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Probability vs Odds

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To get sports betting odds calculated you have to reach a new height of acknowledgment.

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Because of the players' present remarkable talent coupled with the unsurpassed skill they have become widely recognized in the live sports betting game. Add to that the fact that people who love to bet live are enormously growing, unstoppable success was achieved and live soccer playing becomes one of the most preferred. Betting odds allow you to calculate how much money you will win if you make a bet.

Let’s use the same examples as before, with the same replacement of numbers for letters, i.e. Quite simply, for every value of B that you bet, you will win A, plus the return of your stake. 91 for every 1 you bet, you will win 9. This article explains how to calculate a football betting model using Poisson distribution, its limitations and how it can help you find value on a number of betting markets. Poisson distribution can be used to measure the probability of independent events occurring a certain number of times within a set period - such as the number of goals scored in a football match.

It can be used to do this by converting averages into a probability for the changeable outcomes. The next step it to compare your Poisson result to the odds offered by bookmakers or exchanges. If betting on the correct score, Smarkets currently offer the win for Tottenham at which gives it a chance - learn how to calculate implied probability from betting odds. You can use odds to calculate the implied probability of a certain outcome in a sporting event.

Understanding how to read odds is a crucial step to becoming a successful sports bettor. From determining how much money you want to wager to figuring out which bets offer the most value, it all starts with a solid understanding of the odds.

What Are American, Decimal, Fractional Odds? Odds are displayed in either American, Decimal, or Fractional formats, and serve two purposes They signal the implied probability of the outcome they are attached to. They indicate how much money you could win betting. How do you calculate betting odds? I have never done betting before so i was wondering if you wanted to find out the most likely to win a race, can you divide the fractions and find which is the smallest and then will this mean it is the most likely to win?

For example if a horse was at odds 103 and another was at 45 does that mean that the horse at 45 is more likely to win because when 4 is divided by 5 it is smaller than 10 divided by 3? Please help, i am so confused. How to read betting odds Learn how to understand the different ways that odds can be presented across bookmaker sites.

Calculating probability with betting odds Find out how likely a result is based on the odds the bookmaker offers. Calculating winnings from betting odds Learn how much you could potentially win on your wager with some simple calculations. Knowing your odds and returns We’ll guide you through how all the different types of odds line up and what that means for your potential returns. There are lots of ways you can ensure you get the most competitive odds. The mathematical concept of odds is related to, yet distinct from the concept of probability.

In simplest terms, odds are a way of expressing the relationship between the number of favorable outcomes in a given.

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With moneyline bets, you can instantly calculate how much you’re going to get paid and lock in your bet to get that payout. American odds are preferred with many US bookmakers, although you can still find decimal point odds, and fractional odds if you want. Examples of American odds, decimal odds, and fractional odds American Odds Baltimore Ravens [+].

Fractional Odds Baltimore Ravens 52. Decimal Odds Baltimore Ravens Another popular sports betting option is total line odds.

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These are known as the over and under bets in the game. Understanding how bookmakers set the odds is vital to being able to find value. Find out how the odds are affected and why poor value limits your profits.

You have to learn to look at the odds as possibilities and pick your bets based on a complex approach that includes a variety of factors. In order to do that, you need to learn how the bookmakers work first. That’s the purpose of this article to show you the whole process behind football betting odds and give you some tips how to take advantage of the positive value that sometimes occurs.

Of course, the process is not exactly the same with each and every bookmaker out there, but the main principles remain similar. It all starts with analyzing all the possible infor. To calculate the exact odds on your horse, just subtract the take from the total pool, then subtract the amount bet on your horse to give you the amount of cash to be paid out. Divide that figure by the amount bet on your horse to get the exact odds. This figure will always be rounded off to the nearest dime usually or nickel, as mentioned previously, before the payoffs are calculated.

Here is a simple example of win odds calculation Total pool Amount bet on horse No. 1 Take amount 15 percent minus 15 percent equals minus equals divided by equ. The betting odds calculator allows you to input your stake odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets.

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We show you how to calculate bookmaker margins, we explain what vig and overround are and how betting sites make money. We also discuss how prices move in response to betting, what markets have higher or lower margins, how to spot overpriced odds before the bookie does as well as how to be your own bookie and use exchanges.

How are odds calculated and markets priced? Ironically the last thing a bookmaker wants to do when it comes to setting odds is gamble on one outcome over another. Prices are set in a way that reduces variance and ensures profit while still roughly reflecting the real probability of an event occurring.

