Understanding betting odds ratios
The odds are what suggest a particular outcome in any match, and the implied probability refers to the prospect of that outcome. To calculate. Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. Fractional odds explained Fractional odds tell us how much we stand to win in relation to our stake. The number on the left is the amount we. FOOTBALL BETTING THAT ACCEPT LIBERTY RESERVE
So, the OR is 0. Note, this is very close to the RR 0. This is always the case with the OR compared to the RR — it overestimates the effect. Although one could say the risk of failure using SF is 3 times greater than HP, one could not say, based on the OR, the risk was 3. The OR and RR are not the same. What could be said is that the odds of failure is 3. A RR of 3 means the risk of an outcome is increased threefold.
Interpretation of an OR must be in terms of odds, not probability. Again, the OR will always be an overestimate compared to the RR. This is easier to understand with an example. Pretend a new vape, Vapalicious, is associated with cancer. The risk of getting cancer is 4 times greater in Vapalicious users. Why Does This Matter? This matters because we often equate the OR and RR. Unwary researchers, reviewers, or news media might report a fold increased risk of cancer from Vapalicious. In fact, there was a 4-fold increased ris k of cancer from Vapalicous.
Not that I plan to use Vapalicious or any other vape , but a fold vs 4-fold increase is a gross overestimation of the effect. What Does the OR Mean? So, what does an OR mean? Here it is in plain language. An OR of 1. Or this could be stated that there is a doubling of the odds of the outcome. Note, this is not the same as saying a doubling of the risk. The team you bet still needs to cover the spread, but the American odds indicate how much you need to risk for that bet.
Ohio State in college football as an example, with odds from DraftKings. American odds on their own Ohio State is the perceived stronger team in this game, so the Buckeyes are the favorite at DraftKings. Remember, OSU just needs to win the game. Since the moneyline just requires you to pick a winner, we only need the odds. The odds dictate how much you have to risk, but not what needs to happen for you to win the bet.
If the Nittany Lions lose by points or win the game, you win your bet. For lower-scoring sports, the point spreads will be low often Decimal odds: Your total return for every dollar risked including that dollar.
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