Noticed that some of you are not familiar with the betting ecosystem, I wish to take this chance to share my idea on introducing betting.

https://scorum.com/en-us/betting/@lovetaxi005/asia-betting-challenge-6-by-lovetaxi

The coverage of classroom mainly focuses on soccer first, since it is considered to have the most prevalent type of betting method at the moment.

Class 001: What is Odds?

The odds do not mean the actual chances that an event will happen, but rather the amount that the bookie will pay out on a winning stake, including the required stake.

For example,

The match of Thai Premier League

Muang Thong United vs Buriram United

1x2 odds, which means the odds of full time result, considering which team will win or draw

Muang Thong United (4.9)

Draw (3.8)

Buriram United (1.56)

The bracket represents the odds, let say Draw is 3.8, which means that if you place $10 USD on Draw, you can get back $38 USD, including your original $10 USD. So you won $38 USD- $10 USD = $28 USD.

Pretty cool!

But the actual situation is not that simple. The behind reason for bookie to set such odds is not just the probability of the team to win, but also the margin that they can make profit inside.

For example, if we simply just do a calculation

1/3.8= 26.32%

But the actual probability of having a draw, based on past data, may be just around 23%.

Then the reasonable odd should be 1/ 23% = 4.347

The difference between 4.347 and 3.8 is the margin for the bookie to make profit.

A bit complicated now, haha!

Exercise for today class

Therefore, today exercise is to try to compare a match odd between different bookie.

The first step is just focusing on full time result, and see the highest odd that you can get among those bookies.

Cheers!!!