Betting Odds are a numerical expression of an event happening, typically in a sporting event or horse race. The Indonesian odds represent the likelihood of something happening and something not happening. The most basic betting market is for the toss of a coin in which both outcomes have an even chance of happening and not happening.
There are six different Odds formats, which are mainly used in countries of their origin. The methods by which Odds are expressed are as follows:
Indonesian Odds show the profit from one unit when the Odds are Evens or bigger. They show the stake that must be placed to win one unit when the Odds are less than Evens. Evens or bigger Odds are positive and odds-on odds are negative. Even money is shown as 1.000 because a €/$/£100 bet returns €/$/£200 which is a profit of €/$/£100 plus the stake.
The art of bookmaking is to create a market that attracts business while having a built-in profit margin for the bookmaker. A market is said to be over round when the Odds represent a book of over 100%. There is no direct calculation for the Indonesian Odds profit margin in a three-way market. An Odds conversion table shows the odds expressed in Indonesian and fractional formats.
|Outcome 1||1.0000||1/1||100100 divided by (1 + 1) / 1))= 50.00|
|Outcome 2||2.0000||2/1||100 divided by (2 + 1) /1)) = 33.00|
|Outcome 3||3.0000||3/1||100 divided by (3 + 1) / 1)) = 25.00|
This book has an over round or theoretical profit margin of 8.00%.
Here is an Odds conversion table for odds-on, Evens and odds-against.
Here are examples of Indonesian Odds for three of the most popular betting sports and the most basic betting market, which is the win single:
|Home Win||2.0000||2/1||100 divided by (2 + 1) / 1)) = 33.00|
|Draw||2.2500||9/4||100 divided by (9 + 4) / 4)) = 30.77|
|Away Win||1.5000||9/4||100 divided by (6 + 4) / 4)) = 40.00|
This book is over round or has a profit margin of 3.77%.
|Player 1||1.0000||1/1||100 divided by (1 + 1) / 1)) = 50.00|
|Player 2||-1.2500||4/5||100 divided by (4 + 5) / 5)) = 55.56|
This book is over round or has a profit margin of 5.56%.
|Horse 1||2.0000||2/1||100 divided by (2 + 1) / 1)) = 33.33|
|Horse 2||4.0000||4/1||100 divided by (4 + 1) / 1)) = 20.00|
|Horse 3||3.3333||10/3||100 divided by (10 + 3) / 3)) = 23.09|
|Horse 4||8.0000||10/3||100 divided by (8 + 1) / 1)) = 11.11|
|Horse 5||7.5000||15/2||100 divided by (15 + 2) / 2)) = 11.76|
|Horse 6||9.0000||9/1||100 divided by (9 + 1) / 1)) = 10.00|
This book is over round or has a profit margin of 9.30%.
The same calculation applies regardless of the total number of potential outcomes. As a rough guide, a typical betting market will be compiled with a profit margin of about 1.5% to 2% per runner or possible outcome.
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