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How to Football Odds Work
Odds and probability are essentially different. In essence, probability is the possibility of an event, that is, the possibility of winning on the upper or lower plate. Although there is a difference, the odds are closely related to the probability.
Players can use the odds to calculate the probability of winning, losing, and tying the game, which involves how the odds of a game can be opened by the odds based on the probabilities obtained through their analysis.
First of all, the handicap will analyze various information of both teams, such as participating players, team operations, etc. (fundamental), and estimate the probability of winning, losing, and tying the game. Then, the corresponding odds will be opened through a specific calculation formula. This formula is: Y = (1÷X) × R.
In this formula, X represents the estimated probability of the market, and R represents the return rate after the profit is drawn, usually around 90%. The result Y is the final odds. For example, the market analysis shows that the probability of team A winning is 80%. Then (1÷80%) × 90% = 1.125, then the odds for team A to win will be 1.125.
Similarly, when we know that the odds for team B to win in the handicap are 1.30, we can reverse 90% ÷ 1.30 = 69% to calculate the probability of team B winning in the handicap. That is: X = R÷Y.
Because countries have different cultural backgrounds, there are different types of odds, such as: standard decimal odds, Hong Kong, British, American, Malay, and Indonesian.