Gaming sportsbook - odds

Published on March 20th, 2024 | by Dr. Jerry Doby


What are the odds? Top 5 considerations for Placing a Bet with a Sportsbook Agency

Since college sports has been in the news regarding unauthorized, unethical betting by coaches and staff looking to manipulate the odds or change the flow of high school players to certain schools, agents, etc. I got really curious as to how in the world you can forecast a high school player and where they might land, how they might control the overall flow of a national pastime over a series of years. I mean, just how in-depth do you have to go to prophesy about how much money a player could bring in by changing the game’s odds according to where he goes to school and when?!

I got a D- (minus minus) in statistics at university so I reached out to some experts JUST so I could see how complicated this math is. Since we’re talking about college sports gambling and I keep getting inundated with promo for gambling platforms like FanDuel, etc., this report focuses on the use of sportsbook wagering since I’m sure these coaches and staff aren’t walking into a casino to place down some cash looking for a score.

To help me out with the research data, the analytical team at NLcasinospot prepared the math and conversion data used by some serious minds! They also added some tips for fusing conversion formulas:

Always Simplify Fractions: For clarity, it’s best to reduce fractions to their simplest form.

Understand the Significance of Signs: Plus (+) and minus (-) signs are critical in American odds, representing underdogs and favorites respectively.

Include Your Stake: Remember that decimal odds include the return of the stake, which is not the case for fractional odds unless specifically mentioned.

Probabilities Matter: When converting odds to probabilities, consider if the wager is valuable, i.e., if the real probability is greater than the implied probability of the odds.

Shop for Odds: Different bookmakers offer different odds; use conversions to compare value across bookmakers.

This conversion cheat sheet can provide tools to navigate between different betting odds formats easily. It’s also crucial to highlight the importance of shopping for the best odds, as different bookmakers might offer more value on the same outcomes. Personally, I found out why it’s so hard to figure out what’s happening on draft day…my word…thanks for the help folks!

Odds Conversion Cheat Sheet

Conversion From Conversion To Formula for Conversion Example Conversion Notes
Fractional Decimal Divide the fraction and then add 1 6/1 becomes 7.00 Adding 1 accounts for the return of the stake.
American If ≥ 1, then (Fraction * 100). If < 1, then (-100 / Fraction) 6/1 becomes +600, 1/2 becomes -200 Positive for underdog, negative for favorite.
Decimal Fractional
Deduct 1, then convert the result to a fraction
3.00 becomes 2/1 Subtracting 1 removes the stake from the odds.
Decimal American If > 2, then (Decimal – 1) * 100. If < 2, then -100 / (Decimal – 1) 3.00 becomes +200 Same sign rules as Fractional to American.
American Decimal If > 0, then (American / 100) + 1. If < 0, then -100 / American + 1 +200 becomes 3.00 >Plus sign for total payout including the stake.
If > 0, then American / 100. If < 0, then -100 / American +200 becomes 2/1 >Simplify fraction whenever possible.

Psychological and Statistical Considerations

Consideration Description
Psychological Impact Winning streaks may encourage continued betting due to emotional highs, despite the odds.
Statistical Reality Frequent small wins are likely to be offset by occasional large losses.
House Edge in Casino Games The built-in advantage that varies by game; important for bettors to understand which games offer the best chances of winning.

Casino Games Odds

Game House Edge
Blackjack 0.40% – 1%
Craps Low (varies)
Baccarat Low (varies)
Keno High
Slot Machines High

The Bookmaker’s Edge

Odds Implied Probability Bookmaker’s Over-round
Australia -250 71.43% 4.76%
New Zealand >+200 33.33%

The table illustrates the concept of the “bookmaker’s over-round,” where the total implied probability exceeds 100%, indicating the bookmaker’s profit margin.
 Conversion of Odds to Implied Probability
This section explains the formula to convert odds into an implied probability, which is a crucial aspect for bettors to understand the chances of winning.

Formula for Implied Probability
Implied Probability = Stake / Total Payout

Understanding Types of Odds

Type of Odds Description Example Implied Probability
Fractional Often used in the UK, written as a fraction. 6/1 or 8/13 61.5%
Decimal Shows the total payout instead of profit. The stake is included in the decimal number. 3.00 45.45%
Moneyline Used in the US, indicated with a plus or minus sign. Plus is for underdogs, and minus is for favorites. -250(Australia) 71.43%

Ok, well now you see why I partnered with a data research team!!! Gamble responsibly, be informed, and stay calm!!! This article is for editorial and research purposes only and does not intend to provide data not publicly available (if you have the time), this is not endorsement of any personal lifestyle or economic decisions on part of the reader.

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About the Author

Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.

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