If you like watching motorsports, you might have considered betting on the results. However, as a beginner, it can be overwhelming to figure out how betting on sports actually works. That being said, it is actually super simple once you get a hold on it. In this article you will learn the basics about odds, and how you can bet on different events.
What are odds, and how do they work?
If you have visited a bookmaker with online odds before, you might have noticed that there is a bunch of numbers next to all the possible outcomes of an event. These numbers are called odds. The odds are the numbers that you multiply your wager within order to figure out how much you can win of you pick the right outcome.
Here is a simple example. Rider A and B are racing against each other in a dirt bike race. You think that rider A will win, and you can see that the bookmaker offers odds 1.8. That means that if you bet $10 on rider A, and the rider then wins, then you can multiply $10 with odds 1.8, which means that you get $18 in return for an $8 profit. However, if rider A does not win, you will lose your wager.
Let us look at another example where we combine several odds. You are still confident that rider A will beat rider B at odds 1.8, but moreover you also think that rider C will beat rider D in another race. Let us say that the bookmaker offers odds 2.2 on rider C beating rider D.
You now have the option to combine these two results into a single odds. That is done by multiplying the odds on rider A with the odds on rider C, which will then be 3.96. If you wager $10 and both riders win, you will receive $39.60 in return for a $29.60 profit.
However, if either rider A or rider C – or both – loses, then your wager will be lost.
Odds are statistic probabilities
Now you know how odds works – and if you are still confused, you can read more about odds here. But how are these odds created? Why does rider A pay 1.8 and not 1.5 or 2.1? Odds are created based on statistic probabilities. That means that the bookmaker tries to establish statistical probability for each outcome, and then set the odds accordingly.
That also explains why some odds are good while others are not. Good odds basically arise in a situation where you and the bookmaker does not agree on the chance of a specific event happening. Put simply – if you think the chance for something to happen is more likely to happen than the bookmaker, then the odds will most likely be a good one. And good odds are what betting is all about!