How it all began
How it all began … what are „odds“?
People usually prefer to bet on what they think is going to happen. This is the most obvious thing to do. But as it sadly turns out: this is not the way to win money. Usually it is of course the most likely outcome they go for. It is also how they all start. And please, ask this question to yourself: what else to bet on than what you think is going to happen? That would make no sense at all. Or does it?
The cause and effect principle: the things YOU think are going to happen could well be the things OTHERS expect to happen. It is actually how it all began. Someone said: „I bet this side are going to win.“ The other side may have replied: „Well, I would like to bet the same.“ And they found out: they want to bet something — but no one wanted to hold their bet.
For this simple reason: they knew, which outcome was more likely or most likely — and dreamt of a bet for even money (price of 2.0; I bet 10 pounds, you bet 10 pounds against it). Now the bookmaker showed up and understood: there are certain needs people have. They would love to bet. But there is no one that takes their bets. So they thought of a fair way of betting or later and even better: fulfill needs of the people while still making it a business.
So this is when they started to say: „Sure I will take your bet. How much would you like to bet?“ This reply came unexpectedly. So what would this wise guy „knowing“ the outcome of the game (which means: being able to figure out the most likely thing to happen) would instantly say: „Ok, if you take my bet, I bet you a hundred pounds.“ „Ok“, said the wise bookmaker. „But I can’t lay you even money. You can bet 100 pounds, but I will just bet 50 pounds against it.“
So here we go. This was then called „odds“, because it wasn’t always going to be even money or a bet of 50 pounds against 100 pounds (the latter one being a European price of 1.50 obviously). They started to become „really odd“. They laid like 7 to 4 or 3 to 8 or possibly 16 to 9.
Although this pricing system does still exist in England or maybe elsewhere, too, but it has been replaced by the European odds system. Why this is so? Read the next chapter please…