Yet despite this success, Morrison spent his time trying to sell his winning system for just a fraction of his weekly earnings. You utilize it until sportsbooks refuse to take your bets or until you can afford to spend your days swimming in a pool full of gold ala Scrooge McDuck. You would think that somebody with such an unbelievable system would simply bet these games on their own and then begin the arduous decision of which private island to buy.
The system seems simple enough. All you have to do is log into your sportsbook or visit your local bookie and place your bet. Much like the Sports Betting Champ, the SportsBettingStar makes his money by heavily marketing his product to the public, selling his system by inflating his winning percentages and covering up negative reviews or creating fake positive reviews for that matter. For those who stumble across his website without a background in sports betting, the promises of easy riches can be extremely enticing.
Still not convinced? Okay, but here is what The Sports Betting Star is not telling you:. The SportsBettingStar system utilizes a three-tiered betting structure, in which individual bets are not counted towards wins or loses. Instead, they use a three-bet chase system which basically means that a certain team must win at least one of three games. Chad Smith directs his customers to bid on that team, one game at a time, doubling their bet size until the team finally wins.
The result? A very risky system in which a single three-game losing streak can cripple your bankroll. With this system you are constantly making large bets for small returns as you try to make up for previous losses. The vig ensures that each bet has to be progressively larger in order to recoup previous losses. Also referred to as the Monte Carlo fallacy, this theory surmises that if deviations from expected behavior are observed in repeated independent trials of a random process, future variations in the opposite direction are more probable.
In other words, if you flip a coin ten times and heads comes up every time, many people will believe that the next result must be tails because the odds of heads coming up 11 times in a row is 0. The main factor in determining which outcome will apply to you is your bankroll and your luck. If your bankroll is large enough to make continuous large bets 1, times the size of your unit bet , than you will probably win a little in the long term.
Pre-canned product is currently not available for integration. It is expected to become available in Q1 - Q2 Pre-canned product is a new feature for the Betbuilder offering which provides the client with pre-built combinations of Betbuilder selections to customers. Odds are delivered and managed by experienced Betbuilder supplier Sportcast and feed integration will be provided by Betgenius services via push feed. Similarly to a regular prematch product, full lifecycle of a Betbuilder market will be covered as the feed will continuously supply price updates and will deliver results to settle any placed bets.
Pre-canned feature would complement custom bet feature, or it can be used as a standalone feature to offer new betting opportunities for punters. Any differences to the standard Betgenius pricing feed are highlighted below. These betslips will be translated into a Betgenius market, which would be delivered under a specific market type:.
The name of a Pre-canned market is a long description of selections within a betslip number of selections vary from 2 to 4 , while the marketType Id and MarketType Name will remain consistent per sport as shown in the example below:.
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For example, the odds against a random day of the week being a weekend are Odds and probability can be expressed in prose via the prepositions to and in: "odds of so many to so many on or against [some event]" refers to odds — the ratio of numbers of equally likely outcomes in favor and against or vice versa ; "chances of so many [outcomes], in so many [outcomes]" refers to probability — the number of equally like outcomes in favour relative to the number for and against combined.
For example, "odds of a weekend are 2 to 5", while "chances of a weekend are 2 in 7". In casual use, the words odds and chances or chance are often used interchangeably to vaguely indicate some measure of odds or probability, though the intended meaning can be deduced by noting whether the preposition between the two numbers is to or in. Odds can be expressed as a ratio of two numbers, in which case it is not unique — scaling both terms by the same factor does not change the proportions: odds and odds are the same even odds.
Odds can also be expressed as a number, by dividing the terms in the ratio — in this case it is unique different fractions can represent the same rational number. Odds as a ratio, odds as a number, and probability also a number are related by simple formulas, and similarly odds in favor and odds against, and probability of success and probability of failure have simple relations.
Analogously, given odds as a ratio, the probability of success or failure can be computed by dividing, and the probability of success and probability of failure sum to unity one , as they are the only possible outcomes. In case of a finite number of equally likely outcomes, this can be interpreted as the number of outcomes where the event occurs divided by the total number of events:. This is a minor difference if the probability is small close to zero, or "long odds" , but is a major difference if the probability is large close to one.
These transforms have certain special geometric properties: the conversions between odds for and odds against resp. They are thus specified by three points sharply 3-transitive. Swapping odds for and odds against swaps 0 and infinity, fixing 1, while swapping probability of success with probability of failure swaps 0 and 1, fixing. Converting odds to probability fixes 0, sends infinity to 1, and sends 1 to. In probability theory and statistics, odds and similar ratios may be more natural or more convenient than probabilities.
