Most of the wagers rarely seek the logic or the "Math behind betting and gambling". For betting enthusiasts and professionals all that matters are the odds. That odds need to be in their favor, and the higher the value of favorable odds, the better the proposition. This attitude stems from the fact that most people who bet are emotional about cricket, a particular team, player, or a bowler.
However, like any other enterprise, "Betting" also functions around certain business principles. And one of them is to make a profit. Have you wondered how digital and non-digital Sportsbook and Sportsbook Exchanges offer a fair deal and yet make money from it? The answer is Math. Without perfect odds, those involved in the betting business, such as cricket betting ID providers and its partner exchanges would not be able to survive. This is especially true in today's time when the transaction volumes are simply mindboggling. It is estimated that more than Rs 10,000 crores or even more are wagered in every IPL match. This is enormous and therefore the odds are carefully set because even a fractional disadvantage to the bookie can lead to massive losses.
While top cricket betting ID provider makes the betting process hassle-free, its partners typically set the betting odds, type of bets and various options during the match and sometimes even before the match begins. “Who will win the toss” is one example of pre-match bets. Some of the other bets include but are not limited to - "Who will hit the next six", "How much will a particular batsman score", or "who will take the champion batsman's wicket". These are live match betting variations that provide quick entry and exit. Nonetheless, these betting versions have one parameter in common; odds.
Ever heard of the term called "Vigorish"? It is rarely heard in India
It is typically a percentage of bet taken by an operator, bookie, or Sportsbook / Exchange associated with a betting ID provider. The technique is really simple. Bookmakers keep a fraction of the betting slice as margin or popularly called VIG. It is simply factored into the odds or the odds value which assures that the concerned partner of your ID provider remains afloat financially. Without VIG, an operator can face immense losses. Margin factorization is the gateway for operators to stay afloat, and even the partners of best betting ID sites embed the same into the odds.
Before we delve further into the "Odds" Math, you should know that there are three types of odds. Each of them reflects the winning probability and how fair the odds are.
Odds can be categorized as fractional (1/1), decimal (2.00), and Moneyline (+100). As a wager, you can convert these odds into other formats through online calculators.
The math behind betting and gambling is actually quite simple -
Here is an example that offers a perfect understanding of the above-mentioned odds. Imagine a bookie / Sportsbook offering an opportunity in which the winning chances are exactly 50%. This becomes a tricky affair, especially for cricket ID provider's partners/associates. The situation becomes slicker if bets are evenly placed (half for win and half against it). In such a situation the concerned Sportsbook entity will have to return the entire betting amount. This would translate into a complete waste of time and resources.
This is where the factored margins come into play; literally. Let us study each of these odds in detail.
Fractional Odds – Favorite of Sportsbook entities associated with best betting id sites -
Betting odds belonging to this category are often referred to as British or traditional odds and are typically written in fractional form. For example, 6/1, reads as six-to-one. It simply means that on betting RS 100 the bettor is paid RS 600 in case of a win/loss as the case may be.
Decimal Odds -
A decimal odd is comparatively simpler to understand and calculate, and the reason is that it is based on a single number or unit. For example, if the odds are 4.00 then the person betting RS 20 for a particular IPL team will receive RS 80, in case that team wins/loses.
Moneyline Odds -
This is an American system. In this betting odds system there is always a + or a - sign in front of a particular amount. For example -200 signify that the team or the event that you are betting on is the hot favorite and therefore to win RS 100 you need to bet RS 200. On the other hand, if a particular bet falls into the underdog category the numbers flip. The cricket betting id provider’s associates/exchange could offer +200. It simply means you need to bet RS 100 to win RS 200.
As mentioned above ID provider's partners generally offer the most common betting format, the one that resonates with the local geography. Many of these entities also provide a chart/table for quick conversion. Make sure you understand the implication of all the three before you actually bet. This is extremely crucial for playing a safe and logical bet. Some of the professionals are quite knowledgeable and therefore calculate mentally or use manual ways of resolving different types of odd formats.
So, do you think you are better than the Odds compiler or best betting ID sites?
Betting websites hire people with an impeccable hold on mathematics and statistics. These compilers tweak betting odds, and scan it from every angle, making sure it is always favorable to the operator in Mumbai and elsewhere; of course, this includes margin factoring. The odds themselves reflect the favorites. For example, if the decimal odds for the winning team is 1.20 then it simply means that it has a high probability of winning. On the other hand, if the operator offers 4.50 for the less probable winner you need to be wary because it is a foregone conclusion that it will lose the match. Sometimes bettors do take a risk and opt for the second option. This results in fantastic returns.
Betting ID providers and their associates are in business to make money, the same way as a bettor looking out to make a quick buck.
The betting industry and enterprises such as cricket betting ID providers, operators and Sportsbook entities set odds created by their compilers who have years of experience in generating these highly sensitive betting parameters. They not only make these odds lucrative for the bettors but also make sure that the operators are never in a loss. This is simply achieved through margins. Statistics plays an important role. If the compiler has arrived at a particular percentage rest assured it has been carefully developed. On the other hand, bettors can use their own knowledge and experience to enhance their winning chances. Whatever method you adopt, bet within your limits and keep emotions aside.
Create your Online Id now! Start earning with India's Best betting ID provider.