![]() To really expand your understanding of odds and betting, you must also understand how to calculate probability.īetting is about assessing the chance or probability of an event happening and bookmakers like Pinnacle use odds to translate probability into a more usable form in order to offer betting. However, if you consider betting to be just about odds, you’re missing the bigger picture. ![]() Once you get past that hurdle, you can compare odds between bookmakers. But what do odds actually represent, and how can you understand the return value for a given stake? Understanding odds is the biggest challenge that anyone new to betting faces. What are the odds on x? What do they mean? What will I win if I bet x amount? There is a conversation that all seasoned bettors will have had numerous times with friends and relatives who want a casual bet on a major sporting event.
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