Today I thought I’d talk about strike rates and how to understand them better.
So what exactly is a strike rate? It’s basically how many winners we have managed to find from a certain amount of bets. For example if you’ve had 20 bets this week and you’ve found 10 winners then you have a 50% strike rate (well done if you’ve found that many winners!).
So to keep it simple on the maths front we divide the number of winners by the number of bets we’ve had and multiply this by 100. So that’s all very well but what does it have to do with our betting? Well we need to know our strike rate in order to work out the size of our betting banks. It’s also important as we can monitor how well our system or tipster is doing. We also need to monitor the odds at which we are betting as the strike rate and the odds go hand in hand to determine if we make a profit or not.
Let us imagine that over 100 bets your average odds are evens but your strike rate is 40%. You’d be making a loss as the 40% multiplied by the evens would mean that you’d only have 80% of your bank left. In order to work out your average odds you simply add them all together and divide them by how many there are. The idea behind this concept is that if you had recorded 100 bets and where showing a small loss then using this calculation will help you determine if there’s any mileage in your system. If your average odds where 3/1 (4.00 in decimals) you would need a strike rate of 25% just to break even. (4.00 multiplied by 25% equals 100).
Try it out and see. If you have a record of your bets you can work this out and if the strike rate remains consistent and the average odds support this then you will have found yourself a profitable angle.