By betting on a coefficient of 1.68, on average, you will win (1/1.68-0.045) * 0.68 = 0.374 mbtc
If you bet on at least 2.5 odds, then your average win will be (1/2.5 - 0.045) * 1.5 = 0.532 mbtc
The most profitable is to bet with odds in the range of 5-6 - so your average win will be in the region of 0.6 (almost twice as much as your choice gave on average).
I don't get this part, mate. Please, clarify it for me. I mean, this time in particular, my profit was 0.68 mBTC. That's higher than the average win from your example, 0.532 mbtc, for betting with 2.5 odds, and even higher than an average win for betting with odds in the range of 5-6. So, I should be happy, right?
But still it's interesting to me, what did you mean to say? What does 0.045 in your formula stand for?
This time you won, but this is not the average profit, but the maximum that you can get by making such a bet. When you place a bet, you must remember not only the best option, but above all the average value, because sometimes you are lucky, sometimes you are not.
My formula shows what the average result of a bet will be. 0.045 is the bookmaker's margin. In fact, it floats in the range from 4 to 6 percent, but I took about the average option (for top games, the margin is lower on average).
To find out how much you win on average (mathematical expectation), you must multiply the probability of winning by the winning itself.
(1/1.68-0.045) - this expression shows the probability of winning calculated with the bookmaker's margin. That is, the bookmaker gives a coefficient of 1.68 knowing that the real probability is not 1/1.68 (59.5%) but 55% and the fair coefficient should be 1.81
0.68 is obviously your winnings - the free bet is non-returnable.
Thus, on average, making such a bet you will receive only 0.374 mbtc. This is very small compared to the optimal options.
You should be happy that this time you got the maximum win, but in the future you should bet more optimally.