Sports and sports betting go hand in hand. If you’re a fan of betting on Premier League and checking the latest Europa League odds via your mobile sports betting app, you have already surely placed your bets on different betting platforms. But the next question is if you have placed it successfully or not.
Whether you’re calculating odds or just wondering how much return you should expect on a bet, you’ll come across science at some point in your sports betting career. Right maths can maximize your profits and make it easier to understand what you’re doing when you place a bet.
Right statistical analysis is very important if you want to make profits. The goal is to identify variables that have a strong influence on the outcome of a sport and calculate your probabilities for each possible outcome.
The final step is to compare your percentage probabilities with the implied expectations set by the bookmaker. And it doesn’t matter which sports you are placing bets on. You will need a mathematical approach whether you bet on soccer, football, or Fortnite.
Simple Calculation – Science Theory Behind Sports Betting
Out of all the different statistics, here we have the simplest and easiest way to bet on a sport, and it is called decimal odds. To be honest, they are the easiest to use when calculating potential payouts. They are also easy to understand for beginners.
As more and more people realize how easy they are to work with, they are becoming more standardized. If you are betting on your favorite sport like tennis, soccer, hockey, or football, one of the biggest advantages of using decimal odds is that you don’t have to use different calculations for favorites and underdogs. Both are represented the same using a much simpler formula. So, payout = stake * odds.
It’s very simple. All you have to do is take the odds given and multiply them by the stake. Now if you pay attention, you will see that we are calculating the payout here, not the winnings. This number is the sum of your winnings plus the original bet that will be returned. To figure out the potential profit, you need to make a small adjustment. There are two ways to do this.
The first way is to change the formula to profit = bet * (odds -1). The other option is to calculate using our total payout formula and then subtract your initial stake.
Ultimately, any form of gambling can be analyzed with scientific methods, including games of chance. Those who understand how the math behind the game works can ultimately give themselves an edge by avoiding poorly placed bets on different betting sites. By the way, it is one of the most important reasons why many people rather gamble slot games on such sites as Playamo casino slots rather than place bets.
Betting is considered to be a more analytical activity, than a pure game of chance. You won’t be successful in betting if you don’t want to learn mathematical strategies and improve your analytical skills.
In conclusion, knowing full well that a single science can tell winners from losers, we can see a little bit more clearly that statistics need to be questioned and not necessarily followed, as the equation could change at any given time. However, statistics are crucial to the mathematics of sports betting.
Statistics may not be the answer to winning, as many believe, but they certainly give a good idea of what to expect. And it doesn’t mean that betting is boring and too analytical, it is always interesting and fun!