Placing live sports bets is still a new phenomenon in the online sports betting sector, but it is becoming increasingly popular with enthusiastic players. The advantage is that you get additional control over your bets, as you could, for example, cash out the bet, add more money, or if you could already make a profit due to an action that is positive for you (e.g. a goal from the team you bet on), play it safe and pocket it straight away. Live betting offers you additional opportunities to expand your sports betting strategy even further and protect yourself as best as possible.
Betting odds
Each bookmaker uses his betting odds to calculate the probable outcome of a sporting event. To determine the odds, the bookmakers work with extensive statistics and probabilities for all sports and leagues. To limit the risk somewhat, the bookmaker offers bets on all possible game outcomes.
With low sports betting odds, the outcome is highly likely. If the probability is high, it is rather unlikely. Odds can be fixed or variable. Fixed odds remain fixed once they have been set, while variable odds change over time. This is due to the bets that have already been placed and the current developments in the sport and league. It is therefore important to always keep a close eye on the provider’s betting odds for every sports betting strategy.
Quota calculation
The bookmaker sets a probability for a sporting event. For example, he assumes that in a game between Team A and Team B, Team A will win with a probability of 60 percent. He estimates a draw at 25 percent and a win for Team B at 15 percent.
Since the bookmaker also wants to make a profit, he does not pay back all of his customers’ money. For private online betting providers, the payout rate is between 80 and 95 percent.
Then he calculates the odds using the following formula: Odds = 1 divided by probability. So winning team A = 1 divided by 0.6 = 1.67. Now he has to include his winnings in the odds. If he keeps 10 percent, he multiplies the odds by a factor of 0.9. If he keeps 20 percent, the odds are multiplied by 0.8. So with a winning of 10 percent, the odds of 1.67 * 0.9 become odds of 1.5.
Quota formats at a glance
In Europe, odds are given in decimals (e.g. 1.60). If you want to calculate your winnings, you need to multiply your stake by the odds. With odds of 1.60 and a stake of 100 euros, the result is 160 euros, which means a net profit of 60 euros.
In Great Britain, odds are indicated with slashes. For example, odds are 1⁄2. This odds means 1.50. For example, 5/1 corresponds to 6.00. The profit is calculated using the following formula: odds times stake: 1⁄2 times 100 euros = profit of 50 euros. The payout is calculated as follows: odds plus 1 times stake: 1⁄2 + 1 times 100 euros = 150 euros. However, English providers such as William Hill make it easy for customers and of course publish the usual odds format on their German sites.
American odds, on the other hand, show the net profit. A positive sign (+) in front of the odds indicates that it is an underdog (decimal odds greater than 2.0) and indicates how much can be won with a bet of $100. Odds with a negative sign (-) are used when the decimal odds are less than 2.0. In this case, the odds show how much you need to bet to get a net profit of 100 euros. So, with American odds of +150, you can win 150 euros with a bet of 100 euros. The total payout is 250 euros. With American odds of -150, the bettor must bet 150 euros to get a net profit of 100 euros if successful. The gross profit (stake plus net profit) is 250 euros.
American odds are converted to the decimal odds system used in Europe by dividing the gross profit by the stake: 250 by 100 = 2.5. British odds are converted as follows: First number of the fraction divided by second: In the case of 7/4, 7 is divided by 4, which gives 1.75. Then the second number of the fraction is divided by 4, which gives 1.75. Then add the stake of 1. This gives you a converted decimal odds of 2.75.
The odds formats do not play a major role in your personal sports betting strategy; the only thing that matters is the level of the odds.