In some cases the log-odds are used, which is the logit of the probability. Most simply, odds are frequently multiplied or divided, and log converts multiplication to addition and division to subtractions. This is particularly important in the logistic model , in which the log-odds of the target variable are a linear combination of the observed variables. Similar ratios are used elsewhere in statistics; of central importance is the likelihood ratio in likelihoodist statistics , which is used in Bayesian statistics as the Bayes factor.
Odds are particularly useful in problems of sequential decision making, as for instance in problems of how to stop online on a last specific event which is solved by the odds algorithm. The odds are a ratio of probabilities; an odds ratio is a ratio of odds, that is, a ratio of ratios of probabilities. Odds-ratios are often used in analysis of clinical trials. Answer: The odds in favour of a blue marble are One can equivalently say, that the odds are against.
There are 2 out of 15 chances in favour of blue, 13 out of 15 against blue. That value may be regarded as the relative probability the event will happen, expressed as a fraction if it is less than 1 , or a multiple if it is equal to or greater than one of the likelihood that the event will not happen. In the first example at top, saying the odds of a Sunday are "one to six" or, less commonly, "one-sixth" means the probability of picking a Sunday randomly is one-sixth the probability of not picking a Sunday.
While the mathematical probability of an event has a value in the range from zero to one, "the odds" in favor of that same event lie between zero and infinity. It is 6 times as likely that a random day is not a Sunday. The use of odds in gambling facilitates betting on events where the relative probabilities of outcomes varied. For example, on a coin toss or a match race between two evenly matched horses, it is reasonable for two people to wager level stakes. However, in more variable situations, such as a multi-runner horse race or a football match between two unequally matched sides, betting "at odds" provides a perspective on the relative likelihoods of the possible outcomes.
In the modern era, most fixed odds betting takes place between a betting organisation, such as a bookmaker , and an individual, rather than between individuals. Different traditions have grown up in how to express odds to customers, older eras came with betting odds between people, today which is illegal in most countries, it was referred as "odding", an underground slang word with origins based in the Bronx.
Favoured by bookmakers in the United Kingdom and Ireland , and also common in horse racing , fractional odds quote the net total that will be paid out to the bettor, should he or she win, relative to the stake. However, not all fractional odds are traditionally read using the lowest common denominator.
Fractional odds are also known as British odds, UK odds,  or, in that country, traditional odds. Odds with a denominator of 1 are often presented in listings as the numerator only. A variation of fractional odds is known as Hong Kong odds. Fractional and Hong Kong odds are actually exchangeable. The only difference is that the UK odds are presented as a fractional notation e.
Both exhibit the net return. The European odds also represent the potential winnings net returns , but in addition they factor in the stake e. Favoured in continental Europe , Australia , New Zealand , Canada , and Singapore , decimal odds quote the ratio of the payout amount, including the original stake, to the stake itself. Therefore, the decimal odds of an outcome are equivalent to the decimal value of the fractional odds plus one.
This is considered to be ideal for parlay betting, because the odds to be paid out are simply the product of the odds for each outcome wagered on. When looking at decimal odds in betting terms, the underdog has the higher of the two decimals, while the favorite has the lower of the two. Decimal odds are favoured by betting exchanges because they are the easiest to work with for trading, as they reflect the inverse of the probability of an outcome.
Decimal odds are also known as European odds , digital odds or continental odds. Moneyline odds are favoured by American bookmakers. The figure quoted is either positive or negative. Moneyline odds are often referred to as American odds. A "moneyline" wager refers to odds on the straight-up outcome of a game with no consideration to a point spread. In most cases, the favorite will have negative moneyline odds less payoff for a safer bet and the underdog will have positive moneyline odds more payoff for a risky bet.
However, if the teams are evenly matched, both teams can have a negative line at the same time e. In gambling, the odds on display do not represent the true chances as imagined by the bookmaker that the event will or will not occur, but are the amount that the bookmaker will pay out on a winning bet, together with the required stake.
In formulating the odds to display the bookmaker will have included a profit margin which effectively means that the payout to a successful bettor is less than that represented by the true chance of the event occurring. This profit is known as the 'over-round' on the 'book' the 'book' refers to the old-fashioned ledger in which wagers were recorded, and is the derivation of the term 'bookmaker' and relates to the sum of the 'odds' in the following way:.
