a sports better's best friend - convert odds, calculate payouts, and check implied probablity
convert odds and check implied
Exit your position at the best price available by placing a hedge. This is conservative sports betting and this strategy will reduce your exposure and limit losses over time.
you bet $60 Knicks would win the game at +110 odds, and it looks like they're going to lose. If you cash out now when their opponent is favored at -900 you can walk away only down $47.40.
Your original position has improved, and you want to turn your single-sided wager into a no-lose situation.
In August you bet on the home team to win the Superbowl at +2500 odds and they just won the AFC. You can walk away from Superbowl Sunday a winner no matter what happens on gameday. (unless your team is a historic underdog)
You might be interested in hedging, if you can stick to your budget and you could actually make a profit. You're willing to watch the odds and pull the trigger at the right moment.
You put $100 on your home to win the game, and their star player leaves with an injury in the second quarter. Their odds shoot to +3000 and you can spend $10 to win $300 if they pull it off, ensuring that you come out ahead either way.
determine the "true odd" i.e. the odd and probability without vig.
you know the true probability of an event occurring and you want to calculate expected value and check if you have edge
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