This is a balance of making a profit and ensuring punters are still attracted to bet on the outcome. Welcome to our Odds Calculator page.

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Here you can calculate your potential winnings before striking a bet with one of our recommended bookmakers. Simply add in the odds for each betting selection along with your nominated stake.

You can then click on the Calculate button and it will show you how much you can potentially win with your bet. You can add as many selections as you like, with many readers using the Odds Calculator to work out how much a football accumulator would pay if they predict the correct winning teams.

Please note that the more teams you add to your accumulator, the riskier. Learning how to correctly calculate odds can make games of chance a lot more enjoyable and profitable. As a matter of fact, learning how to calculate odds should be the first thing you learn if you want to be successful at sports betting. Odds are a central feature of the betting game and how well you calculate them will determine your success rate. If you never learn anything else about sports betting, learn how to calculate odds.

The first thing when calculating basic odds is to determine the favorable outcomes. In order to understand this concept. How to calculate the implied probability of odds? We all know that bookmakers are a clever bunch, they hire lot’s of people who study every aspect of sports. Especially in this modern age of the internet, every stat you could ever dream of is only a mouse click away. A Usually the 11 fraction is present at the best betting sites as Evens.

By betting on this wagering proposition, the punter can win the same amount of money he she staked.

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Understanding betting odds is easy with my simple Betting Odds Explained guide. You'll learn what betting odds are and how they work. Matched betting is available to everyone. You don’t even need to have placed a bet before! But before we get started, allow me to explain how betting odds work.

Betting odds are numbers used by bookmakers to represent the probability of an outcome occurring.

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Before we can understand betting odds, it’s important to understand probability. Probability is basically the likelihood of an outcome happening and is usually displayed as a percentage. For example, if we were to toss a coin, there are two possible outcomes. Calculating Probability with Betting Odds. Odds help us to understand how likely certain scenarios are when it comes to different events.

For example, we can read betting odds to determine whether or not a football team playing at home can expect to win their next match. Digging a little deeper, there will even be odds to show us how likely it is that they will score a certain amount.

Bookmakers set different odds based on their own expertise and a betting exchange. Calculating probability is all about doing your homework! For example, if Manchester United was to dr. How are different types of betting calculated?

Lotteries represent a huge part of the betting industry in the UK. Of course, odds vary depending on the game and how skilled or experienced a player is. Casinos are businesses and their end goal is to take gamblers’ money, but players can come out on top if they quit while they are ahead.

However, the old adage the house always wins’ has a degree of truth in it. Casinos have a built in advantage called the house edge which is usually around 5 This means that, on average, for every 1 a punter spends, they will receive back and the house will keep Vegas Click state that the casino doesn’t have to destroy you with terrible odds they give you an al.

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Yet, without odds, betting can’t actually take place and to boost your chances of backing a winner it’s important you understand them.

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So in this post, I’ll answer the question how do fractional odds work? And show you when and how to use them when placing a bet.

Read this post full a full explanation on the different types of odds that exist in sports betting. Fractional odds, also known as UK Odds, are the most traditional form of odds. By using a fraction, you can calculate the likelihood of the outcome of an event actually happening. For example Here’s an example of how to do that on Bet Make sure the odds are always in your favour. Matched betting is a betting technique used to extract value from free bet offers. The answer to this question is incredibly important if you want to become a successful bettor, but it’s also only the start of a long journey.

Read on to find out why all bettors need to know how odds work. To really expand your understanding of odds and betting, you must also understand how to calculate probability. With a good understanding of how to calculate probability yourself and how it compares to the odds provided by the bookmaker, you can begin to make more informed decisions when it comes to what you should bet on, when you should bet and how much you should stake for the bets you make. Online sports betting offers gamblers access to thousands of internet sportsbooks worldwide.

Our guide will help you learn how to calculate sports betting odds in different formats and compare them against each other, and improve your gambling with our sports odds calculator. It’s important to know how odds work and how to read sports betting lines, as online sportsbooks will display odds differently, based on the sport and location you’re betting on. Our betting odds calculator is free to use and presents the different types of odds.

With practice using the guides listed below however, you’ll soon end up converting the odds calculations in your head like a seasoned professional. Betting odds calculation is crucial knowledge - sports bettors must know how betting odds work because bookmakers make profits and punters often not. Betting odds which correspond to the theoretical calculated probability are called fair odds’.

