Want to beat the house or the bookie and win your bitcoin fortune? We teach you the secret that bookies don't want you to know: mastering statistics.

1. 1xbit.com

2. The world of sports betting is a billion-dollar business, whether it’s for passion or for profit.
People love placing bets on their sports teams and love watching them win. The popularity of
online sports betting increases and along with it, waiting times to get winnings. Online
sportsbooks and casinos started accepting Bitcoins. But even as online sports betting starts to
take the place of a traditional bookmaker, one thing has not changed: You can still lose,
despite betting on your favorite team.
Losing money on one or two bets is no problem. But if your losses happen often, it’s hard to
keep going. It is possible for people to make a living off of bitcoin sports betting. Here’s one
of our sports betting tips for bitcoins. Another way of raising your luck is by using statistics.

3. PROLOGUE:
The statistics of bitcoin sports betting comes in many forms. People who love analyzing sports
bets will spend hours crunching the numbers. What they’re doing is finding patterns or any
other information they can use to their advantage. And when you understand the statistics of
sports betting, you can do it too. Mastering this skill means being one step closer to beating
the books and collecting your bitcoins.
WHAT DO I NEED STATISTICS FOR?
Bookmakers present odds for games before they start. His present odds come from calculating
stats. It’s the bookmaker’s best try at seeing into the future. Using the general statistics
theory, we can analyze a set of data.
After, we check the central tendency (the center of the data.) The first tip for successful
bitcoin sports betting is to know the types of statistics.
Types of Stats
 Descriptive sport betting stats is simple. You use the available statistics to find the
average of at team’s home wins. It deals with immediate data.
 Inferential statistics needs more attention. Say you want to bet on football
championships. You want to get the odds of the top 2 teams winning against other
teams ranking 3 to 17. For the most accurate results, you need to go back to years of
soccer history. If you research the last three years, you will use a sample of a large
amount of data. What you’re doing is calculating the odds of future games by using
empiric probability, and past stats.

4. SO WHAT DO I DO NOW?
Now that you know what the stats are for, now we can look at probability. You can crunch
numbers all you want but if you don’t apply them at the right time, a loss is still in your
future. Studying statistics and probability should go hand in hand. Understanding the betting
system and the betting odds separates a wise bettor from a lucky one. This is why this guide
exists—to help you get further.
And as we all know—sometimes luck is with you, and sometimes it just isn’t.
PROBABILITY
Probability is the likelihood that something is going to happen. Probability is written in
percentages and has values from 0 and 1. The sum of every probability in one event is always
1—if they are mutually exclusive. That just means only one of every event’s probability can
happen at the same time. On the other hand, collective probability means a situation where
at least one probability will happen.
There are three kinds of probability:
1. Empirical: One event constantly has the same outcome. If the event happens under
the same conditions, the future result will most likely be the same. If Team A wins 19
out of 20 games, their chances of winning a future championship are 95%.
2. Subjective: Not the most accurate way, but useful if you don’t have any other choice.
People who bet depending on their impression of the last few games use this.
3. Priori: Bets from reasoning and logical observations. You get information from team
news and other places to build your own probabilities. If you take a lot of factors into
account, it can be your best bet.

5. Now that you have our second tip for betting on sports with bitcoins, it’s time to take
the probability and turn it into good betting odds.
TURNING PROBABLE TO POSSIBLE
Knowing about stats and probability is half the battle. Another half is turning the probability
into solid betting odds. The betting odds use sports probability. One example is football. In
football, odds are given by the probability a team will win, or make a draw.
A team’s ability to win competitions or beat records determines their odds in other sports. A
gambler without research will probably lose more than he wins.
Different sports have different probabilities. Every game and sport need to be approached
differently though the formulas for all sports are the same.

6. Good betting odds come from getting research. Get data from a team’s past performances.
The more data you have, the better off you will be.
After, arrange your data using frequency distribution. If your data is the last 10 games of a
specific team, see how often they score. Look for the times they scored one, two or more
goals in one season. Include the times they didn’t manage to score anything in those 10
games.
What you’re doing is simple frequency distribution. Other factors you can add to this are their
win/lose/draw rates, and home/away games. Everything depends on you getting enough
research for the sport you want to bet on.
If you want to bet on a team’s victory, look for the results of their last games and make your
frequency distribution. This is why professional gamblers are also fond of records and
statistics. Seasoned gamblers know how to convert these probabilities into betting odds.
TURN PROBABILITY INTO BETTING ODDS
This part is simple. Convert your probability to odds by using the 1/x formula. “X” represents
the decimal format. 1 stands for 100. This is the popular way of converting probability to
odds, and it is used worldwide.
There you have our tips for bitcoin sports betting. Now you can create your own advantage
and calculate the best chance of winning your next bitcoin sports wager.

7. Sources/References:
1xBit: http://www.1xbit.com
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1xBit Registration: https://1xbit.com/en/user/registration