Analytics

Different calculations and statistics used on SDN.

Profit

In sports betting, profit refers to the amount of money a bettor gains after deducting their total expenses or losses from their total winnings. Profit is a crucial metric for assessing the success of a bettor’s betting strategy. It can be expressed both in units and in dollars.

  1. Profit in Units: Profit in units is a measure of how much a bettor has won or lost relative to their initial betting unit. A betting unit is a fixed percentage of a bettor’s bankroll, often representing 1% to 5% of the total bankroll. By using units, bettors can manage their bankroll more effectively and maintain consistent betting stakes.

For example, if a bettor’s initial betting unit is $100, and they finish a betting period with a profit of 12 units, it means they have won $1,200 (12 units x $100 per unit).

  1. Profit in Dollars: Profit in dollars is a straightforward representation of the actual monetary amount won or lost in sports betting. It directly reflects the net result of a bettor’s bets after accounting for all stakes and payouts.

For example, if a bettor’s total winning bets amount to $5,000 and their total losing bets amount to $3,500, their profit in dollars would be $1,500 ($5,000 - $3,500).

Both profit in units and profit in dollars provide valuable insights into a bettor’s performance. Expressing profit in units can help bettors manage their bankroll more effectively and stay disciplined in their betting approach. On the other hand, profit in dollars provides a clear understanding of the actual monetary gains or losses, making it easier to evaluate the financial success of a betting strategy.

ROI

ROI stands for “Return on Investment” in sports betting, and it is a financial metric used to measure the profitability of a bettor’s betting strategy. ROI represents the percentage of profit or loss generated on the total amount of money invested in bets.

The formula to calculate ROI in sports betting is:

ROI = [(Net Profit from Bets - Total Amount Wagered) / Total Amount Wagered] x 100

To calculate ROI, follow these steps:

  1. Determine the Total Amount Wagered: Add up the total amount of money you have wagered on all your bets during a specific period.

  2. Calculate the Net Profit from Bets: Subtract the total amount you have won (including your original stake) from the total amount wagered.

  3. Apply the ROI Formula: Use the formula mentioned above to calculate the ROI.

  4. Convert to Percentage: The result obtained from the formula will be in decimal form. Multiply it by 100 to express it as a percentage.

For example, let’s say you wagered a total of $1,000 on various sports bets, and after all the bets have settled, you won a total of $1,200.

Step 1: Total Amount Wagered = $1,000 Step 2: Net Profit from Bets = $1,200 - $1,000 = $200 Step 3: ROI = [($200 - $1,000) / $1,000] x 100 = [-$800 / $1,000] x 100 = -0.8 Step 4: ROI = -0.8%

In this example, the ROI is -0.8%, indicating that the bettor experienced a negative return on investment, meaning they lost money overall during the period analyzed. A positive ROI percentage would indicate a profitable betting strategy, while a negative ROI would indicate an overall loss. It’s essential to track your ROI to assess the success of your betting approach and make informed decisions about your betting activities.

Win Percentage aka Hit Rate

In sports betting, the Win Percentage or Hit Rate refers to the percentage of bets that a bettor has won out of the total number of bets placed. It is a measure of a bettor’s success rate in picking winning bets.

The formula to calculate the Win Percentage is:

Win Percentage = (Number of Winning Bets / Total Number of Bets) x 100

For example, if a bettor has placed 100 bets and won 60 of them, the Win Percentage would be:

Win Percentage = (60 / 100) x 100 = 60%

At Sports Data Now, pushed/voided bets are not included in the Win % calculation as we treat the bet like it never happened and was neither a win or loss.

A Win Percentage of 60% means that the bettor has been successful in winning 60 out of every 100 bets placed. This metric is essential for evaluating the profitability and effectiveness of a bettor’s betting strategy.

A high Win Percentage suggests that the bettor is making accurate predictions and selecting more winning bets, indicating a potentially successful strategy. On the other hand, a low Win Percentage may indicate that the bettor’s strategy needs improvement, or they are taking on riskier bets with lower chances of success.

It’s important to note that while Win Percentage is a valuable metric, it should not be the sole factor for evaluating a bettor’s performance. Other metrics, such as Return on Investment (ROI) and average odds, should also be considered to get a more comprehensive view of a bettor’s profitability and long-term success in sports betting.

Bet Count

This is simply the total amount of bets placed.

Median Odds

In sports betting, the median odds refers to the middle value of a set of odds. It is a statistical measure that helps to assess the central tendency of odds data. The median odds are particularly useful when dealing with odds data that may have outliers or extreme values that could distort the average (mean) odds.

To find the median odds, you first need to arrange all the odds in ascending or descending order. Then, if the total number of odds is odd, the median odds will be the value at the middle position. If the total number of odds is even, the median odds will be the average of the two middle values.

For example, let’s consider the following set of odds for a basketball game:

  1. Team A: +150
  2. Team B: -110
  3. Team A: -130
  4. Team B: +120
  5. Team A: -115

Step 1: Arrange the odds in ascending order:

  • Team A: -130
  • Team A: -115
  • Team B: -110
  • Team B: +120
  • Team A: +150

Step 2: Since there are five odds in this example (an odd number), the median odds will be the value at the middle position, which is the third value:

Median Odds: -110

In this case, the median odds for the basketball game is -110.

Average Odds

In sports betting, average odds represent the arithmetic mean of a set of betting odds. To calculate the average odds, you need to first convert American odds to decimal odds, as the average is typically calculated using decimal odds.

American odds are expressed either as positive or negative numbers, while decimal odds are expressed as a positive value, representing the total payout per unit wagered. To convert American odds to decimal odds:

  1. For positive American odds: (Decimal Odds) = (American Odds / 100) + 1
  2. For negative American odds: (Decimal Odds) = (100 / |American Odds|) + 1

After converting all the American odds in the set to decimal odds, you can then proceed to calculate the average odds using the formula:

Average Odds = (Sum of all Decimal Odds) / (Total Number of Decimal Odds)

For example, let’s consider the following set of American odds for a basketball game:

  1. Team A: +200
  2. Team B: -150
  3. Team A: -120
  4. Team B: +180

Step 1: Convert American odds to decimal odds:

  • Team A: +200 converted to decimal odds β‰ˆ (200 / 100) + 1 = 3.00
  • Team B: -150 converted to decimal odds β‰ˆ (100 / 150) + 1 β‰ˆ 1.67
  • Team A: -120 converted to decimal odds β‰ˆ (100 / 120) + 1 β‰ˆ 1.83
  • Team B: +180 converted to decimal odds β‰ˆ (180 / 100) + 1 = 2.80

Step 2: Add all the decimal odds together: 3.00 + 1.67 + 1.83 + 2.80 = 9.30

Step 3: Divide the sum of decimal odds by the total number of odds (which is 4 in this example): Average Odds = 9.30 / 4 β‰ˆ 2.33

In this case, the average odds for the basketball game is approximately 2.33. The average odds provide insight into the typical odds offered in the betting market for that particular event and can be used to assess the implied probabilities of different outcomes. Converting American odds to decimal odds allows for the accurate calculation of the average odds in sports betting.

So, in American odds, the average odds for the basketball game are approximately +133 when converted back from 2.33. The positive American odds indicate that the bet is an underdog, and a $100 bet on this outcome would potentially yield a profit of $133 if the bet wins.