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How do they calculate their odds ?

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    How do they calculate their odds ?

    I would like to know how the bookies calculate their odds. I am not good in mathematics and I need your help. I'm sure there is a formula or something like that.

    For example :

    For the match Tampere - Jokerit, I give these probabilities :

    56 % H win / 18 % Draw / 26 % away win.

    How do you calculate the odds :?:

    Thanks ...

    #2
    0.56--0.18--0.26 would give 1.79--5.56--3.85 in a fair game (1/probability)
    but the bookmakers keep a margin, let's say 12%, you could do
    1.79/1.12=1.59
    5.56/1.12=4.96
    3.85/1.12=3.43
    The odds are now 1.59--4.96--3.43, which means a payout out of 89% (1/1.12). But they might not spread the profit over all outcomes, it depends on how the customers stake, I guess. It may vary per bookmaker, this is only an estimation.
    KOFFIEBOER, YOU ARE MONSTER

    Comment


      #3
      I am not sure, but Strycker maybe wanted mainly method how to get from percentage to odds? Koffieboer is right and I will try to explain how he got the odds - if Strycker wanted just simple explanation like Koffi made so take my comments as off-topic

      If we have just 1-X-2 it makes 3.0-3.0-3.0 if probability same for all outcomes. With mentioned probabilities you can count corresponding odds this way:
      1) for home win: (3+3+3) x 0.56 = 5.04 and 9 / 5.04 = 1.786
      2) for draw: (3+3+3) x 0.18 = 1.62 and 9 / 1.62 = 5.555
      3) for away it gives 3.846

      Comment

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