Gambling has been around for longer than anyone has ever imagined. It dates back to the Paleolithic age i.e. around 3000 BC in Mesopotamia. China too had betting houses around 2300 BC. The modern-day poker derives its roots from a Persian game dating back to the 17th century. And what is thought to be the first casino, the Casino di Venezia, opened in Venice in the year 1638.
Sports betting is thought to have originated in Greece around 2000 years ago when betting was done on the outcome of sports placed during the Olympics. Romans too betted on the outcome of gladiator games. These games, however, have stopped, but sports betting lives on. Sports betting was first legalized in Las Vegas, and from there on, it has grown into a multi-billion dollar business. The Internet has only provided wind to the fire and spread the craze of sports betting around the world. You can now bet on your favorite sport sitting in the comfort of your own couch, on sites like Dafabet sports betting, where along with casino games, you also have options to bet on live games and esports.
Although many casual punters feel that betting and gambling are games of chance, professional punters know that a sound knowledge of mathematics greatly increases your chances of winning on a bet. The majority of bettors would hate getting into the complicated world of mathematical predictions, but if you are a professional bettor, it is mandatory to have a sound knowledge of the mathematics involved in order to have a successful career.
The first and foremost thing that you should know is how to understand the odds. Different countries have different methods of showing up odds. The USA has a plus and minus sign in order to determine who is the favorite and who is the underdog. The UK has fractional odds which are more complicated, but basically shows you how much you can profit on every dollar you bet, so if you bet $1 with 3/1 odds it means you get $4 back ($3 profit plus the $1 stake) if you win. The rest of Europe uses decimal points, which are easiest to determine the winnings.
Difference between odds and probabilities
Probability is the chance of an event occurring, while odds show the amount of money you can potentially win when you place a wager. Odds are usually `implied probability´ leaving a margin for the bookmaker to win.
Using implied probability to win a bet
Implied probability is basically the chance of an event occurring, according to the bookie. An easy example of understanding implied probability is the tossing of a coin. The probability of the coin turning heads up or tails up would be 50%. But the bookie will give them the odds of 1.97 each, converting to an implied probability of 50.7%, in order to gain some advantage.
In order to place a winning bet, you need to place value bets, meaning that an event has a higher probability of occurring, compared to the implied probability given by the bookie.
If the bookie gives the odds of an event occurring at 3/1 (4.0), he gives an implied probability of 25%, meaning that the event will happen once in every 4 attempts. But if you believe that the odds of the same event are 2/1, which means that it happens once in every 3 attempts, then the bookie’s odds of 3/1 represents a `value bet´, increasing your chances of making a winning bet.
Ignoring implied probability is a rookie mistake that should be avoided if you want to keep your money safe and make a profitable bet.