Betting is when you wager on something to happen. It might seem silly to clarify that, but we’re inclusive so we can’t assume everyone knows what betting is.
Bitcoin betting is when you make that wager using BTC. Simple, right?
The trick to being good at betting is being able to figure out the true probability of a specific outcome. Once you’ve done that you just need to find a bookie that offers a price that is better than the true probability, and you’re in the money.
Here’s how you figure out which odds to bet on:
100 / True Probability = X
If you bet on odds that are higher than X you’ve made a good bet.
We know that a coinflip has a 100 % chance of landing at either heads or tail. It will land on heads half the time and on tails half the time.
Let us assume you want to bet on tails and want to know which price you should accept.
There’s a 50 % chance of the coin landing on heads.
100 / 50 (which is the true probability in %) = 2
You should bet on any odds higher than 2.00. If the true likelihood of the coin landing on heads is 0.5 % you should bet on odds that are higher than 200 because 100 / 0.5 is 200.