Gambling math usually scares people. Learning it, though, can be the vital key to success and gaining an edge as a gambler or sports bettor where margins
US Betting Math
Mathematics is widely used in the world of sports betting. It has very little to do with preferring team x over team y simply because one team has more talented players than the other. Odds are the foundation of sports betting, and punters are constantly looking for the best possible prices (odds) on their wagers.
Fortunately, the mathematics involved in sports betting are not overly complex. In most cases, at the very least. While many people, including BetTop 7, and bettors in general, use specific sports betting formulas, the fundamentals are fairly simple.
You can find betting guides online that will teach you betting strategies and explain how the odds in sports betting work in an easy-to-understand manner.
How can math be used in sports betting?
Despite the fact that many complex algorithms are used in sports betting markets, bettors only need a basic understanding of how to get started and evaluate their probabilities when betting on sports.
For new bettors, knowing how to calculate odds and convert odds probability is an essential first step. Things can become more complicated later on in the betting process.
Transitioning from odds to probabilities
Let's start with the most fundamental aspect of mathematical sports betting analysis: the breakeven percentage. If you bet at the standard American odds of -110, your breakeven percentage, also known as the percentage of bets you must win to break even, is 52.4 percent.
Calculating the percentage required to break even is a simple process. We will use the moneyline odds or American odds of -110 to demonstrate how we arrived at the breakeven percentage of 52.4 percent.
It's as simple as 100 minus the odd number. If we consider our standard odds bet, which is currently set at -110, our equation would be 100/110, which equals 0.909. We then convert this previously expressed decimal number into a percentage, setting it at 91 percent. This is the amount (expressed as a percentage) that our wager will return if we win the bet.
However, to calculate the percentage at which we will break even, we can round up to 0.91 and then add one to get 1.91. By multiplying 110 by 1.91, we can calculate that our return on a successful bet will be $210. This includes both the amount we profited, $100, and the amount we risked, $110.
In decimal format, 100 divided by 1.91 equals 52.35, which is rounded up to 52.4 percent. Finally, we can divide our previous wager's return by the odds of -110 in decimal format, which equals 1.91.
We've just finished converting our odds to probabilities, which has given us a breakeven percentage for standard bets as well as the likelihood of a bet with a -110 handicap. The above calculations can be applied to any amount of money wagered and any odds.
Betting odds calculation formulas
Sports betting formulas can be much more complicated than the one presented above. Sports betting algorithms are used to generate and adjust the odds that are offered by sportsbooks around the world, whether they are pre-match or pre-game markets or live betting.
These algorithms are extremely complex and take into account a variety of factors, such as statistical models based on teams, coaches, and players. Furthermore, they allow oddsmakers to make changes to in-play markets on the fly.
Sharp bettors, on the other hand, are always one step ahead of the odds markets, even when dedicated teams are working to create the odds.
Despite its difficulty, developing your own statistical model is a challenging but potentially rewarding endeavor. If you are successful in developing one that can compete with market-leading sportsbooks, you will become wealthy.
Conclusions and thoughts
Even if they bet on sports, bettors without a strong mathematical background can become profitable sports bettors. The ultimate goal is to create a model that outperforms the algorithms used by the sportsbook, but few people are capable of doing so.
Bettors who are just getting started need to understand their position. The vast majority of sports bettors are never taught the fundamentals of probability and how to convert odds, which is a shame because it is an excellent first step.
From then on, identifying value in various betting markets becomes much easier. If you combine online shopping with bonuses and promotions from various websites, you will be well on your way to becoming a profitable sports bettor.