Image alexkatkov Shutterstock. The West Ham v Man City match is by no means a one-off or even a rare example. The market odds offered on any event very seldom represent fair odds. They are regularly either over- or under-priced.

Considering that there is always error’ present in statistical calculations deviation of predicted distributions to the actual observed results, any betting odds within a corridor of +- 5 of the calculated probability can be called fair’.

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Ever wondered how sport odds are calculated? Roger Kristiansen, Head of Pricing for GiG Sports, gives us an insight on how WePutNumbersOnEverything. It is an online tool that helps you calculate how much the returns will be for any given stake. An odds calculator will assist you in knowing how much you stand to earn if you place winning bets. What is a Matched Bet Calculator? Matched betting is a betting system used to profit from free bets offered by online bookmakers.

In a nutshell, you place bets on both outcomes of a wager, which gives you a guaranteed win. A matched bet calculator will assist you in placing these bets and earning the most profit. An odds calculator will help yo.

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This page is dedicated to explaining how sports betting odds work. This is great for beginner sports bettors that are looking to learn the basics. It’s essential to understand that odds are a determination of how a specific event may play out.

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They are not saying that the event will end in the manner predicted. They predict the likelihood of an outcome. Those wagering on the favored team usually do so at a disadvantage, while those wagering on the underdog are given an edge.

Sportsbooks do this in an attempt to even out the bets so that there’s an equal amount of cash placed on each team. When wagering, you’ll find that there are three basic ways that odds are listed Odds Converter - Convert Betting Odds.

Enter the odds in any format an. This calculator will convert "odds for winning" an event or "odds against winning" an event into percentage chances of both winning and losing. Be careful if you are using sports teams odds or betting odds.

If you see that the Patriots super bowl odds are 92, that is most likely "odds against" and should be entered in the calculator with "Odds are against winning." When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer.

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What is sexyaftercancer.com and how does everything work here? sexyaftercancer.com is a website that compares odds of the best bookmakers and gives you the opportunity to bet using the best odds. A simple example if you bet on Brazil winning a game, you can win on one bookmaker and on another.

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sexyaftercancer.com suggests you on which betting provider you should bet in order to get the maximum profit. How many bookmakers do you compare on your site? There, you can calculate the required distribution of your stake on different bookmakers and the possible gain.

What types of surebets do exist? The type of surebets depends on the number of betting outcomes. How the actual odds are generated is another matter in the case of Bet a lot of their competitors use the Bet Genius group for Odds Data e.g. Sportingbet, Paddy Power, Sky Bet.

They will probably then make small adjustments to this based on their typical clients betting preferences e.g. What type of action they take and biases. As for how they might determine the lines aside from actual betting which might be important for instance in setting opening lines, there are numerous things they can do.

First of all, they might look to other books and assume some variant of the efficient market hypothesis. However, they might also employ the same types of techniques that sharp bettors employ. How to Understand Betting Odds. Before digging a little deeper, it’s always handy to understand exactly what you’re looking at. Particularly if you’re a beginner in football betting, bookmaker odds can be tough to understand.

Betting odds tell you How likely a certain outcome is. Shorter odds tend to mean less winnings. For example, betting on an in-form striker in an anytime goalscorer market is unlikely to have a huge profit margin. How likely is an event to occur? Bookmakers must take this into consideration when calculating odds. They look at factors such as Current form.

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How do I calculate poker odds? There are many ways to calculate different kinds of poker odds.

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You could, for example, use a poker cheat sheet. Other odds calculations require more effort and practice. It's best to routinely use an odds calculator to check what your odds were after the fact you can then adjust your play based on this information in future, similar hands.

How should I calculate odds in my head quickly? The rule of four and two is the easiest way to know roughly what your odds of winning the hand are. It's a simple process first, work out how many cards you can hit to improve your hand outs. Understanding betting odds with a decimal odds system is simple. The decimal odds state clearly how much money will be gained from a bet of 1 unit. Do watch as a 1 unit stake can mean 1, 10, or just check to be sure you know the bookmakers unit stake of preference.

Most decimal odds go out to 2 decimal places for greater accuracy of the odds. Odds This is the probability of an event occurring, it is calculated by the bookmaker and he accepts bets against these odds. The odds are a dynamic entity and can change as the bets come in.

If a bookmaker sees more people betting for a given team, he may try and make the odds more attractive for the other team to draw some traffic there.

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Live Betting odds are calculated via mathematical algorithm, and it makes it much easier to get a positive return of interest for in-play bets. If a punter is watching a game live and analyzes the event on the go - he can notice betting opportunities that go beyond computer statistics.

