Sport Betting Odds and Probabilities

Sport betting has grown at an amazing pace in Nigeria. It is actually very addictive with dreams of making big wins. The most popular platforms are the ones that offer bets on football league games around the world. The opportunities presented by the internet has added to this fast growth rate for sport betting across all age groups in the country. But do you really understand the industry? Do you understand the numbers that you pick as wagers to win and get payouts?

Here are a few facts worth knowing before placing a bet:

  • There are three types or methods of representing odds in betting. The methods are:
    1. Fractional odds ( e.g. 6/1)
    2. Decimal odds (e.g. 3.00)
    3. American or moneyline odds ( e.g. +100)

The Decimal odds are the most popular here in Nigeria. So if you see odds of 3.00, that’s a Decimal odd that simply implies if you bet with ₦100, you stand to receive a payout of ₦300, if successful

  • The more bets you win, the less money you are likely to take away. This is simply because the more you play, the greater your chances of making an occasional but substantial loss. The perceived rational incentive is for you to play more. However, that is irrationality at best. You will lose more in the long run. Take your wins and leave.
  • The betting company or house ALWAYS has a profit margin embedded in the odds. So in actual fact, the odds you see are not really what they are in practice. The bookmaker or betting house always has to estimate the true probability of an outcome correctly in order to set the odds on display. Think about it again, regardless of an event outcome, the odds will always be set to profit the betting company. Like they say, the house always wins.
  • Just understand that you are playing with probabilities in sport betting. The odds of making a successful bet every time is almost zero.

So next time you step into that betting shop or log on to the website, you now know exactly what to do or avoid to increase the chances of making successful bets. Be guided.

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