Historical Evolution of Football Betting Odds

Founding
Odds was founded in Europe in 1790 and its inventor was the Englishman Ogden. The original odds appeared in medieval horse racing. Since the world is full of many competitions and races, people always like to predict the outcome of a particular competition or race. However, before the advent of odds, any prediction was subjective and was a conclusion that people came up with out of their own minds. In order to increase the interest of the community and the game, as well as to make the prediction of the outcome more scientific and objective, Ogden introduced the concept of odds. Initially odds were in the form of percentages to describe the probability of winning or losing a competitive match, and as these numbers continued to be quantified, odds forms emerged. Therefore, the definition of odds can be thought of as a scientific and objective prediction of the outcome of an athletic or contest after quantifying the numbers.

Meaning: Football betting odds are a form of data that scientifically and objectively reflects the prediction of the outcome of a competition or match.

Evolution
With the globalization of society and economy, odds have also gone to market. Odds are a commodity similar to stocks and futures. In terms of social form, for a company to function, it first needs the money to run. Then to get the money, it is necessary to provide a service or product to the public. The odds, that is the product of the betting company.

When a betting company sells its odds, it also needs a market, just like any other company’s product. The marketplace is full of goods that have value, and likewise, odds are intangible bodies that have value. But the value of odds is limited in time, as the value of odds disappears when a game or match ends.

The betting company makes a series of scientific analysis and judgments on a game or match, and comes up with three results (depending on the form of the match and the final result): the side that wins more, the corresponding odds are naturally lower, and the side that wins less, the odds are relatively high. The actual odds are a commodity, so can this commodity be accepted by consumers? This is where the betting company needs to analyze the market, analyze the consumer’s wishes and come up with a probability form the result, which is the betting ratio. The final betting company combines the two and then divides the company’s minimum interest from it to come up with a set of data, which is the football betting odds displayed in the market.

For example: 1.44 3.75 7.00 This is a common combination of odds from William Hill. The odds indicating a win are 1 to 1.44, a draw are 1 to 3.75 and a loss is 1 to 7.00.

However, the odds of becoming a commodity are not really an indication of the probability of winning, drawing or losing. It is equivalent to a descriptive language with expectations and objectivity. Nowadays, odds and handicaps are becoming more and more significant in soccer, and the study of odds has become very formalized. This also reflects the socio-economic side of odds tolerance.

In soccer, it is customary to call odds as European odds. This is because odds are produced and popular in Europe. It is also known as the standard handicap. The famous European betting companies are William Hill, LIBOR, BET365, etc. The famous Asian betting companies are TGObet, Ming Sheng and so on.

And the corresponding is the Asian odds, but the Asian form of betting is not in the form of odds, but a derivative of odds – handicap (commonly known as: Asian handicap). The Asian gaming companies are basically divided into two factions: the Macau system and the Indonesia system. The famous bets of the Macau system are: Macau Lottery, Jamboree (BET365), TGObet, HUB, EPS, etc. The Macau system of betting companies are known for their steady and calm opening of the odds, with strong guidance, but accordingly the profits of the companies of this faction are not very high. The actual fact is that the actual people are not only the most effective, but also the most effective. The Indonesian system of betting companies are known for their fickleness and swiftness in opening the odds. The corresponding profit margin is high.

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