The sports betting coefficient is a reflection of the probability of an outcome, according to analysts at the bookmaker. Betting is precisely on the odds. The gain is determined by multiplying the amount of the transaction and quotes.
Let’s find out how to calculate the coefficient, convert quotes into probability and find profitable markets and bet on https://esportsbett.co.uk/csgo-betting/.
A coefficient is just a representation of probability. Knowledge of methods for determining probability and converting it into quotes is the first step on the way to your own assessment of the chances of an event.
Understanding the essence of quotes, and not just the term, is the main difficulty for most beginner bettors. By coping with this problem, you can compare the values of bookmakers. You need to learn how to evaluate the chances of an outcome, and not consider the set odds as the main element when making a bet.
The basis of bets is the determination of probabilities. Bookmakers use quotes in order to familiarize users with the assessment of chances and provide their services in a more convenient form. The existence of different formats of coefficients (American, decimal, fractional, Hong Kong, Malaysian, etc.) only confirms that they are a means to an end, that is, making a bet.
How is probability calculated?
Every day we face risks in everyday life: “what are my chances to catch a minibus?”, “Is there a chance of rain?” But when it comes to assessing probability, few people understand how it happens.
The probability is displayed at the school from 0 to 1, where 0 is the complete absence of chances for the event, it will never happen, and 1 – the event will definitely happen. Other probabilities range between these points.
Flipping a coin is the best example that can easily explain the calculation of probability. In any case, the flipped coin will fall on one of the sides: the eagle or the tails. Together, these options suggest that probability is equal to one.
In reality, the bettor wants to know the chances of a certain outcome, for example, tails. For this, a simple formula is used:
acceptable outcomes / all possible options
In our example, this is tails. Divide the available value into two outcomes (heads or tails). It turns out the probability is 0.5. Most people are used to the percentage display of odds, so you need to multiply the probability (0.5) by 100 = 50%.