General Betting
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Hi all, I was hoping for some help/advice on value in particular compiling your own odds and rating systems for teams.
I do ok on betfair mainly betting on football and after conducting all of my research I decide on what the outcome will be, however how do I know what odds are good odds? I have looked at the elo ratings but would prefer to use my own ratings as opposed to some that are freely available on the net.
So if anyone could give me any advice on how to do a rating system or any other advice regarding taking good odds it would be greatly appreciated.
I hope this makes sense and I am out all day so will not be able to respond until later, I look forward to a wealth of replies though hopefully :)
Phillipe
I do ok on betfair mainly betting on football and after conducting all of my research I decide on what the outcome will be, however how do I know what odds are good odds? I have looked at the elo ratings but would prefer to use my own ratings as opposed to some that are freely available on the net.
So if anyone could give me any advice on how to do a rating system or any other advice regarding taking good odds it would be greatly appreciated.
I hope this makes sense and I am out all day so will not be able to respond until later, I look forward to a wealth of replies though hopefully :)
Phillipe
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You need to convert the ratings into probabilities for events. Eg: Team A has 50% chance, Draw = 25%, Away = 25%. Then you convert that into decimal odds to find your own prices (tissue). In theory, then then simply take prices which don't match yours.
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You also need to be confident you are better at compiling your prices than the professional compilers.
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