![]() ![]() For example, a 50% chance is bigger than a 20% chance, so we usually say that the former has better, or greater odds to happen. When talking about probability, usually a bigger number means that something is more likely to happen. Ie, it’s not just a matter of how probable something is – thinking about how that would affect a wager is just as important, if not more. ![]() Betting, on the other hand, has always been about money. In betting, this is called perceived probability, and it plays a huge part in determining betting odds. Measuring likelihood can be seen in many other parts of life, like when you say that something has a 20% chance of happening. However, that’s not the full extent of it. They are a measure of probability, intended to depict what the most likely outcome is, and how other outcomes compare in terms of likelihood. What are Betting Odds and how do they work?Īt their most basic level, betting odds are a mathematical representation of how likely something is to happen. What are Betting Odds and how do they work?.
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