Quite often on Internet you can find information about many ELO betting systems and how they can be used in sports betting. In this article we are not going to discuss in details the various statistical formulas used in calculation of the ELO coefficient, but rather how we can use this system most efficiently for the making our betting predictions.
One of the biggest problems which anyone face when using ELO system for betting on football matches is how to convert the advantage or disadvantage for either team in real odds. Here, we probably should explain that all ELO systems give a more real rankings of each team from a given championship, because the real strength of any opponent which a team must play with are calculated before the match.
One option to calculate this is to calculate the probability of a team to score a goal. For this purpose we need to do an ELO table which is not about who will win, lose or draw, but about whether a team will be able to score one, two, three or more goals.
In practice, this means we should have four or five ELO tables which we should convert into probabilities for each team to score a goal or not to. When we are ready, all that we should do is to convert the chances for each of both teams to score a certain number of goals in a comparative table.
Through this table and comparing the odds of both teams, we can easily calculate the percentages for each result and hence grouping together the different rates for different results. When we are ready with that we can easily calculate the chances of each team to be the winner in a match, to make a draw and so on. Similarly, we can easily calculate the odds for Under or Over 2.5 goals scored by both teams as well as any other similar betting option.
I am pretty sure that this betting system is interesting enough and you could try it in your betting repertoire.