Have you ever wondered how bookmakers make a profit? The answer lies in something called "overround". It's a simple concept but crucial for understanding how odds work in betting.
If you place a bet, the odds you see might not add up to a perfect 100%. That's because bookmakers adjust them slightly to ensure they earn a bit extra. This extra margin is known as the overround. Think of it as a small percentage that's added on top of the fair odds.
Understanding overround is important as it helps you see how much a bookmaker is charging for the service of taking your bets. It's a bit like a service fee added to the regular price of a ticket.
By grasping the basics of overround, you can make more informed decisions when choosing where to place your bets and understand the value offered by different bookmakers.
How Do You Work Out The Overround?
Working out the overround is quite straightforward once you get the hang of it. You start by looking at the odds for each possible outcome in a market. Let's take a simple example: a football match with three possible outcomes - win, lose, or draw.
First, you'll need to convert the odds into their "implied probabilities". This is simply turning the odds into percentages. For fractional odds, like 2/1, the calculation is (1 divided by the fractional odds) multiplied by 100. So, 2/1 becomes 33.33%.
Now, do this for each outcome and add them all together. Ideally, if the odds were perfectly fair, they would add up to 100%. However, in the real world, they usually add to more than that number. The difference over 100% is the overround.
For example, if the probabilities from the odds add up to 110%, then the overround is 10%. This extra 10% is the bookmaker's margin. It's what helps them cover costs and make a profit.
By understanding how to calculate the overround, you'll be more aware of how much you're effectively paying to place a bet. This knowledge can help you find better value by comparing different bookmakers' odds.
How Does Over Under Betting Work?
Over Under betting is a popular way to wager on games, especially in sports like football. Instead of betting on who you think will win, you're betting on the total number of goals, points, or runs in a game.
Here's how it works: bookmakers set a number they think represents the likely total score or outcome of a game. This could be the number of goals in a match or the total points scored by both teams.
Your job is to bet on whether you think the actual result will be over or under that number. For example, if the Over Under line is set at 2.5 goals in a football match, you can bet on whether you think the total will be more than 2.5 (over) or less (under).
It's a straightforward way to bet because you're not focusing on which team you think will win. Instead, you're considering the overall outcome of the game.
This type of betting can be exciting because it keeps you engaged throughout the match, as every goal or point counts. It's particularly appealing if you're a fan of the sport but less interested in picking a specific winner.
What Is An Example Of Over Under?
Let's say you're interested in a football match between Team A and Team B. The bookmaker sets the Over Under line at 2.5 goals for the game. This means you can bet on whether you think the total number of goals scored by both teams will be more than 2.5 (over) or less (under).
If you choose "over" and the final score is 2-1, that makes a total of 3 goals. In this scenario, you win your bet because 3 is greater than 2.5.
On the other hand, if you bet "under" and the final score is 1-1, the total number of goals is 2. Since 2 is less than 2.5, you'd win the under bet.
The ".5" in the line helps avoid a tie, as you can't score half a goal. This way, a result is always assured: it's either over or under. It's a fun and simple way to bet if you like focusing on the overall game rather than just picking a winner.
Please gamble responsibly and never bet money you are not comfortable losing.
**The information provided in this blog is intended for educational purposes and should not be construed as betting advice or a guarantee of success. Always gamble responsibly.