Throughout
the history of human beings, exchange was key for the evolution of the human
kind as a society. With the advancement of economical systems, investing and
saving for a better future, entertainment made its way through society’s
behaviors.
But it
didn’t stop there, since the entertainment is meant to be a form of activity
that holds the interest of people by providing pleasure and delight. It had to
be close to every single individual in society: Sports. when householders think
about new ideas, they about moving and changing their environments. Sports were
the easiest solution for them to enjoy time with their families, burn time and
energy.
And what
better sport than Hockey? A sport played on a giant sheet of ice, players going
on spins when they score and even their ability to control the game’s pace. It
is a show that attracts more and more people by its diversity making it much
more entertaining to watch. But in order to make it profitable, odds betting
was the key to boosting the activity, not only does it motivate spectators to
take attention, but it merges them in the game as if they were in the
experience.
So how does
it work? Sports betting can be defined as the process of predicting the outcome
of a sport’s game and placing bets on the results. This activity might be legal
or illegal depending on the state or the country, it’s legal when a bookmaker
also called a sportsbook takes the bets, or illegal when private companies are
taking the lead and collecting bets.
When it
comes to odds betting, odds are represented by numbers, mostly used in the
science of statistics and by the gambling community. In statistics, odds of give
the exact image of what the results might become, if that event might take
place or not. When it comes to the format of odds, it is evaluated depending on
the number 100, if the result is higher than a 100 then it’s a positive and
vice versa. But when it’s exactly a 100, it is judged to be even.
In setting
odds, the bookmaker is subject to several limitations. On one hand, the
probability implied by the odds should be greater than the true probability for
each possible outcome to guarantee positive expected profit. In the other hand,
If the wagers on each outcome are made in ratio to the implied odds, then the
bookmaker is guaranteed a profit.
Expressing
the odds can take different formats, the most common types are the decimal, the
fractional, and the US method. As explained, odds are probabilities of success
or failure, that’s why it is common for odds to be over evaluated, thus giving
a guarantee to bettors. Here’s a chart explaining the conversions between those
methods:
Decimal
|
1.5
|
2.0
|
2.5
|
3.0
|
Fractional
|
½
|
Evs (1 on 1)
|
6/4
|
2/1
|
US
|
-200
|
100
|
150
|
200
|
Implied probability
|
1/ 1.5 = 67%
|
1/ 2 = 50%
|
1/ 2.5 = 40%
|
1/ 3 = 33%
|
In order to
bet on your beloved team, many choices are in place, most commonly money line method
of betting, which replaces numbers by scores making it easier for spectators to
process the information. Your choice must win the game, the game as an entity
not the amount of scored goals. In National Hockey League odds, positive and negative
results are assimilated to underdogs +160 and favorites -180. It’s as if the
100 is the average of other variations.
Example: If
you want to bet a -180 favorite, you would $9 to win $5. On a +160 underdog,
you would risk $5 to win $8 if the underdog wins.
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