Since you bet to win, you have to understand the process of calculating your bet payout no matter the odds. This equation can help you –
Stake * decimal odds
If we go with a coin toss, if you bet £10, you will get £20 in return if you win. This gives you a £10 profit.
How to calculate implied probability
If you get an understanding of how outcome probability represented by betting odds, you will be able to compute implied probability using the odds. This is the equation to use –
100% ÷ decimal odds = probability
With this, working out the implied probability for any of the tosses that have to do with the coin is easy
100% ÷ 2.00 = 50%
If you can understand the procedure to calculate the implied probability, you will have more advantage in identifying the value of bets in Bangladesh. Sometimes, when you use this calculation in computing the odds that bookmakers offer, you may arrive at a value that exceeds 100%. The reason is that bookmakers offer odds which do not really show what the true probability is with regards to certain outcomes. Once you have an implied probability that does not fall within 100%, then, that is the bookmakers overround. This shows the real value of the offer.