One of the first concepts that players encounter in a betting shop is the betting coefficient. In other words, this is the data of the bookmaker’s calculations, which assesses each bet in the line.
In fact, it’s quite simple to understand what the opponents’ chances of winning are. You can also calculate the coefficient for different events yourself. After all, if the bet plays, then the final win will depend on it. For the sake of interest, you can check best sports betting odds.
The coefficient in sports betting shows the probability of a particular outcome of an event from the point of view of the bookmaker. If the game is predictable, the odds on the favorite will be low, respectively, and the winnings will be small. The lower the probability of an event, the higher the proposed coefficient will be, but the risk is correspondingly very high.
Bookmakers have entire analytical departments in their staff, which are designed to calculate probabilities, determine the chances of winning, and set odds. Competently set sports betting odds help companies stay afloat and work profitably.
There are the following types of calculations:
- Analytical: the result is obtained during the study of statistics. This method is often used by professional players;
- Heuristic: even novice players will be able to figure it out here. It is based on the study of the opinions of other players, professional forecasters, and analysts.
Separately, it should be noted that the coefficients displayed in the line of bookmakers already contain the pledged profit – the so-called bookmaker’s margin. So the true probability of the event will be slightly higher than shown by the coefficient.
Sports betting is considered by the bookmaker’s clients as a way to earn money. And for a novice player, it is important to immediately understand how to correctly calculate a possible win.
All bookmakers use the classic European format, so to determine the winnings, you need to multiply the bet amount by the numerical coefficient offered in the line.
The first thing to remember is to monitor the movement of the coefficients. In sports, a lot depends on circumstances. Numerical values may change due to player injuries, court proceedings, the transfer of the leader to another team, even bad weather can have a significant impact. Such a scenario can lead to unexpected changes in the opponents’ game, and if you react in time, you will be able to make money on it.
Another important point is that every novice player needs to learn how to convert coefficients into percentages, which independently assess the chances of teams.
For example, in the line we see the following data: Liverpool’s victory – 3.05, draw – 4.5, Chelsea’s victory – 2.00. To determine what probability the bookmaker sees in a particular outcome, you need to divide 100% by a coefficient.
As a result, we get:
Liverpool – 32.78% chance of winning (100/3.05);
Chelsea – 50% chance of winning (100/2);
Draw – 22, 2% (100/4.5).
Watching different bookmakers, you can notice how they may have different odds for the same event. The main factor of these differences is the already mentioned margin of the bookmaker.
Someone deliberately overestimates it in order to reduce their risks and increase profits, while someone on the contrary attracts players with high coefficients, working to increase profits by expanding the customer base. So before you place a bet, you should carefully study all the offered bets on the market. After all, your possible earnings directly depend on this.