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Betting on Horse Races and Mathematics: Tips for Betting

To some, the need for a thorough understanding of probabilities and statistics has nothing to do with betting. To others, it is more than essential. However, most people forget what they learned in school and have no idea how to actually use probabilities to their advantage. When it comes to betting on horses in a race, you need to know that you will not lose much, if any, money. To ascertain that you gain as much profit as possible while avoiding losses, follow these instructions to comprehend statistics and probabilities to win your bets on horse racing.

A Basic Understanding

Keep track of the results of your bets. Doing that assures you remain informed about the money you win or lose in betting, thus avoiding losses. Once you have that done, you can begin to use the tools of mathematics. That is when a rather easy equation comes in. First, you look at the average of odds you bet on. That can be 2.00. As you kept a record of it, you can know exactly how frequently your betting tips win. Let us assume that the answer is 55 percent, which means that for every one hundred bets, you win fifty five bets, which translates to a fifty five unit profit (as you are betting on 2.00 average chances). This means that you lose forty five bets, or forty five units.

Wager and Costs

If you happen to wager $10 per bet on average (one unit is $10), after one hundred bets, you would have made $550 on your wins and lost $450 when your predictions failed. That means you will be losing about $100. Let us assume that you will be betting one hundred times per month (an average of three matches a day). This results in you spending about $1,200 a year.

The Equation

The example mentioned above can be represented by the equation: X = Y*Z. [Y] would be the average odds of betting, and Z represents the success rate of your predictions. If the product, X, is greater than one, you will win in sports betting, long-term. If it is less than one, you will generally lose your bets. That is it!

Conclusion

Having an understanding of very simple mathematics, statistics and equations can greatly enhance your betting experiences. Follow these easy steps and use the above mentioned equation to ensure your success in the long run.

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