If you have been in the world of sports betting for a short time, this post that you are about to read will interest you a lot. Surely when you decided to start having fun giving excitement to the sporting events that you like the most to follow, one of the first questions you had was how to calculate the winnings of my bet?
What Is Probability?
To begin to solve your doubts about how to calculate your winnings in your bets it is necessary that we talk about probabilities. Probability is the ability to predict the outcome of an event. For any given event there are a certain number of outcomes. For example, you can take a six-sided die. If you cast it, there will be six possible outcomes. So, if you bet on the person who threw it, the probability that a 1 will roll is 16.67%.
What betting odds do is simply present a percentage of a certain event occurring in the event.
You will be able to see these probabilities in different ways, since you will find decimal systems –the ones that are normally used in Europe-; Fractions –which is used mainly in the UK-; or Americans.
Example Of Earnings In Sports Betting
As we think that the best way you can understand this is with an example, we are going to explain it to you from the beginning with a practical example, putting the odds of a match that was played in the Copa América of the previous edition, and serve as an example.
- Argentina vs Colombia
- Argentina win @ 2.20
- Draw @ 3.18
- Colombia to win @ 3.57
Well, now that we have the odds for this match, let’s assume that we want to bet € 10 on the victory of Argentina. To calculate the profit of our bet we must multiply the money bet ( stake ) by the fee and subtract the money bet.
Formulas To Know The Winnings Of Your Bets
Gross Win = Decimal Odds x Amount Staked
In this case, betting € 10 on the victory of Argentina, whose quota is 2.20 per euro bet, if Leo Messi’s team manages to beat Colombia, we would win € 22 gross.
Net Win = (Decimal Odds x Amount Staked) – Amount Staked
On the other hand, if what we want to know is how much net money we would win by betting € 10 on the victory of the celestial ones, we will have to subtract the amount wagered from the gross profit (€ 10), therefore our net profit would be € 12.
Net Win = Amount Staked x ( Decimal Odds – 1)
Another very simple way to find out our net earnings is by subtracting 1 from the fee. Net profit = € 10 x (2.20-1) = € 12.
What Are The Best Markets To Generate Profits?
After seeing and understanding a little better how profits work in sports betting, we will explain to you which are the best markets you can find to achieve them.
First of all, you should keep in mind that the simpler markets tend to have a higher profit margin because there is less variation and less probability of unexpected results. Head-to-head markets (between teams or players) with a double option or also the classic markets with three options (Win / Draw / Loss) will have much lower margins, this is because the bookmakers will not have to work as much to find the balance, therefore the line has fewer risks. This is one of the reasons why older bettors prefer the Over / Under and Handicap markets, as they deliver more value in the long run.
The more results you find in a market, the greater the margin to control the variance of the odds. Scorer, correct score, etc., will have many options and therefore the margins will be higher.
The most popular sports and events will have the lowest margin. This is due to a large amount of information available along with the desire of the bookmakers to be more competitive. The rarer or exotic the bet, the higher the profit margin on your sports betting. This is because there is less data, so bookmakers will be less sure of the results and therefore will have difficulty setting odds. As a general rule, special bets tend to offer the worst value, and the best sports such as soccer, tennis, horse racing, and so on offer the best.
For a beginner or casual bettor, using the markets that have a lower margin will give you a better value in the long run. However, this does not mean that you should not place bets on markets with a higher profit margin. The high spread reflects the greatest uncertainty and therefore the highest chances that you can find a paying for your bets.
Winnings On Multi And Combo Bets
The accumulated bets attract more players than any other type of bets. Surely you are already wondering why. As soon as you can accumulate, you are increasing the margin of your winnings in sports betting. That is why you can find many offers at Betsson.es with different combined promotions.
Let’s look at the most basic example of a double bet: You choose a tennis match between Rafa Nadal and Novak Djokovic, and between Andy Murray and Roger Federer. Here you will find four possible outcomes: Nadal and Murray, win; Nadal and Federer win; Djokovic and Murray win; Djokovic and Federer win. Each of these four outcomes has a 25% chance of happening and a 75% chance of not happening.
Therefore, it is always better to resort to combined or accumulated with more than 5 selections, since from there you will be able to find different bonuses for your winnings. The Lucky15 or Yankees combination systems will also have this type of benefit most of the time.
In short, the accumulators are really fun and they give good results when it comes to making profits on your sports bets. As we always recommend, use them responsibly along with your individual bets.