Tag Archives: betting maths
Understanding Betting Odds – Moneyline, Fractional Odds, Decimal Odds, Hong Kong Odds, IN Odds, MA Odds
The Two Types of Odds Formats
There are all kinds of explanations on the Internet about various odds types, and the majority of them distinguish between fractional, decimal, and moneyline odds.
Image: paffy (Shutterstock)
Unfortunately, this...
A Brief Introduction to Over Under Goals Betting
Over/Under is a very popular form of football betting and where a lot of new football punters start. But just because it is simple doesn’t mean that it can’t be a good way to make money.
Image: Gts (Shutterstock)
Over/Under is...
Betting Odds Converter – Fractional, Decimal, Moneyline, Hong Kong, Indonesian, and Malay
Quick Odds Converter to switch odds between US, decimal, fractional, percentage, Hong Kong, Indonesian, and Malay formats – converts odds into their implied probabilities and net returns, and vice versa – converts probabilities and...
Stake, Yield, Return on Investment (ROI), Profitability – Definitions and Formulas
The terms Stake, Yield (Revenue) and ROI (Return on Investment) confuse many people. We have also noticed many online publications using these terms incorrectly.
This article is therefore a definitive guide to put the record straight…
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What is Value? What is Value Betting?
Value betting is a phrase used to describe an approach to gambling for long term profit. Although this term is widely employed in the sports betting world, unfortunately neither ‘value’ nor ‘value betting’ are anywhere...
Bet and Win – Avoid Placing Bets at the Start of Season
If you are not operating a football betting portfolio which is primarily aimed at diversifying risk and balancing your cash resources between different leagues, matches, and outcomes, then it is strongly advisable to hold off from any betting...
Combinatorics and Probability Theory in Football Betting
Introduction to Combinatorics and Probability Theory
This article is a step-by-step guide explaining how to compute the probability that, for example, exactly 4 out of 6 picks win, or how to calculate the likelihood that at least 4 of 6 bets...
The Gambler’s Ruin Explained – Fair Coin Flipping
One of the phenomenons of probability is Gambler’s Ruin. The most common meaning is that a gambler with finite wealth, playing a fair game (that is, each bet has expected zero value to both sides) will eventually go broke against an opponent...
Probability, Expectation, Hit Rate, Value, Mathematical Advantage: Explained
Introduction
The terms probability, expectation, likelihood, chance and hit rate are all closely related, and express more or less the same thing. The difference is that before a game one talks about ‘chance’, ‘probability’,...
How to Calculate Average Odds in Football Betting
Sometimes it is necessary to figure out the average odds from a set of betting odds which can then be used as the basis for further calculations. For example, computing deviation and variance.
When using odds in European format (decimal) you...
