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Seasoned punters will find calculating odds to be second nature but for beginners the prospect of getting to grips with what odds mean and in particular grappling with fractional odds can be a daunting one. Even if you're an experienced punter this Masterclass on understanding odds offers you the chance to refresh your thinking on identifying value based on the implied probability of odds. Traditionally, odds in the UK are expressed as a fraction. These odds can be used to calculate your net profit excluding your stake and although they seem complicated the method of calculation is relatively straightforward. This is best explained using an example. So whatever your stake is you can multiply it by 1.

Football betting point spread explained variance

The total is mathematic formula created by oddsmakers to determine the approximate number of points that will be scored in the contest. The formula essentially boils down to taking the average of what both teams score and allow per contest, along with other mitigating factors such as the venue or key injuries. In the above example, along with seeing the point spread on the betting menu, you will see a large number near the spread. It might look like this:. You'll see the spread is almost always delineated with the minus symbol and spread number corresponding directly to the favored team.

The over-under or total is usually noted on the same line where the underdog is listed, but with a bit of separation from the team name so that it is not confused with the point spread. In the above example, 46 points is the posted total between the Cowboys and Giants. If you wish to wager on the total, you would pick the rotation number of either team and inform the sportsbook writer that your intention is to bet the Over or Under only on the posted total.

If you have dabbled at all in the sports wagering industry, you've likely heard the terms juice, or vigorish, thrown around quite a bit. If you've heard the terms but don't know what they mean, fret not. They might sound complicated on the surface, but they are relatively simple to explain.

In short, the vigorish is essentially a tax the sportsbooks charge per wager. Their role is the primary factor in turning a profit for bookmakers, and also a crucial factor for bettors to learn and respect. The standard vigorish is 10 percent on each wager. The manner in which this benefits the sportsbook is easy to explain.

Most experienced customers have factored the vigorish into their wagers, and plan their bankrolls accordingly in the interest of simple math and convenience. In addition to wagering on either the point spread or total, sportsbook patrons almost always have the additional option of placing what is called a money-line wager. A money-line wager simply removes the point spread from the equation, and notes that you are wagering on a specific team to win the game.

The money-line price on each team is usually noted on the wagering menu to the far right of each team listed. A typical example would look like the following:. In this example, the Giants are not only three-point favorites against the spread, they are favorites to win straight up on the money line.

To place this bet, you would tell the ticket writer you wish to place a wager on rotation number and state the desired amount. Conversely, money-line wagers on the underdog are popular because sportsbook customers can get a return that exceeds in the original wager. If you wish to place this wager, you would be passing up the option of taking the points and winning the bet if the Cowboys lose by fewer than three.

They must win in order for your bet to cash, but the incentive is the handsome payout. Parlays are popular wagers among bettors because of the appeal of potentially winning a good sum of money with a minimal investment. It's a widespread belief that parlays are mostly done by novice bettors, but experienced handicappers are known to play them as well.

Parlays involve the selection of two or more propositions on a single wager, and all of the teams must win for the bet to become a winner. For instance, if you pick five teams on a parlay and four cover the spread, the bet is a loser. To reduce our variance and unpredictability we need to increase our sample size, or simply how many bets we are placing.

Or in the worst case scenario it could decrease our knowledge, where it previously was good. Again - a case of balance. There is however an easy way to diversify and lower our variance without losing value on other fronts. Following other punters tips can be both fun and rewarding, granted you take the time to find the good ones. At Betting. You can take part of their expertise and betting tips both for free and by paid subscriptions.

All you need to do is head over to the betting tips section and start browsing. Besides the benefits of increasing your placed bets, you will also absorb new information to learn from, or even bolster the knowledge you already have. By now it should be obvious that streaks of bad, or good, fortune is to be expected, and that we need to be armed to combat it.

The key lies in making informed, and logical decisions regardless. Now, I am not going to turn this into a sports betting psychology , but you can go ahead and read our 6 golden rules to the psychological side of betting , which will prepare you further to battle the tough times. Before we move on, it should be highlighted that variance can also be lowered by other means than just the directly impactful ones.

Bonuses and offers from bookmakers are a great example of this, as they simply give you more room for error. There are many great welcome bonuses that will give you backup in case you hit a bad cold-streak, and this in turn lowers our overall variance. We simply add a cushion to what we already have. The same can be said for sports betting offers that range from free bets, to increased odds or money back on certain outcomes.

To further understand the impact variance has on our sports betting results, we will now look at more simulations. For the purposes of our simulations, we will assume all bets are placed at odds of 3. We will assume that we place bets over the course of a football season.

So, what are the chances of having a winning or losing season based on placing bets at odds of 3. We wanted to list the details from individual seasons as we believe the table is a very powerful one. However, whilst seasons may appear a long period of time, we want to get a more accurate picture. We will now extend the tests to 1, seasons:. The chances of making a loss might be higher than you may have anticipated but this is fundamentally due to the relatively low number of bets per season.

