide the fraction and add one to the figure that turns out. For example, there is a coefficient of 20/4. Convert it to decimal: 20/4+1 = 6.
  3. American. This type of odds is popular in the USA. On 1 Win is displayed as follows: “+215”, “-150” and so on. A quote with a plus mark means the amount of potential winnings that the player will get if he bets, for example, 100 US dollars. The same rule applies to other currencies. A positive coefficient means that by betting 100 XOF on an event with American odds of “+400”, the user will make a net profit of 400 XOF. A negative quote shows how much you have to bet to win 100 USD/XOF or other currency the player is using. That is, a -160 odds shows that the customer needs to bet 160 XOF to make a net profit of 100 XOF. Convert American odds to European ones is also simple: divide by 100 the value indicated in the line of the American bookmaker’s office, then add one unit: “+400” – 400/100+1 = 5. If the value is minus, then vice versa – 100 divided by the coefficient, after which we add a unit. Everything is simple!

How do betting sites generate odds for sports betting? 

In order to calculate quotes correctly, most large operators have professional analysts on their staff or use the services of special analytical centres. Analysts calculate the probability of various events by evaluating hundreds of parameters. Specific quotes are set in the line after the chances of all possible outcomes have been calculated. It is the correctness of calculations that allows companies to earn money on betting. For these calculations are used:

  • Mathematical and analytical methods. Specialists study the statistics of the results of teams or individual players in previous matches. Such preparation is quite often carried out by professional bettors.
  • Heuristic methods. This is a more usual methodology for ordinary betting enthusiasts and beginners. It is based on the forecasts of professional experts, athletes, commentators and other specialists who are as close as possible to a particular sports discipline. 
  • The odds set by the operator are automatically laid down as well as his guaranteed profit. It is called a margin – it follows that the possibility of a certain result is higher than the odds in the line show.

This indicator is calculated in several steps. First of all, specialists of analytical centres assess the real probability of the result. Companies with less financial resources simply buy analytical data from specialised agencies, while large-scale companies have their own departments of analysts and use their own calculations. 

The probability of the outcome is displayed in the odds. And then the margin of the office itself is added to these odds. Thanks to this, operators are always on the plus side, regardless of whether clients win or lose.

Final Words

It is quite difficult to compete with popular companies with professional analysts on their staff. They have much more information, which gives a realistic assessment of the probabilities of outcomes in specific events, and in the quotation indicators they put a margin, which gives the operator an advantage over the players and a guaranteed income.

But as practice shows, even under such circumstances, the competent approach of experienced bettors gives them the opportunity to win and earn large sums on bets. To learn how to do this, you need to know about the principles of formation and calculation of odds taking into account the margin. This allows levelling the advantage of betting sites, and in some cases to gain an advantage over the establishment itself.

And if you have not yet decided on the place where the optimal conditions for bettors are created – pay attention to 1Win. The company has been operating on the international market since 2018 and has perfectly established itself during this time. What’s more, for newbies here there is a welcome bonus in the form of 500% on deposits up to 612,000 XOF. That’s generous!