4/6/2022

1 1000 Odds Betting

Sports bettors are thrilled to win any kind of money from their hobby. But can you imagine being able to earn $1 million through sports gambling?

You may simply see this as a fantasy. After all, few people are good enough to beat sports betting on a consistent basis, let alone win seven figures.

You might be surprised to know that earning $1 million in sports wagering profits is simple in terms of math.

That said, I’m going to cover different ways you can make a million through betting and if you should ultimately try this goal.

If $10 is bet at odds of 3/1, the potential profit is $30 ($10 x 3) and the total returned is $40 ($30 plus the $10 stake). Implied Probability. Odds correlate to probability. A 4/1 bet is expected to win one in every five attempts, therefore the probability is 20%. Using the +120 odds, it shows us that a $100 bet on that outcome would pay out $120 in profits. Again this can easily be converted into smaller or larger size bets. A $10 bet on +120 odds would pay out $12 in profits. Examples: Below is an example of NFL betting odds taken from an online betting.

Simplifying the Road to $1 Million

The easiest way to make $1 million through sports betting is to wager $1.1 million on -110 odds. You can place a standard NFL point spread bet and have a shot at seven figures this way.

Of course, you likely don’t have this kind of money to wager on sports. Even if you did, betting this much on a single contest would be terrible bankroll management (unless you’re a billionaire).

Assuming you’re like the many average joes who bet on sports, then your bankroll is worth anywhere from a few hundred to a few thousand dollars. For the purpose of this post, I’ll assume that you have $1,000 to risk.

The idea of taking $1k to $1 million through sports betting seems nearly impossible. After all, you’ll find it difficult enough to turn $1,000 into $2,000.

Nevertheless, you can eventually turn your $1k into a million in a conservative manner. A good goal is to earn 1% of your bankroll in profits every day.

Obviously you can’t expect to win a clean 1% win each day. Sports betting involves a lot of variance, regardless of your skills.

Nevertheless, making an average daily profit worth 1% of your bankroll offers a simple road to $1 million.

This plan allows you to reach seven figures in 695 days, or just under two years.

You can use a compounding interest calculator to check the math. Just enter the number of days (instead of years) under the “years to grow” category.

Again, your path towards $1 million won’t work out so neatly. But you can see that it’s possible to earn a fortune through sports gambling with both a small bankroll and conservative short-term goals.

What Type of Bets Should You Make?

Parlay bets (a.k.a. accumulators) allow you to quickly earn a large profit. For example, you can bet $10 on an 11-team parlay and win $15,000.

This is still a far cry from a million. However, you could conceivably let parlay winnings ride again and again until reaching $1 million.

The problem, though, is that parlays have incredibly long odds. Assuming you win 50% of your picks, your chances of success with an 11-team parlay are just 1 in 2,047.

As outlined before, you can still reach seven figures by earning 1% of your bankroll each day. Therefore, you don’t need to hang your chances on winning the sports betting lottery over and over.

You can instead make bets with strong odds of winning and collect small profits. For example, you can find heavily favored outcomes with -2000 odds. Assuming you place a winning wager, you’d win $5 for every $100 risked.

The catch, though, is that losing one of these wagers can set you back quite a bit. Assuming you lose the aforementioned wager at -2000 odds, you’ll need to win 20 of these bets at the same odds to break even.

Another strategy involves arbitrage betting (a.k.a. arbing).

Arbitrage gambling is the process of wagering on all available outcomes of a specific match to guarantee yourself a profit.

Of course, you can’t wager on all of the outcomes at the same sportsbook. Otherwise, you’re guaranteed to lose when the vig (a.k.a. juice) comes into play.

You instead need to find two or more sportsbooks that differ enough on the odds to where you’ll lock in a profit. You also must wager on these various odds before bookmakers change them.

Here’s an example of arbing:

  • Boston Celtics -195
  • Brooklyn Nets +215
  • You wager $200 on the Celtics.
  • You need to bet $96.06 on Brooklyn to maximize your arb.
  • Your profit will be $6.54.

After spotting a potential arb, you can use an arbitrage betting calculator to find the perfect wager sizes.

Sportsbooks are very aware of arbing. They try moving their lines in near harmony to prevent arbing opportunities.

You also have to worry about sportsbooks limiting or banning your account for arbitrage betting. They don’t appreciate gamblers using techniques that guarantee profits.

Overall, though, arbing is a relatively safe strategy for earning a 1% or 2% profit. In fact, this is the standard profit range that you can expect on the average arb.

