# How to Calculate Betting Odds For Sports

September 12, 2017

Betting odds are something that can be found on any type of sports bet the world over. Basically, betting odds refer to the likelihood of one team, player or runner wining the event. No event is ever totally equal, so bookies create their own betting odds, which in turn have an effect, on how profitable your wager may be. Being able to calculate betting odds is vital in order for a long term, profitable betting experience.

## Probability – The Basics

All betting odds are based on the probability of the outcome of the event. To work out all betting odds you can use the equation: Favourable outcomes / all possible outcomes. Take a coin toss for example. Assuming that your coin is not weighted, there are two, equally possible outcomes, or 1 / 2. The one is the favourable outcome, and the two is the number of outcomes. This would give us an answer of 0.5. You would have bet on one outcome, say heads. The odds of the coin landing on heads can be worked out by: 1 / probability for your chosen outcome; or 1 / 0.5 which gives us a decimal point of 2.0. 2.0 is the odds of your outcome happening, which means in bookies terms that should the coin land on heads, you would be paid \$2 for every \$1 wagered.

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