If you are soccer fan then you must be aware about MLS and also the Premier League. Then certainly your next step will be to learn how you will read soccer odds. More you understand about the soccer odds more will be the chance of winning money as well as placing your money on less risky wagers.
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How odds work?
Let us first try to understand the meaning of odds in betting. Here odd will mean what is the probability that certain event that we predict will really happen. Bookies will show the prices for prediction of win or loss for any particular team. Then the odd will be calculated in terms of percentage value.
How will bookies set the odds?
Since bookies are the people who set the prices and then display it on their websites or even in their shops, so they have got the luxury of knowing the probability and decide which team has certain edge over their opponent team.
What will be the actual amount of edge that has been built into any match event or any specific market may vary wildly across based on the operators and sports. Let us take an example of football here.
The implied chances in terms of percentage for any set of outcomes may not be 100% with the bookies, as they will build their own edge by setting their own prices that may be more.
This does not mean that you also cannot make money by betting on sports but only by knowing odds and what you are up against will be the key.
How to know odds in betting probability terms?
Let us consider a team ‘A’ are having 7/2 to beat team ‘B’, who are at 4/5 to win in the same game. Consider the percentages odds here:
- Home win: Team ‘A’ 7/2 (having implied percentage chance 22.22%)
- Draw: 3/1 (with implied percentage chance 25%)
- Away win: team ‘B’ 4/5 (with implied percentage chance 55.56%)
- Then total implied percentage chance here is 102.78%.
Extra 2.78% in above example is the “edge” that has been built into the market. Here match results may tend to be towards lower end of the spectrum, but actual understanding what will be the total percentage outcome of the market will add up and that will help all bettors to understand what they are up against.