Have you heard of the bossie's overround? It's a stat that you can use to decide whether or not to bet on a particular game. In this article, find out how to get the overround and what to do with it to help profit long term in your betting.
What Is The Overround?
The overround is a figure that is quoted in percentage terms. Most of the time, it is over 100% and it is a measure of a cookie's profits.
How Is It Calculated?
If you calculate the claimed percentages based on the odds that the bookies are offering you and add them all up then this will give you the overround.
You can do this with a spreadsheet or a calculator but many places such as Betfair will actually show you the overround.
An example: the current odds for Sporting Lisbon vs FC Basel on Betfair are 1.56, 7.4 and 4.2 for the win, draw and loss respectively. First, you convert each one to percentages by dividing into 1, giving: 64.1%, 13.5% and 23.8% which is a total of 101.4%. Conveniently, this is already shown on Betfair and many other bookies.
Why Is It Relevant?
Another way of thinking of the overround is as "the bookie's edge".
For example, an overround of 105% effectively means that the cookie has already made 5% on you and you need to find at least 5% value in the odds. An overround of less than 100% is very rare but means that you have a sure bet and can make an instant profit.
Basically, when betting on sports, you should look for as low an overround as possible. Avoid any market where the overround is greater than 110%. It is simply too hard to find any value in these games and beat the bookies. The good news is that the busy markets on the popular sports events will generally have a very low overround of 105% or even less.