When it comes to betting, every bettor is wise man. “I will back Southampton in next home match”, could one say. After answering the questions: “What are the odds?” with “They say 1.5” and “How confident are you?” with “60 percent!” – something is wrong with a lad.
Question: How odds and likelihood of some event to occur are linked?
Answer: Odd = 1 / probability
Table is interesting, but let’s see where common misinterpretation of odds lies – in a neat chart.
As you can see, dependency of odds on probability is rather asymptotic, but ordinary user thinks more about nearly linearly decreasing.
– Some users thinks in this way: if I am sure about some team winning, odds are below some range, e.g. 1.5 otherwise it is not that sure. WRONG. There is nothing like black or white in world of betting.
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