Had the number of bets been per season, the loss chances would be lower. These numbers show that even when betting with the odds in your favour, winning in the short-term is not inevitable. There is always a percentage chance that something good winning or bad losing will happen.

Even when winning is more likely to happen than losing, winning can never be taken for granted. This is why bankroll management is so important. The bankroll must take the strain when adverse periods strike. To conclude this article, we will have a look at the dangers of knowing how variance works. It might sound silly, but they do exist. Understanding variance when sports betting is crucial for success, but it does also come with a few drawbacks, or rather, a few pitfalls.

This can be true both when winning and losing. When we are on a good run, and the wins are rolling in, we should never let ourselves become over confident in our ability. This often gets overlooked and instead we credit our own ability for being amazing bettors with infallible predictions.

I might sound like a party-pooper here, but it truly is important to be able to identify our hot-streaks as well. By doing so, we keep ourselves on our toes, and keep on researching and working the way we should be. I am not telling you not to enjoy the moment, and also take pride in the hard work behind the positive results. However, always keep in mind variance goes both ways. Overconfidence in the form of increasing bet sizing, betting without enough research, or any other pitfalls can get you destroyed real fast when the pendulum swings the other way around.

Stick to your strategy, keep calm and work towards the end goal - long term profitability. Hard work pays off, keep it that way. When we are facing a tough time, with results not going our way, it can be hard to keep a cool head. Now, if we understand variance, this should be easier to accept. Well, it is, but the danger lies in something else.

It might be true, but it also might not be. Being honest towards yourself is key. The alarm bells should really be ringing if you see yourself betting on different sports, leagues, games, markets or whatever you are usually - take a step back and analyse if what you are doing actually is profitable or not.

At the end of the day the danger of variance, both when winning and losing, are solved by one thing, and one thing only - truly understanding that sports betting is a long journey, and the results over tens, or even hundreds of bets are not worth drawing final conclusions from. The mental game of betting is tough, but again, hard work and determination is what pays off.

Bonuses and Free Bets. Tips and Predictions. Betting Odds. Portfolio Software. Tipster Competition. Historical results are not an indication of future results. The information on betting. Values quoted on the site hold no real or implied value. Understanding betting variance - bets examined Last updated: 09 Dec What is Variance? What is Standard Deviation? How Can Variance be Controlled? Expected Value of Our Bets It might be the most obvious thing on this list, but having a high EV on our bets is the key to success.

Probability of Our Bets Winning If we take a step back and consider our example of this topic earlier, I hope the idea is clear - if we place bets on low probability outcomes, our variance will go up. Number of Bets Placed Sample size is the most important factor to determine how accurate our results are, and how close they are to true numbers.

Lose streak and its probability to occur 6 - Betting Variance Simulations. There's around a one chance in four that we will make a loss. The figures show that a profit is likely to be made in 73 seasons out of The Dangers of Variance. When winning When we are on a good run, and the wins are rolling in, we should never let ourselves become over confident in our ability. When losing When we are facing a tough time, with results not going our way, it can be hard to keep a cool head.

Teemu specialises in analysing esports and ice hockey games. He contributes to Betting.

SPORTS BETTING AUSTRALIA PROMOTIONS JOBS

High return and low risk is what you want from any investment instrument, whether it is in financial or sports markets. You want to reduce it. Variance is basically a measurement of how much you can expect any outcome to vary from what you expect it to be. In order to make any conclusions from the number itself, take the root of it and obtain the standard deviation:.

Now, this new number can be used to determine the probability of profits staying within different ranges. In sports trading, the curve would represent different outcomes after a certain number of trades, and there probability. It would be symmetrical around its expected value rather than 0 on the figure , illustrating that your profits are equally likely to end up above and below what is expected.

The point is that reducing variance means reducing risk. Anyways, one of its major points is that the outcome of an individual bet is negligible in the long run. What matters is that the average of all results converge towards the expectation. You do a series of trials and register heads as a success 1 and tails as a failure 0.

As you should, you expect the mean of your trials to equal 0. However, the question remains: How close to 0. As it turns out, it depends on how many trials you conduct. After only a few coin flips, everything can happen.

If you increase the number of trials, however, the mean can be approximated as a normally distributed random variable. In other words, its probability distribution would look like the bell-shaped curve illustrated above symmetrical around 0. In fact, we can calculate how much the mean is expected to vary by utilising the following formula:.

In other words, when sample size n increases, variance of the mean decreases. The following three graphs each show the probability distribution of the mean after a series of coin flips, but with a different number of trials. The purple one corresponds with 10 trials, the red one with trials, and the blue with one The point here is that as you increase the number of coin flips, the mean is increasingly likely to be close to 0. If the number of trials is too small, variance will dominate results, making them unstable.

This does not mean we should stay away from high odds, IF they offer a very good expected return. To lower our variance we can intentionally stay away from the higher odds and focus on higher probability plays. In several sports we can also use markets that offer handicap betting, instead of playing on the straight lines. That way we can utilize the found value on a certain object, but lower the variance of the bet.