Are there good In-play betting strategies? This is also called Late betting or Past posting and is considered cheating. Here are the biggest factors that influence winning live bets. Know the sports inside out - experience gives you the edge.

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Odds Shark’s sports betting odds calculator is a great tool for your handicapping arsenal. Find out what you’d win based on the odds and amount wagered. With our bet calculator you can know exactly what you’d win before making your picks.

How to Use an Odds Calculator. No matter the type of bet you’re making, our calculator has you covered. First, you’ll need to enter your odds. The calculator offers four options American, Decimal, Fractional 15 and Implied. The majority of betting sites offer each odds type, so it’s up to you to decide which you like best. Here at Odds Shark, we use the American style. Next, enter the budgeted amount you want to bet with and our calculator will determine how much money you’ll win, an.

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This online tool calculates parlay multi odds based on the selection odds. Supports various odds formats, including decimal, fractional and American. To use the calculator select an odds format, input the odds for the individual selections then click Calculate Parlay Odds.

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This article will help you with the first step in developing your own assessments of betting value. Calculating odds and probability opens up a new world for calculating value but you also want to know what your bet will payout if you win. For our coin toss example this requires a simple multiplication Your stake X decimal odds. So if you bet 10 on heads with odds of your return including stake is x 10 which equals 20 this includes your 10 stake + 10 profit.

Read Do you know how difficult betting is.

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Our betting odds calculator takes a step further and calculates the percentage probability of winning and losing. The team would win 5 out of 6 games and lose 1 of them. By converting fraction to percent, we can say that the chances of winning are 56, and of losing 16. Do you understand how we calculated this percentage?

If not, take a look at the odds formulas probability of winning chances for success all chances. Probability of losing chances against success all chances. All chances chances for success + chances against success.

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Odds are used to calculate how much money you get back from winning wagers, but that’s not all. What you may not have known is that there are several different ways of expressing odds, or that odds are closely linked to the probability of a wager winning. They also dictate whether or not any particular wager represents good value or not, and value is something that you should always consider when deciding what bets to place.

Positive moneyline odds show how much profit a winning bet of would make. So if you saw odds of + you would know that a wager could win you In addition to that, you’d also get your stake back, for a total return of Here are some more examples, showing the total potential return.

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Welcome to the Sports Betting Odds section of The Sports Geek. If you are new to sports betting and don’t understand how to read betting odds +, +, etc we will lay it all out for you and help you learn how the betting odds work. Many people don’t know how to read or calculate sports betting odds, so below we have done our best on explaining how betting odds work. The most common type of sports betting odds used in North America are the American style odds which we explain below.

American Style Sports Betting Odds. Most online sportsbooks will list their odds in what is called American Odds. There are a couple different versions of sports betting odds, but these American Odds are the most common odds used.

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Odds Input the odds of the betting market that you wish to calculate the no-vig and no-vig win probability. The calculator will work for both American and decimal odds formats. No-Vig Represents the percentage odds of each side’s chances of winning with vigorish removed, also known as implied probability. Check out the link for an in-depth look at how to remove vigorish from betting lines manually. No-Vig Odds The true odds of each bet winning in decimal or moneyline odds format with the vigorish removed.

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This is how betting exchanges make their money, versus regular bookmakers who make their money by providing you unfair odds. Even with commission factored in, exchanges return more profit on your bets almost all of the time. Liability is the amount of money you stand to lose’ on a lay bet. For example, if you placed a 25 bet with a bookmaker at odds of 21, you stand to win 50 in profit.

The bookmaker’s liability in this scenario is therefore When laying bets, you become the bookmaker.

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Although betting odds may seem confusing at first, don’t worry, this guide will cover the main points regarding odds and how to use them. We’ll fully explain the key points of the different types of betting odds you’ll see. We’ll go over the best way of reading betting odds and how to work out how much you’ll win from a bet.

And finally, we’ll share with you some tips and tricks which will help you understand betting odds and how to make the most out of your bets. Calculating odds - how to do this? You can also calculate the given probability of an event by looking at the betting odds. When using fractional odds we use the following formula to calculate the probability of an event.

First, to represent the formula better, we have to replace the numbers with letters.

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Without odds there would be no betting and without understanding odds there will be no winning customers. The odds are quite simply the price, they are used to calculate exactly how much you will receive if your bet wins. Generally speaking the odds don’t change no matter how much or little you want to stake on a selection. There are two main types of odds. There is no monetary difference between the two and no reason to choose one over another.

