- What is performance
- What the fee actually represents.
- It is not about winning or losing, nor about hitting the winner (nor can it be).
- Whether a bet is good or bad only depends on the odds. No one can know who will win.
- Gambling is exclusively a game of odds.
- Everything can happen in one game, but not in a large number of games.
ProbabilityAs we have seen in the video, the key to betting is to recognize a good odds that allow a real probability of obtaining a profit in the medium or long term. The question is, what is probability?
Probability is a measure of certainty associated with an event or future event whether it does or does not happen.One aspect that differentiates humans from animals is our ability to foresee and anticipate what may happen. Since the beginning of history, the human being has tried to presage dangers and opportunities, key to the survival of man and his evolution. The probability is usually expressed between 0 and 1. 0 means that it will never happen and 1 means that it will always happen, in all cases. An example of 0 or something that will never happen is unicorns flying and landing on your roof. Instead an obvious example of 1, is that the sun will rise tomorrow. It is a scientific fact that is going to happen, otherwise we would have a problem.
OddsBefore delving into the meaning or what fees are, it is necessary to understand the difference between ‘payout’ and earnings. When you make a bet, the bet belongs to the bookmaker. If you win, the bookmaker will return your bet and pay you the corresponding winnings. You can’t count on getting your stake back as profit because it was his to begin with. If you bet 1 and the bet wins: