How to create your own betting odds

It is worth noting that some versions, such as Coral's , are restricted to mobile, although in most cases this is the platform on which you would most likely want to place these types of wagers. Right now this feature is restricted to football, with Bet this is open to all football, but with other bookies it is worth checking the applicable leagues and events.

Once you've found a qualifying market however you can begin to build your bet. Bet building involves mixing several markets together to create a unique combination of two or more scenarios which must all happen in order for your bet to win. This could be the match result, number of cards, number of corners and player to score, for example. Once you've selected your options you will be given an instant odds price. You can then change elements of the bet if you like, adding, removing selections or changing the values as you wish to see how this effects the price.

When you are happy with your prediction simply set a stake and place your bet as you would any other wager. Bet builders allow you to combine various markets from the same event, known as related contingencies. Related bets are any markets that can influence the outcome of another market. For example, the match result and goalscorer are strongly related, i.

Off the shelf packaged bets already exist, such as win and both teams to score or scorecasts and wincasts , but if you want to combine together markets in unique combinations then the best way to do this is using a bet builder or odds request feature. How are Odds Calculated and are they Fair?

Bookmakers make profits by building in margins into their odds. What ultimately matters to a bookie is balancing all the possible eventualities in a market, attracting an equal proportion of bets on all outcomes, to ensure they always make a profit. This is easy for markets with only a few possible outcomes and for those that attract a lot of wagers, such as the match result on a big game.

More obscure markets, and those with lots of outcomes, carry more risk to the betting site however and so have bigger in build margins to offset risk. Each individual market used in a bet builder for a high level football match e. The issue comes in combining these events, as when you do the margins the bookie takes become magnified and so these bets along with all multiple bets are often not the best value, compared to say betting on the match result alone.

These are fairly easy to understand. Decimal odds are simply expressed as a decimal number, like 2. This number is the ratio of the payout to the original stake. For instance, with odds of 2. Fractional or "UK format" odds. This represents the ratio of the profit not total payout from a successful bet to the stake. Moneyline or "US format" odds. These can be difficult to understand. Remember this subtle distinction! In moneyline odds, a simple "" no plus or minus represents an even bet - whatever money you stake, you'll earn as profit if you win.

The odds that bookmakers and casinos set aren't usually calculated from the mathematical probability that certain events will occur. Rather, they're carefully set so that, in the long run, the bookie or casino will make money, regardless of any short-term outcomes! Take this into account when making your bets - remember, eventually, the house always wins. A standard roulette wheel has 38 numbers - 1 through 36, plus 0 and If you bet on one space let's say 11 , you have 1 : 37 odds of winning.

However, the casino sets the payout odds at 35 : 1 - if the ball lands on 11, you'll win 35 times your original stake. Notice that the payout odds are slightly lower than the odds against you winning.

Are not legal gambling states speaking

A betting model is an independent point of reference from which you can determine the probability of an outcome in a chosen match. A betting model allows for a strong vantage point from where you can judge the probability of different outcomes from the information you have accrued.

And if you manage to construct your model down to a tee then, technically speaking, you should be able to assess the likelihood of a match or event better than the betting companies manage to do. For an individual alone to get to such a stage is by no means impossible.

You see, building your own betting model requires countless hours of dedication to not only collect the statistical data but also implement it successfully into your system. The big-name bookmakers have numerous employees working from large databases on a daily basis which gives an insight into the scale of the job. How do you compile your own odds? Firstly you need to note that all odds should be converted into percentages and then summed for all possible outcomes.

Converting odds into percentages is a fairly simple exercise, all you have to do is divide by the odds themselves when dealing with decimal odds or divide by the odds and add 1 when dealing with fractional odds. For example a 2. In order to get the percentage chances from this all we do is divide each number by the total number of matches sampled.

So in this case Betting on a price below this would represent a bad value bet. At these odds Tottenham would be a better bet and would indeed represent good value. For example you may wish to consider a longer streak of games, perhaps You can also consider both the home and away form of each side rather than just one or the other. Considering how the teams fared against similar opposition is also something that is recommended.

The main reason for this is that there are less tangible statistics in a horse race. As for the actual pricing up of the event itself, then this is pretty much the same as that which is discussed above. However, the actual prices available are: 2. If this were to be the case — assuming you were right in your analysis — the value would lie in betting the favourite at a price of 2.

There are a lot of factors to consider when pricing up a race, so as a basic starting point it is advised that when beginning to do so you focus on smaller field events — probably 8 runners or less. Any more can become quite a headache, even for the more experienced odds compiler!

The best thing to do before attempting to price up a horse race is to simply know your stuff! Learn about the different aspects of analysing racing and race form, there is tons of information out there, most of which is readily available at the click of a button. Read up on everything you can regarding the best ways to look at races and just generally learn as much as possible!