This balance is very important and our bankroll management, and betting strategy will be deciding factors in how we approach it. Sample size is the most important factor to determine how accurate our results are, and how close they are to true numbers. To give an example of how devastating variance can be, we will show an example of how likely a cold-streak is to happen over a certain number of bets.

Just by looking at these numbers it becomes quite clear that cold-streaks, and thus, hot-streaks happen very frequently. Even long stretches are very likely to occur, and this is just with a relatively small sample size, all things considered. As we have discussed before, these numbers would quickly escalate if we increase our variance even more, by betting on low probability outcomes.

As you can see, the increased variance in our betting selection has increased our likelihood of long stretches of losses by a lot. A 13 bet loss-streak has gone from 5. Even a 20 game loss-streak has a 1. These numbers grow exponentially as we increase our variance and sample size.

Reducing variance might start sounding like a good idea right about now? If so - good. To reduce our variance and unpredictability we need to increase our sample size, or simply how many bets we are placing. Or in the worst case scenario it could decrease our knowledge, where it previously was good.

Again - a case of balance. There is however an easy way to diversify and lower our variance without losing value on other fronts. Following other punters tips can be both fun and rewarding, granted you take the time to find the good ones. At Betting. You can take part of their expertise and betting tips both for free and by paid subscriptions. All you need to do is head over to the betting tips section and start browsing.

Besides the benefits of increasing your placed bets, you will also absorb new information to learn from, or even bolster the knowledge you already have. By now it should be obvious that streaks of bad, or good, fortune is to be expected, and that we need to be armed to combat it. The key lies in making informed, and logical decisions regardless. Now, I am not going to turn this into a sports betting psychology , but you can go ahead and read our 6 golden rules to the psychological side of betting , which will prepare you further to battle the tough times.

Before we move on, it should be highlighted that variance can also be lowered by other means than just the directly impactful ones. Bonuses and offers from bookmakers are a great example of this, as they simply give you more room for error. There are many great welcome bonuses that will give you backup in case you hit a bad cold-streak, and this in turn lowers our overall variance. We simply add a cushion to what we already have. The same can be said for sports betting offers that range from free bets, to increased odds or money back on certain outcomes.

To further understand the impact variance has on our sports betting results, we will now look at more simulations. For the purposes of our simulations, we will assume all bets are placed at odds of 3. We will assume that we place bets over the course of a football season. So, what are the chances of having a winning or losing season based on placing bets at odds of 3. We wanted to list the details from individual seasons as we believe the table is a very powerful one.

However, whilst seasons may appear a long period of time, we want to get a more accurate picture. We will now extend the tests to 1, seasons:. The chances of making a loss might be higher than you may have anticipated but this is fundamentally due to the relatively low number of bets per season. Had the number of bets been per season, the loss chances would be lower. These numbers show that even when betting with the odds in your favour, winning in the short-term is not inevitable.

There is always a percentage chance that something good winning or bad losing will happen. Even when winning is more likely to happen than losing, winning can never be taken for granted. This is why bankroll management is so important. The bankroll must take the strain when adverse periods strike.

To conclude this article, we will have a look at the dangers of knowing how variance works. It might sound silly, but they do exist. Understanding variance when sports betting is crucial for success, but it does also come with a few drawbacks, or rather, a few pitfalls. This can be true both when winning and losing. When we are on a good run, and the wins are rolling in, we should never let ourselves become over confident in our ability.

This often gets overlooked and instead we credit our own ability for being amazing bettors with infallible predictions. I might sound like a party-pooper here, but it truly is important to be able to identify our hot-streaks as well. By doing so, we keep ourselves on our toes, and keep on researching and working the way we should be. I am not telling you not to enjoy the moment, and also take pride in the hard work behind the positive results.

However, always keep in mind variance goes both ways. Overconfidence in the form of increasing bet sizing, betting without enough research, or any other pitfalls can get you destroyed real fast when the pendulum swings the other way around. Stick to your strategy, keep calm and work towards the end goal - long term profitability.

Hard work pays off, keep it that way. When we are facing a tough time, with results not going our way, it can be hard to keep a cool head. Now, if we understand variance, this should be easier to accept. Well, it is, but the danger lies in something else. It might be true, but it also might not be. Being honest towards yourself is key. The alarm bells should really be ringing if you see yourself betting on different sports, leagues, games, markets or whatever you are usually - take a step back and analyse if what you are doing actually is profitable or not.

At the end of the day the danger of variance, both when winning and losing, are solved by one thing, and one thing only - truly understanding that sports betting is a long journey, and the results over tens, or even hundreds of bets are not worth drawing final conclusions from. The mental game of betting is tough, but again, hard work and determination is what pays off. Bonuses and Free Bets. Tips and Predictions. Betting Odds. Portfolio Software. Tipster Competition. Historical results are not an indication of future results.

The information on betting. Values quoted on the site hold no real or implied value.

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