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Although odds require seemingly complicated calculations, the concept is easier to understand once you fully grasp the three types of odds and how to convert the numbers into implied probabilities. There are tools available to make conversions between the three types of odds. Many online betting websites offer an option to display the odds in the preferred format. The table below can help convert odds with pen and paper, for those interested in doing the calculations by hand.
Converting odds to their implied probabilities is perhaps the most interesting part. The general rule for the conversion of any type of odds into an implied probability can be expressed as a formula:. As shown, the formula divides the stake amount wagered by the total payout to get the implied probability of an outcome.
Plug the numbers into the formula, which is a simple matter of dividing 8 by 13 in this example, and the implied probability equals The higher the number, the greater the probability of the outcome. Using an example of decimal odds, a candidate has 2. If so, the implied probability is Therefore, the implied probability equals Moreover, the odds displayed by different bookmakers can vary significantly, meaning that the odds displayed by a bookmaker are not always correct.
The key is to consider a betting opportunity valuable when the probability assessed for an outcome is higher than the implied probability estimated by the bookmaker. The odds on display never reflect the true probability or chance of an event occurring or not occurring. There is always a profit margin added by the bookmaker in these odds, which means that the payout to the successful punter is always less than what they should have received if the odds had reflected the true chances.
The bookmaker needs to estimate the true probability or chance of an outcome correctly in order to set the odds on display in such a way that it profits the bookmaker regardless of an event outcome. If you notice, the total of these probabilities is This is because the odds on display are not fair odds.
The bookie has an edge built into the odds. According to a study published in the Journal of Gambling Studies , the more hands a player wins, the less money they are likely to collect, especially with respect to novice players. Behavioral economics comes into play here.
A player continues playing the lottery , either in hopes of a big gain that would eventually offset the losses or the winning streak compels the player to keep playing. In both cases, it is not rational or statistical reasoning but the emotional high of a win that motivates them to play further.
Consider a casino. The house wants you to stay and continue playing. Naturally, the games offered by the casino have a built-in house edge, although the house advantage varies with the game. Moreover, novices find it particularly difficult to do cognitive accounting and people often misjudge the variance of payouts when they have a streak of wins, ignoring the fact that frequent modest gains are eventually erased by losses, which are often less frequent and larger in size.
A betting opportunity should be considered valuable if the probability assessed for an outcome is higher than the implied probability estimated by the bookmaker. Furthermore, the odds on display never reflect the true probability of an event occurring or not occurring. The payoff on a win is always less than what one should have received if the odds had reflected the true chances. Science Daily. These can vary somewhat, so if such limits are crucial to your betting plans, they might be a deciding factor when it comes to the site or sites you choose.
You can expect the following banking limits at the top sports gambling sites that take Mastercard:. Regardless of sportsbook, Mastercard deposit options do not allow you to claim Mastercard payouts. While online betting sites used to support Mastercard chargeback options for withdrawals, that is no longer reliable enough due to the UIGEA.
Bettors want zero friction when withdrawing their winnings, and the top sportsbook sites have decided to get rid of this less-than-desirable option. Thus, when you make a deposit using Mastercard at any site listed here, you will be able to select from the following payout methods:. Please note: All the above payout options come with varying processing fees and transfer times. Bank wires typically have the highest fees and take days to process, while P2P transfers and money orders take days and come with lower fees.
Plus, most reputable online sportsbooks will give their members one free check withdrawal every 90 days or so. If you want reliable same-day payouts and no added fees, you must make Bitcoin or altcoin deposits i. Just remember that to receive a crypto betting payout, you must first deposit using the same cryptocurrency in question — You cannot deposit with Mastercard and claim a Bitcoin or crypto withdrawal.
One of the best reasons to sign up with online sportsbooks that accept Mastercard is the bonus selection. Offshore betting sites are very focused on the bonus model, and they offer Mastercard depositors a host of valuable perks whenever they top off their bankrolls using this method.
While competing sites have different betting bonus limits and rollover requirements, they all fall under the following range:. As mentioned, all sports betting bonuses come with rollover requirements, which means you must bet a certain multiple of your deposit before you are eligible to claim any withdrawals.
However, because the best books in the business are respectable and ethical, these rollovers are very low X , which means any bettor can easily meet the terms. QB Direct , also called Quickbit at some online betting sites, is a third-party service that allows you to use your Mastercard to effectively make Litecoin crypto deposits at your sportsbook of choice. The service is not a gambling product. Legal online sportsbooks have simply chosen to employ this secure third-party crypto exchange as a service for their bettors.
Mastercard neither allows nor disallows online gambling, but the company is beholden to the automated checks mandated by the UIGEA, which means your card deposits will occasionally be declined. For the best success rate at gambling sites that accept Mastercard, we recommend using a prepaid Mastercard gift card.
Instead, any Mastercard limitations when it comes to online sports betting are the product of the UIGEA federal banking regulation, which occasionally causes your card to be declined. All the most reputable operators accept Mastercard credit, debit, prepaid card, and gift card deposits. All our recommended sports betting websites that accept Mastercard are the very best in the business, and your choice will come down to personal preference. Vanilla Mastercard gift cards i.
Vanilla gift cards can be used to make deposits at the best sportsbooks online. Otherwise, you will not be able to use them to fund your betting with the international sportsbooks listed here. Mastercard is accepted in most regions around the world, and it can be used in most markets. All the legal online sportsbooks listed here accept Mastercard deposits.
Both brands of card have the same reliability rates, so you should use whichever card you normally do. In fact, a Mastercard gift card is actually the type of Mastercard that carries the highest reliability ratings for all the sites listed here. You only have to ensure that your card is good for international transactions, as these sites are all located outside of US borders. Also, please remember to check your Mastercard gift card balance before making your deposit.
For all intents and purposes, both Visa cards and Mastercard cards function identically when used for online bet funding at the sites featured on this page. Mastercard is accepted in all 50 European countries. If you live in Europe and can legally access any legitimate online betting site, you can use Mastercard to load up your account quickly, safely, and securely.
If your PayPal Mastercard is rejected, however, you will likely need to use a different card or different deposit method like Bitcoin or another supported cryptocurrency. Connect with us. Mastercard Sports Betting Deposits.
Mastercard Sports Betting Banking Options All the best US sportsbooks that accept Mastercard typically offer four different categories of support for the platform: credit, debit, prepaid cards, and gift cards. When you engage in Mastercard gambling on your favorite players and teams, you can choose from the following card-based deposit options: Mastercard Credit Cards Most online sports bettors use typical Mastercard credit cards. Mastercard Debit Cards All Mastercard gambling sites accept debit cards in addition to credit cards.
Mastercard Gift Cards Our preferred method of Mastercard deposits is to use a Mastercard gift card or Mastercard e-gift card. Mastercard Sportsbook Deposit Limits Every sports betting site operating online has different transfer limits on Mastercard deposits.
Mastercard Sportsbook Payouts Regardless of sportsbook, Mastercard deposit options do not allow you to claim Mastercard payouts. Mastercard Sports Betting Bonus Options One of the best reasons to sign up with online sportsbooks that accept Mastercard is the bonus selection.
Using Mastercard With QB Direct QB Direct , also called Quickbit at some online betting sites, is a third-party service that allows you to use your Mastercard to effectively make Litecoin crypto deposits at your sportsbook of choice. Does Mastercard allow online gambling?
Are there any Mastercard gambling restrictions?