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In answering the question of the amount of money you can win on sports bet, you have to take many things into consideration. This is because matters of sports betting are not as straightforward as they may seem to the layman. There are some basic rules that must be adhered to in calculating and arriving at the exact amount you would be taking home when you place a bet on some sporting activities and the bet wins. Below is a comprehensive explanation of how much you can win betting on sports, taking all the determinant factors into consideration.
Betting Odds
Now, the number one factor that points to what you will be winning when your bet on a sporting event wins is the odds. Any bettor that wants to have a full grasp of what they are doing must understand the concept of odds and how they work. The odds are actually used to determine the amount that each winning bet pays out. They are set as the probability of a possible outcome represented in numbers. To understand the odds, the gambler should know that different countries may represent the odds in different formats, and the odds placed on events differ in countries and among bookmakers.
When a bookmaker considers the possibility of an outcome happening, and that of it not happening, odds are located accordingly. Outcomes they think will likely not happen get the biggest odds, and outcomes they think will more likely happen get the smallest odds.
When it is said that there is odds‑on, it means that your winning will amount to less than what you are staking, while when the odds are against, it means that you can win much more than your stake. Here, you have to understand that odds‑on does not mean losing the game, it means that you will get back your stake amount, and also get a profit, but which is less than what you staked. There could also be an even odd, which gives you back what you staked and profit that is the same amount as what you staked.
Odds could be decimal, fractional or money‑line. However, while some sites make use of one of these as their default system, some bookers may allow players to choose any of the three to use in their site.
Bookmaker Margins
To make sure they do not run at a loss, bookmakers have margins in setting the odds on markets. Generally, odds between 5‑6% are seen as ideal for bookmaker margins. This is because gamblers have a better chance with these. Setting the margins is an exclusive reserve of the site, and the event, tournament, and other factors can determine the margin that each booker goes for.
Now, it is good to let you know that the bookmaker margin, which is termed juice or cut by others simply means the amount that goes to the bookmaker from every bet. It used to be from every winning, but it is now from every bet. However, these are invisible, as they are incorporated in the odds. Therefore, they add to determining the amount each player gets from a winning bet. If the real odds on a market is ‘2,’ the bookmakers would present 1.85 as the odds, taking the fraction as their margin.
Betting Limits & Maximum Payouts
The limits placed on betting, winnings and payouts also go a long way in determining the amount of money to be won by a player when they have a winning bet. The limits come in different forms and involve different amounts. They are seen as methods through which the bookmakers avoid betting scams and money laundering. The popularity of tournaments coupled with their value determines the limits to be set. Limits come higher when the events are popular and it is good for all gamblers to be informed about the obtainable bookmaker limits in any site they are using.
Individual limits are placed against punters due to many reasons. Some people believe this could be used to slow them down when they turn out too successful for the bookmaker’s liking. But we know that players may have limits imposed on them depending on how they use bonuses, the types of bet they place, the amounts of wins they’ve had in recent time, their violation of some rules, and some other reasons. They are basically meant to protect the bookmakers.
General limits are for all gamblers, and here, the maximum amount of bet allowed on particular events, sports, and tournaments are openly stated. These could also come in the form of maximum payout, which will automatically limit the amount a player can stake. If payout limit is attached, it simply entails no matter the amount you wager and the amount you win, you can only get paid within the limit.
Now, a look at what the exact profit of each bet would be is indicated in the table below, showcasing the take home wining of the gambler on each occasion. If for instance, the punter wagers 30 naira on a market with an odd of 1.50 and wins it, the gambler would have 45 naira payout. However, since they wagered with 30 naira, their gain should be 15 naira.
For more examples, check the table below.
|
The Wager |
Odds |
The Prize |
The Gain |
|---|---|---|---|
20 naira |
2.2 |
44 naira |
24 naira |
50 naira |
1.6 |
80 naira |
30 naira |
100 naira |
2.1 |
210 naira |
110 naira |
150 naira |
4 |
600 naira |
450 naira |
180 naira |
3.6 |
648 naira |
468 naira |
200 naira |
2.7 |
540 naira |
340 naira |
330 naira |
2.2 |
726 naira |
396 naira |
500 naira |
35.8 |
17,900 naira |
17,400 naira |
850 naira |
27.5 |
23,375 naira |
22,525 naira |
1500 naira |
33.5 |
50,250 naira |
48,750 naira |
How to Win Big On Sports Betting
There are no two ways about winning big in football and other sports betting and no special magic does it. While the risk involved would be much higher and the possibility of winning reduced, you can only land the huge wins when you wager huge amounts of money on those markets with very high odds. This gets you close to the huge amounts.
Analyzing the stats and following the sport you bet on closely may increase your chances to win. Although, it does not guarantee you the profit. Studying sportsbook lines and rules and basic mechanics of betting may be very helpful as well. But the most important thing of all is self‑discipline. Managing your money right and betting rationally may help you avoid big losses.
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