Learn more about sports betting with PinUp Bet in Canada and its prospects. The principle of calculating winnings from betting using examples.
Calculating the Expected Value of a Win at Pin Up Bet
Expected winning value is one of the most important things for a bettor. There are many important nuances that need to be taken into account, including statistics that are available on the Pin Up Bet website and odds for a specific match or competition for successful sports betting with a bookmaker. Therefore, we suggest reading about the formula, which will allow you to learn more about the expected winnings.
Understanding the Expected Value Formula
To calculate the expected value of winnings, the following formula is used: EV = (Probability of winning × Amount of winnings) — (Probability of losing × Amount of bet). It is considered the standard and is used most often. To use it, you need to know the following information:
- The probability that one of your bets will be successful. Probability is expressed as a percentage or decimal. With Pin Up betting, you get various tools and statistics to pinpoint that probability based on team results and head-to-head history.
- The winning amount you will receive as a result of winning your bet. This depends on the bet odds from Pin Up Bet online on the selected outcome. By reverse logic, the higher the odds of a bet being successful, the more it can be considered at stake.
- Probability of loss. There’s always the possibility of failure. Mathematically, this is 1 — Probability of winning. Knowing the probability of losing is just as important as knowing the probability of winning.
Knowing this data, you can calculate the expected amount of winnings for any bet. A positive value indicates a potentially profitable bet over the long term. However, a negative EV suggests that the bet may not be justified.
Applying the Expected Value Formula in Practice
To understand the principle of calculations, consider this example: You want to bet that Team A will beat Team B, the Pin Up Bookmaker is willing to offer odds of 2.5 on this outcome, and you want to bet 100 Canadian dollars. In your conclusions and analysis, you assumed that the probability of team A winning is 50% (0.5).
Using the formula, we get EV = (0.5×250) – (0.5×100) = 125 – 50 = 75.
Thus, the expected winning amount will be 75 Canadian dollars. This allows the following result: the long-term expectation of winning the average bet equals 75 Canadian dollars. Of course, these are theoretical values.
When placing a bet, you also need to take into account other determining factors, such as:
- Bookmaker margin;
- Odds from Pin Up betting in Canada, which change over time;
- Other indicators.
Keeping your knowledge up to date or changing your betting strategy based on this new information can help you make a much more accurate EV calculation and thus improve your overall betting performance.
Thus, knowing the number of winnings by mathematical expectation is a valuable weapon in the arsenal of any sports Bet Pin Up player for deciding where to place a bet.