One more method of earning a 1% profit each day involves steam moves.

“Steam” refers to when a group of professional bettors (a.k.a. syndicate) all wager big on the same outcome at multiple sportsbooks.

Bookmakers are then forced to quickly adjust their odds to minimize any more wagers coming in on the same outcome. A steam chaser looks for stragglers who haven’t changed their odds, then jumps on the opportunity.

Sportsbooks view steam chasers in the same way that they look at arbitrage gamblers. They’ll ban or limit the account of anybody they think is a steam chaser.

Complications on the Path to $1m

I’ve already covered the challenges in using certain methods to win $1 million through sports betting. But you’ll face even more complications on the road to seven figures. That said, here are some more factors you need to consider before undergoing such a lofty goal.

You’ll Likely Have Many Missteps Along the Way

Whether you arb or make bets with high odds, you’ll experience struggles when chasing a fortune. Again, betting on sports is filled with variance even when you have a proper sports betting strategy.

1 1000 Odds Betting

How To Read Betting Odds

Sometimes, you go on a hot streak and win several wagers in a row. Other times, you’ll feel like sports betting is impossible.

This up-and-down roller coaster is magnified when chasing a fortune.

You’ll likely experience some major hiccups along the way that will set you back, or even convince you to give up this dream.

You May Get Bored With the Process

The idea of being able to win $1 million dollars in 695 days sounds amazing to the average person. But it becomes a long grind, especially after several hundred days.

Combined with the likely missteps, you may get extremely bored with going for small short-term profits. You might even place larger wagers and take shots at extra winnings.

Of course, deviating from your plan is counterproductive to meeting such a big goal. You may end up losing a very important wager and give up all hope.

You Still Have to Be a Successful Bettor

The main point of betting systems is to circumvent the house edge or make up for a lack of skills. The Martingale, which calls on you to double bets after each loss, is a perfect example.

Using a 1% daily profit model to earn $1 million is just another example. This system might sound great, but it’s definitely not foolproof.

You won’t win a million, or even $10, long term if you don’t have good skills. No goal or betting system will overcome an inability to beat the odds and bookmaker’s juice.

You need to win at least 52.5% of the time to beat -110 odds.

This may not sound like an insurmountable task, but it’s far from easy.

Most sports bettors lose money in the long run. Therefore, you need to be much better than the average gambler to remain successful.

Should You Attempt to Win Seven Figures Through Sports Betting?

Earning $1 million through sports wagering is no easy task. If it was as simple as aiming for a 1% daily win, then everybody would be doing it.

But you don’t necessarily have to give up on this dream due to the difficulty alone. You can still attempt to make a million through sports betting without risking a fortune doing so.

In the previously covered example, you begin with $1,000 and work from here. You can earn $1 million in under two years assuming everything goes according to plan.

1 1000 Odds Betting Odds

Of course, I’ve stressed that the dominoes won’t fall in line perfectly. You’ll experience plenty of ups and downs on the way to winning big.

Most importantly, you need the skills to win consistently.

No plan will work if you don’t win often enough to beat bookmakers.

You can try to win through traditional handicapping. Of course, only a small percentage of bettors are good-enough handicappers to beat sportsbooks.

1 1000 Odds Betting

You’ll have an easier time winning with either arbitrage betting or steam moves. But both of these techniques can lead to your account being limited or banned.

You also have to invest in betting software to have any realistic shot at arbing or finding steam moves. These methods are almost impossible to use on your own.

Conclusion

In summary, you can see that winning $1 million in sports gambling is no easy task no matter how you go about it. But looking for an average 1% daily profit is among the simplest ways to get there.

Fixed-odds betting is a form of wagering against odds offered by a bookmaker or an individual or on a bet exchange. It involves betting on an event in which there is no fluctuation on the payout. In Australia, the practice is usually known as 'SP betting'.

Calculating fixed odds[edit]

It is customary with fixed-odds gambling to know the odds at the time of the placement of the wager (the 'live price'), but the category also includes wagers whose price is determined only when the race or game starts (the 'starting prices'). It is ideal for bookmakers to price/mark up a book such that the net outcome will always be in their favour: the sum of the probabilities quoted for all possible outcomes will be in excess of 100%. The excess over 100% (or overround) represents profit to the bookmaker in the event of a balanced/even book. In the more usual case of an imbalanced book, the bookmaker may have to pay out more winnings than what is staked or may earn more than mathematically expected. An imbalanced book may arise since there is no way for a bookmaker to know the true probabilities for the outcome of competitions left to human effort or to predict the bets that will be attracted from others by fixed odds compiled on the basis personal view and knowledge.