The true odds against winning for each of the three horses are , and respectively. This represents the odds against each, which are , and , in order. This value of 30 represents the amount of profit for the bookmaker if he gets bets in good proportions on each of the horses. There are over and under betting odds for pretty much every sport including baseball, football, hockey, UFC, Basketball, Horse racing, and much more.
If the number is 42 in a football game and you bet the over, you would need 43 points total between the two teams. In baseball betting, it is the number of runs scored that sets the total. Hockey totals are how many goals will be scored between both teams. With the spread and the total, you will occasionally see that the odds are distributed with "half points," which are in place to prevent a "push," or no one winning or losing the bets.
As long as there is a winner or loser, the sportsbooks will make their money on the juice and be happy. The truth of the matter is that Vegas pretty much sets all of the sports betting odds for the entire world. Anytime you hear someone asking or talking about Vegas odds, they are simply talking about the odds and nothing specifically related to Vegas.
All of the online sportsbooks use services that simply use the Vegas odds as a starting point for events. Then their own systems will adjust the spread depending on how people are betting at their sportsbook. Exotic bets are there to make for a more entertaining betting experience, but they work somewhat differently compared to the straight bets.
But, the original point spread is still used in all these bets no matter how you look at it. Parlays are essentially a combination of two or more bets into one, such as three teams winning their respective matches. These parlays are usually a long shot since so many teams have to win, but in the end, they are also some of the highest paying games. You can pick teams to cover the point spread, over or unders, or moneylines in a parlay and sometimes you can mix in different sports.
Pleasers are some of the highest paying bets, as they take the spread and then subtract points, making it harder to succeed. Then you also have to combine them into another bet of the same type in order to win. The payouts are huge, but it is not likely that these will come in unless you have the utmost luck or some sort of inside knowledge.
Teaser bets bets are the exact opposite, in that you can adjust the spread to be more favorable, thus lowering your payout but increasing your chances of winning. Either way, these are some of the more exciting ways for you to wager. There are also " If-Bets ", which allow you to combine two bets. The first bet has to win for the second bet to have action. If the first bet fails, the second bet doesn't come through.
If you win the first bet, you can then use the winnings on the second bet, essentially building your bankroll. American odds have become incredibly commonplace, despite the fact that they are not as easy to read as other formats. As an example, American Odds read like this:.
In the example above, you can see that Team A has the lowest number of the group and are considered to be the favorite to win this bet. And, with a little bit of manipulation, you can see how these odds will pay if the wager ends up being a winner and that is what we're all here for Fractional betting odds are the easiest to understand. Just about every single sportsbook that caters to Americans has the option available for fractional odds. And, while they may seem daunting at first, you don't really need to understand complex fractions in order to utilize these odds.
Let's look at an example:. In order to best understand these lines, you first need to look at the ratio to 1. Once you have determined this, you can figure out the favorite. To figure out which side is favored, you simply need to figure out which is the lower number. Fighter A's wager is the clear favorite as it is the lower number. So, how do you figure out what these pay? Anytime fractional odds are displayed at a value of less than 1, the bettor must risk more than they intend to win if the wager is a winner.
And, the opposite can be said for if a fractional value is more than As you can see, the payouts are in the fractional odds, you just need to know which way they go based on if they represent a value greater than or less than one. Decimal odds are slightly more confusing than most other types of odds. In fact, we prefer not to use them when we bet but that is just our preference. Regardless, we are going to give you a little insight into these lines, as we want to give you insight about all of the common types of odds available.
If you look into these odds, you will definitely come out a little bit confused unless you are from Europe where these odds are commonly used than American or Fractional odds. The multiplication game is not as straight forward with decimal odds. Let's take a look at another example:.
When looking at decimal based odds, the same thing applies to them as all the other forms of odds when trying to determine the favorite In the example above, the favored candidate is Candidate A at 1. Figuring out the payouts is where decimal odds can get tricky, but you'll soon learn a little trick that will make these very easy to understand. Be sure to keep that in mind when looking at the other odds types.
Now that you understand how to read odds, you will then want to see how they are adapted to the different betting lines. With the straight wagers and exotic wagers alike, you will find that these odds are worked into the lines. After you figure out how to read the odds, you will then have to figure out the different types of bets that you can find through most sports betting sites.
The different types of bets use odds somewhat differently, but in the end, it is all fairly similar. We have created special pages that explain how to read the betting odds on a variety of sports. The reason for this is that some sports have betting odds available that others do not. Some sports betting odds can be broken down into a half or quarters while others are just for the entire duration of a match or game.
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