They are simply different ways to display the same thing. Fractional odds are displayed as 101 or 72.

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Betting Odds - Guide to the best tips on adapting sports betting odds for Indonesian, Hong Kong, and Malay odds. Convert odds easily at top sportsbooks. A gambler with a good working knowledge of the odds systems would look at these odds, or price’, and then see how likely it is for an event to occur.

With hundreds of sportsbooks at their disposal, they can shop around and find the best value. Comparing the best odds between different companies is crucial for the bettor. Online bookmakers will offer odds based on what they think is the implied probability of an event occurring. They will then reduce the odds down, creating a guaranteed profit for themselves. Odds can change, especially if large bets come pouring in.

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Betting odds moneyline, handicap, overunder calculation for a football soccer match. The probabilities odds calculation is based on the methods of mathematical statistics see SPORTS and MATHEMATICS, the basic random variables are the distribution of Poisson or Skellam. Match parameters - Team Goals estimate or basic Odds 1X2 [+ OU].

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Decimal odds aka European odds, digital odds, or continental odds are popular in continental Europe, Australia, New Zealand, and Canada. These are a bit easier to understand and work with. The total potential return on a stake can be calculated as Total Return Stake x Decimal Odd Number. For instance, one of the renowned betting websites prices several candidates to win the U.S. The three main types of betting odds are fractional British odds, decimal European odds, and American moneyline odds.

These are simply different ways of presenting the same thing, and hold no difference in terms of payouts.

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Find out exactly how you can find the very best football odds around and how to use the highest odds to drastically increase the amount you could win? We’ll jump straight into the most important question you probably have how do I find the highest football betting odds around? There are a few things you can do, however the most important is this shop around before having a punt.

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For example, in Limit Hold'em your opponent bets 20 into an 80 pot and your call gives you pot odds of you're risking 20 to win. But, if you expect your opponent to call a bet or raise on the river if you make your hand, your implied odds are or A Simple Rule of Thumb for Hold'em and Omaha.

In fact it's much better for your game long term to learn the quick shortcuts and how to calculate pot odds in your head on the fly it's not like you can pull out and use a pot odds calculator at the poker table anyway. How to Calculate Poker Equity. Count Your Outs In order to calculate your equity your odds of winning the pot, you need to first know how many outs you have to make your hand.

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Odds Comparison - The Best Sports Betting Odds. Want to bet with the best odds? Our odds comparator tells you which betting sites offer the highest betting odds of sports events of the moment, in addition to allowing you to compare the odds offered by these bookmakers for your favourite sports. First and foremost, you have to understand what odds are in the world of online sports betting. To calculate these probabilities, and as such indirectly sports betting odds, several parameters must be take into account.

Firstly, the statistics related to the match will be gathered and taken into consideration by experts. How to always enjoy the best odds? Finally, the last tip we can give you is to multiply the number of online bookies you have registered an account with.

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Calculate what an odds of e.g. Means in terms of probability it will happen according to the betting company. If, for example, a betting company has an odds of for team A to win a soccer game you can, with this calculation, determine the probabality of this event to happen according to the betting company. In order to calculate this one need to know or calculate a so called Payback Rate which is determined by the betting company.

The Payback Rate is the return the betting company gives back to the players and is usually around 95. This means that the betting company pays out 95 of all turnover and keeps 5. It is possible to calculate this Payback Rate in this calculation for Compl.

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Betting odds is the main and first thing every better should learn. Betting odds give you the understanding of what is the chances to in and what amount of money you will win after a positive outcome. You should continue reading this article, as you might still be confused about what the betting odds is. Using Betting Odds to Calculate Probability. For any football match, there are a limited number of possible outcomes. Also, you should know how to calculate your potential winning using the odds.

It is very simple to do, if your odds are decimals. You should simply multiply your bet with your odd and subtract the bet amount. Formula Winning bet amount odds - bet amount 10 EUR - 10 EUR EUR.

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Calculate what an odds of e.g. Means in terms of probability it will happen according to the betting company. If, for example, a betting company has an odds of for team A to win a soccer game you can, with this calculation, determine the probabality of this event to happen according to the betting company. In order to calculate this one need to know or calculate a so called Payback Rate which is determined by the betting company.

The Payback Rate is the return the betting company gives back to the players and is usually around 95. This means that the betting company pays out 95 of all turnover and keeps 5. It is possible to calculate this Payback Rate in this calculation for Compl.