With the advent of Internet and bet exchange betting, the possibility of fixed-odds arbitrage actions and Dutch books against bookmakers and exchanges has expanded significantly. Betting exchanges in particular act like a stock exchange, allowing the odds to be set in the course of trading between individual bettors, usually leading to quoted odds that are reasonably close to the 'true odds.'

'The best of it'[edit]

In making a bet where the expected value is positive, one is said to be getting 'the best of it'. For example, if one were to bet $1 at 10 to 1 odds (one could win $10) on the outcome of a coin flip, one would be getting 'the best of it' and should always make the bet (assuming a rational and risk-neutral attitude with linear utility curves and have no preferences implying loss aversion or the like). However, if someone offered odds of 10 to 1 that a card chosen at random from a regular 52 card deck would be the ace of spades, one would be getting 'the worst of it' because the chance is only 1 in 52 that the ace will be chosen.

In an entry for L'Encyclopédie (the Enlightenment-era 'French Encyclopedia'), Denis Diderot cites a similar example in which two players, Player A and Player B, wager over a game of dice that involves rolling two six-sided dice. Player A wins if the dice add up to 12, of which there is only one possible case. Player B wins if the dice fall in any other combination, of which there are 35 possibilities.[1] It is mathematically disadvantageous to make a bet if one gets'the worst of it.' Accordingly, for the bet to be 'fair,' the amount each player could potentially lose or gain from the wager should be adjusted, depending on the odds of their success.

Laying odds[edit]

When making a bet in which one must put more at risk than one can win, one is laying the odds. Rational bettors will do so only if the actual chances of an adverse outcome are low enough that the expected outcome even after deduction of taxes and any transaction costs is favorable to the person placing the bet. For example, if one bets $1,000 that it will rain tomorrow and can win only $200 but can lose the entire $1,000, one is laying odds that will rain tomorrow. Laying odds is reflected in the colloquial expression '[I would] dollars to doughnuts' — with which the speaker is expressing a willingness to risk losing something of value in exchange for something worthless, because winning that bet is a certainty.[2]

Lay betting[edit]

'Lay betting' is a bet that something will not happen, so 'laying $50 on a horse' is betting the horse will not win. Bookmakers sell bets based on the odds of a specific outcome, but lay betting allows the bettor (in some English-speaking countries, the 'punter') to reverse roles with the bookmaker, using odds to sell the opposite outcome to the bookmaker. In this context, 'lay' is used in the sense of 'layman', i.e., a bet sold by someone who does not sell bets professionally.

Types of odds offered[edit]

There are three widely used means of quoting odds:

Fractional odds[edit]

Favoured by bookmakers in the United Kingdom and Ireland and common in horse racing, fractional odds quote the net total that will be paid out to the winning bettor relative to the stake. The term 'fractional odds' is something of a misnomer, especially when visually reinforced by using a slash (as opposed to, e.g., a colon or the word 'to' or 'on') to separate a potential gain from the amount that a bettor must wager in order to receive it upon a win, because the 'fraction' in question represents not the odds of winning or even the reciprocal of the odds of winning but rather the fraction (for any odds longer than 'even money' or chances of winning less than 50%, an improper fraction) of the amount at stake that the upside outcome represents. This fraction may be derived by subtracting 1 from the reciprocal of the chances of winning; for any odds longer than 'even money,' this fraction will be an improper one.[3][4] Odds of 4:1 ('four-to-one' or less commonly 'four-to-one against') would imply that the bettor stands to make a £400 profit on a £100 stake. If the odds are 1:4 (read 'one-to-four', or alternatively 'four-to-one on' or 'four-to-one in favor'), the bettor stands to make £25 on a £100 stake. In either case, against or on, should he win, the bettor always receives his original stake back, so if the odds are 4:1 the bettor receives a total of £500 (£400 plus the original £100). Odds of 1/1 are known as evens or even money.

Betting Odds Explained

Not all fractional odds are traditionally read using the lowest common denominator. Perhaps most unusual is that odds of 10:3 are read as 'one-hundred-to-thirty'.

1 1000 Odds Betting Ncaa Basketball

Fractional odds are also known as British odds,UK odds,[5] or, in that country, traditional odds.

