How are betting odds calculated? For example, pic related. How

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45KB, 842x122px

Here's another example. See the "2.1 for 1"

How is this calculated?

>>255471
ypu pay 1 currency for the bet, you get 2.1 currency back if you win.

There are different types of "odds" that can be referred to in gambling and betting, but in this instance you're talking about payout ratios, which are often referred to as "odds" even though they do not involve any actual calculation of probability or outcomes. The "odds" are set by the bookkeepers, they are not calculated from anything. They are essentially arbitrary, but bookkeepers base the payouts on how likely they think certain outcomes are.

Those numbers you see there, the percentages, represent the ratio of money that has been bet on either team. That's it, they are not indicative of who is more likely to win, only who is more favored to win by the people betting. There is nothing you can calculate from those percentages that will give you a payout ratio, because the payout ratio is determined by whoever is doing the bookkeeping.

>>255483
I know, but I want to know how they got 2.1 for 1 from 32%

>>255488
They didn't. Read >>255486

Those numbers are totally unrelated to each other. The 32% represents how many people are betting on it, and the 2.1 is the payout value set by the bookkeeper.

>>255489
It's automatically calculated though, here's the website I'm using in an example:

csesport.com

The payout value is determined by the pool of money bet on both teams. So if a team is at 80% on the website, that means 80% of the money in the pool for the match is on that specific team.

I want to know how they calculate the payout based on the odd percentage for both teams.

>>255490
Also the website is down because of the counter strike major

>>255471
For this example explicitly, it looks like they just divide the percentages. 68/32 ~= 2.1 and the inverse is ~= .47. But it looks like they just floor it to the tens place.
>>255490
If 80% of the the money went towards one team, they would have a 1:4 return. The other team (20%) would have a 4:1 return.

>>255497
>For this example explicitly, it looks like they just divide the percentages. 68/32 ~= 2.1 and the inverse is ~= .47. But it looks like they just floor it to the tens place.

You're a god, thanks.