Esports betting odds aren’t just random number provided by the bookies. Every bookmaker provides odds based on multiple factors, so-called probability. Esports odds are no different. They are also based on probability. But how does it work? Stay tuned to this article and find out.
First of all, let’s start with the probability. The probability is actually a percentage of chance for the event to happen. The easiest way to explain it is on the example.
If the odds are:
- 7/1 the probability can be calculated as 1 / (7 + 1) = 0.125 – 12,5% chance for event to occur
- 1/1 the probability can be calculated as 1 / (1 + 1) = 0.5 – 50% chance for event to occur
- 1/5 the probability can be calculated as 5 / (5+1) = 0,83 – 83% chance for event to occur
Now that we understand how to calculate the probability, we can know our exact chances to win that bet. However, the probability isn’t always right and it is mostly based on statistics. If you know enough about Esports game you want to bet on, you should not have any problem in defeating this system. Just use your knowledge and try to find matches with a higher probability that the odds suggest.
How to Calculate Probability with Decimal Odds?
Most of you are probably used to decimal odds and you get confused when you see fractional ones. There is an easy way to transfer fractional odds to decimal. The formula is simple: subtract fractional odds and add 1.
For example, if the fractional odds are 1/5 it will go as: 1/5 = 0,2 (+ 1) = 1,20. If the fractional odds are 7/1 decimal will be 7+1 = 8,00. Just convert decimal odds to fractional ones and you can use the formula above to calculate probability.
You now know how Esports betting odds are created. Make sure to always calculate probability and know your chances to win. If you ever encounter a match with the odds that are too good to be true, always check all the facts before placing your bet. Sometimes teams don’t need points and they play with stand-ins. Sometimes, there are some injured players or a team is just in a bad form. Whatever it is, make sure to know all the facts and then decide. Come back to UpYourGame for more interesting articles and Esports betting tutorials.