An explanation of odds - Page 2

imported_Capone · 09-18-2006, 04:51 PM

Gotcha

thanks

blondie0420 · 10-31-2006, 12:17 AM

Alright, I'm new to all of this, so if you could answer a couple questions for me, I'd be very much obliged.

Mostly I'm confused about the payouts. If my odds are 2/1 and I bet 500, I'll win 1000. I get that, it makes perfect sense. What I don't get is why anyone would bet if their odds were, say, 1/2 then betting 500 means you win 250, but even if you won you'd lose 250 anyway, right?

Or suppose your odds were 1/6 and you bet 600. Now you win 100, but you've still lost 500. I get that, but what I don't get is why would anyone want to do that? If you lose, you lose 600, but if you win, you still lose 500 anyway. What's the fun in that?

And what's the fun in even betting if your odds are 1/1? If you bet 500 and you lose, well you lose your 500, but if you win you only break even. What's the point? It's a lose-lose situation anyway, isn't it? I mean, the most you could hope to do is break even.

Maybe I'm just confused on the whole thing.

THC Fiend · 10-31-2006, 12:23 AM

If you win you ALWAYS get your orginal bet back PLUS what you won based on percentages.

When you lose you lose whatever you bet.

So if your odds were 1/6 and you bet 600 and win, you should get 700 back.

I'm 90% sure that's how it works.

ADIDAS · 10-31-2006, 08:00 PM

Yea that is definately how it works. If you win a bet, you automatically get what you put into it back, and then the odds dictate how much more you get back. Blondie, you are forgetting that you get your original amount back as well as the profit.

My question to you Nega, how does the 1/1 odds work? I hope you didnt answer that already, but I dont think you have. Ive noticed those odds on many of the football bets. So can you explain?

Oh yea, also, what is the purpose of a 1/2 point? Like -3.5 +3.5? Why not just make it 4?

Bowlblaze · 10-31-2006, 08:02 PM

Let's say you bet 500 on a game with 1/1 odds. If you win the bet, you would get the original 500 back, PLUS another 500.

The purpose of 1/2 a point in the spread takes care of ties quite nicely. It's really useful for sports like hockey where there aren't a lot of points, and the spread isn't that large.

ADIDAS · 10-31-2006, 08:04 PM

Quote:

Originally Posted by Bowlblaze

Let's say you bet 500 on a game with 1/1 odds. If you win the bet, you would get the original 500 back, PLUS another 500.

Oh sweet, thanks. So you double your dough.

skidoo · 10-31-2006, 09:13 PM

Quote:

Originally Posted by negaDuck

There are several sites where I can get up to date odds on events coming up, Vegas being a main source. I will continue to use tha same site for NFL throughout tha entire season to maintain stability, and tha bet will stay 1/1.

For all other sports/events I am usually able to find a reputable site that is willing to post odds, moneyline and whatnot, all of which I will convert to ?/? to, again, maintain stability.

Hope this answers your questions, capone.

Oh, also, tha Vegas site I use for NFL lists three casino odds which are usually tha same. If they aren't then I choose tha MGM/Grand casino. If that casino hasn't posted odds, then I will use tha Bellagio.

Dude, you can set whatever odds you want! You're the bookie! This is cool. I'm off to read up on how to place bets and whatnot....

k20 · 01-04-2007, 12:15 AM

Quote:

Originally Posted by blondie0420

Mostly I'm confused about the payouts. If my odds are 2/1 and I bet 500, I'll win 1000. I get that, it makes perfect sense. What I don't get is why anyone would bet if their odds were, say, 1/2 then betting 500 means you win 250, but even if you won you'd lose 250 anyway, right?

No, you divide your bet by the ratio. If the odds are 2/1 and you bet 500, you win 250 (500/2), if your odds are 1/2 and you bet 500, then you divide by .5 (1/2) you win 1000 on top of 500...

right?

10-31-2006, 12:17 AM	#12
blondie0420 Locks of Gold Join Date: Sep 2005 Posts: 2,700 Grams: 31,961.82 Thanks: 918 Thanked 1,002 Times in 481 Posts Stock Portfolio Total Value: 0.000 Gain/Loss: -1.000%	Alright, I'm new to all of this, so if you could answer a couple questions for me, I'd be very much obliged. Mostly I'm confused about the payouts. If my odds are 2/1 and I bet 500, I'll win 1000. I get that, it makes perfect sense. What I don't get is why anyone would bet if their odds were, say, 1/2 then betting 500 means you win 250, but even if you won you'd lose 250 anyway, right? Or suppose your odds were 1/6 and you bet 600. Now you win 100, but you've still lost 500. I get that, but what I don't get is why would anyone want to do that? If you lose, you lose 600, but if you win, you still lose 500 anyway. What's the fun in that? And what's the fun in even betting if your odds are 1/1? If you bet 500 and you lose, well you lose your 500, but if you win you only break even. What's the point? It's a lose-lose situation anyway, isn't it? I mean, the most you could hope to do is break even. Maybe I'm just confused on the whole thing. __________________ “You can chain me, you can torture me, you can even destroy this body, but you will never imprison my mind.” - Gandhi

10-31-2006, 12:23 AM	#13
THC Fiend Wonko the Sane Tournaments Won: 1 Join Date: Oct 2005 Posts: 2,429 Grams: 8,948.45 Thanks: 147 Thanked 290 Times in 180 Posts Stock Portfolio Total Value: 0.000 Gain/Loss: 0.000%	If you win you ALWAYS get your orginal bet back PLUS what you won based on percentages. When you lose you lose whatever you bet. So if your odds were 1/6 and you bet 600 and win, you should get 700 back. I'm 90% sure that's how it works. __________________ "Nietzsche is dead." -God brevity is... wit

10-31-2006, 08:00 PM	#14
ADIDAS Represent. KY Join Date: Sep 2005 Posts: 3,824 Grams: 13,987.15 Thanks: 584 Thanked 375 Times in 246 Posts Stock Portfolio Total Value: 0.000 Gain/Loss: 0.000%	Yea that is definately how it works. If you win a bet, you automatically get what you put into it back, and then the odds dictate how much more you get back. Blondie, you are forgetting that you get your original amount back as well as the profit. My question to you Nega, how does the 1/1 odds work? I hope you didnt answer that already, but I dont think you have. Ive noticed those odds on many of the football bets. So can you explain? Oh yea, also, what is the purpose of a 1/2 point? Like -3.5 +3.5? Why not just make it 4? __________________ All Day I Dream About Smoking

10-31-2006, 08:02 PM	#15
Bowlblaze Grand Theft Canoe Join Date: Mar 2002 Posts: 2,760 Grams: 7,299.23 Thanks: 197 Thanked 110 Times in 64 Posts Stock Portfolio Total Value: 0.000 Gain/Loss: 0.000%	Let's say you bet 500 on a game with 1/1 odds. If you win the bet, you would get the original 500 back, PLUS another 500. The purpose of 1/2 a point in the spread takes care of ties quite nicely. It's really useful for sports like hockey where there aren't a lot of points, and the spread isn't that large. __________________ The government thinks we're all criminals. The people who are really the criminals are the people who view pot smokers as being no better than rapists, murderers, or corrupt politions New? Read the Posting Guidelines. Bored? Join the Chat . Need an answer? Try a Search.

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