Decimal odds[edit]

Favoured in Continental Europe, Australia, New Zealand and Canada, decimal odds differ from fractional odds by taking into account that the bettor must first part with their stake to make a bet; the figure quoted, therefore, is the winning amount that would be paid out to the bettor.[4][6] Therefore, the decimal odds of an outcome are equivalent to one plus the decimal value of the fractional odds; in the absence of built-in house advantage to cover overhead, profit margins, or (for an illegal enterprise) compensation for the fact that both chances of prosecution and penalties in the event of conviction tend to be higher for bookmakers than for clients, the decimal odds associated with a given outcome would be the decimal expression of the reciprocal of what the offering party assesses to be the outcome's chance of occurring.[7] Thus, even odds 1/1 are quoted in decimal odds as 2. The 4/1 fractional odds discussed above are quoted as 5, while the 1/4 odds are quoted as 1.25. It is considered to be ideal for parlay betting because the odds to be paid out are simply the product of the odds for each outcome wagered on.

Decimal odds are also known as European odds, digital odds or continental odds and tend to be favoured by betting exchanges because they are the easiest to work with for trading, in this case the purchase and sale of upside and downside risk.[5]

Moneyline odds[edit]

Moneyline odds are favoured by United States bookmakers and as such are sometimes called American Odds.[4] There are two possibilities: the figure quote can be either positive or negative. Moneyline refers to odds on the straight-up outcome of a game with no consideration to a point spread.

Positive figures
If the figure quoted is positive, the odds are quoting how much money will be won on a $100 wager (done if the odds are better than even). Fractional odds of 4/1 would be quoted as +400 while fractional odds of 1/4 cannot be quoted as a positive figure.
Negative figures
If the figure quoted is negative, the moneyline odds are quoting how much money must be wagered to win $100 (this is done if the odds are worse than even). Fractional odds of 1/4 would be quoted as −400 while fractional odds of 4/1 cannot be quoted as a negative figure.
Even odds
Even odds are quoted as +100 or −100. Some but not all bookmakers display the positive symbol.

Odds conversion[edit]

To convert fractional odds to decimal, take the fractional number, convert it to decimal by doing the division, and then add 1. For example, the 4-to-1 fractional odds shown above is the same as 5 in decimal odds, while 1-to-4 would be quoted as 1.25.

The method for converting moneyline to decimal odds depends on whether the moneyline value is positive or negative. If the moneyline is positive, it is divided by 100 and add 1. Thus, +400 moneyline is the same as 5.0 in decimal odds. If the moneyline is negative, 100 is divided by the absolute moneyline amount (the minus signed is removed), and then 1 is added. For example, −400 moneyline is 100/400 + 1, or 1.25, in decimal odds.

DecimalFractionalMoneylineWin% (to
break even)		Return
(minus stake)
1.011/100−10,00099.01%1.00%
1.111/9−90090.00%11.11%
1.331/3−30075.00%33.33%
1.501/2−20066.67%50.00%
2.001/1±10050.00%100.00%
3.002/1+20033.33%200.00%
4.003/1+30025.00%300.00%
10.009/1+90010.00%900.00%
101.00100/1+10,0000.99%10,000.00%
x+1{displaystyle x+1,}x{displaystyle x,}−100x{displaystyle -{frac {100}{x}}}100x+1%{displaystyle {frac {100}{x+1}}%}(100x)%{displaystyle left(100xright)%}
+100x{displaystyle +100x,}

1/1000 Odds Betting

See also[edit]

References[edit]

1 1000 Odds Betting Ncaa Football

  1. ^'Wager'. University of Michigan Library. Retrieved 1 April 2015.
  2. ^Listening to America, Stuart Berg Flexner (Simon and Schuster, New York, 1982).
  3. ^'Betting School: Understanding Fractional & Decimal Betting Odds'. Goal. 10 January 2011. Retrieved 27 March 2014.
  4. ^ abcCortis, Dominic (2015). Expected Values and variance in bookmaker payouts: A Theoretical Approach towards setting limits on odds. Journal of Prediction Markets. 1. 9.
  5. ^ ab'Betting Odds Format'. World Bet Exchange. Archived from the original on May 2, 2014. Retrieved 27 March 2014.
  6. ^D., Chris. 'What is Fixed odds betting and Due Column betting?'. TBR. Retrieved 27 March 2014.
  7. ^'Fractional Odds'. betstarter.com/. Archived from the original on April 2, 2014. Retrieved 27 March 2014.

External links[edit]

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