In betting, odds are only a representation of something greater — probability. Knowing how to handle and calculate odds and probability is the first step you need to follow in developing your personal assessment of a betting value. This is highly advisable and applicable for those bettors who want to enter the world of LoL betting through Bitcoin.
You see, understanding Bitcoin LoL odds is the biggest challenge anyone new to the betting industry faces. But what do odds actually represent, and how can you understand the return value of all the bitcoins you’re staking? See our narrative below and ready your Bitcoin wallet and betting calculator.
ODDS FORMAT
There are many different odds formats. You’d be surprise to see Bitcoin LoL odds in confusing states and equations, but the most common ones used by LoL gambling sites are American, Decimal, and Fractional odds.
American Odds - also known as moneyline odds or US odds. It is, of course, most used in the United States. It always use the baseline of $100, but in Bitcoins it could mean 1 BTC or 100 mBTC to represent the ratio of the amount or profit won for the unit you stake. When the odds are in negative, it’s for the chalk team; when the odds are in positive, it’s for the underdog.
Decimal Odds - predominantly used in continental Europe, Australia, and Canada. It is a simple numerical representation of the possible profit and stake once you win the game. You just have to multiply your stake with the decimal odds shown, and that would yield to your payout.
Fractional Odds - these types of odds, like Decimal, are extremely easy to calculate. Fractional odds is also known as UK odds and these are most often used in the United Kingdom and Ireland. They are given in fraction for. The denominator is the amount of bet, while the numerator is the possible payout that you might win for that amount of bet.
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