Why’s a Proper Understanding of Odds Crucial to Success in Sports Betting?
Have you always been interested in sports betting but never went to the nearest betting office or visited an online bookmaker to compose a betting ticket or place a live bet? Well, in that case, it is time to do it and overcome the first obstacle for a novice bookmaker.
Odds are also an important item without which it is simply impossible to compose a betting ticket. Understanding what the odds are will not only improve your chances of being successful in this activity but will open the door to new opportunities in sports betting.
What Exactly Are Odds?
Understanding odds is crucial in sports betting. The most common question asked by experienced bettors when composing tickets is “What are the odds on this match/race?” Why is this the first item to pay attention to? Because odds indicate the probability of a certain outcome, but also the amount of profit. The higher the odds, the higher the profit. Regarding an outcome, the rule is as follows – the lower the odds, the more likely the outcome.
In sports betting, each team is assigned odds that represent the probability of winning the game. When the odds for the two teams are equal, it means that both teams have equal chances to win the game. If Team A is assigned higher odds than Team B, it means that Team B has just as much chance of winning as the lower odds on it are put. On the other hand, if Team A is assigned, say, 10 times bigger odds, we know that Team B has a 10 times higher chance of winning. Is it now clearer to you what the odds are?
There are at least three different types of odds and they are used in both traditional sports bookmakers and online bookmakers. These are the American (Moneyline) odds, the decimal odds, and the British (fractional) odds. Each of these types of odds represents the same thing – the probability of a team or player winning the game and the figure of winnings. The listed and most used types of odds differ only in the way they represent probability. Are you ready to meet and understand them?
American (Moneyline) Odds
This type of odds is called the American odds only because it is mainly used for sports played in the United States. According to the rules, there are two categories by which teams or players are divided:
Favorites are displayed with a negative (minus “-“) sign in front of the number representing odds while underdogs differ in that they have a positive (plus “+”) sign in front of the odds.
What else do the “+” and “-“ signs do? They also indicate the amount of your stake as well as possible payouts. A negative number is there to show you how much you should put in to win 100 dollars/euros, while a positive sign tells you how much you will win if you invest 100 dollars/euros.
It is important to remember that when it comes to American odds, the number indicated in the odds means the amount you would get for every 100 dollars/euros put in, regardless of the sign that precedes the odds.
British (Fractional) Odds
British odds, also known as fractional odds, are most commonly used in the United Kingdom and Ireland. They were originally used in horse racing and are one of the oldest forms of odds in sports betting.
This type of odds is presented as a fraction, so their calculation is quite simple. Odds of 5/1 mean that you will win five times for one pound (or any other currency allowed) that you have invested. In this situation, you will eventually receive a total payout of six pounds, as you have won five pounds and returned the originally invested one pound. In this case, the number 1 on your right in set odds represents the amount of your stake while the number 5 indicates the amount (profit) you can expect from your bet if it wins.
Although this type of odds once was characteristic of Canada, Australia, and continental Europe, today it has become the standard for most land-based bookmakers and, especially, for online bookmakers because they have become the standard in them.
Decimal odds are pretty simple. They are expressed in the form of one positive number with two decimal places – odds times the bet gives a profit. So, if your bet wins, the amount you bet will be multiplied by the stated odds. If you bet one dollar on a team that has 3.00 odds and the prediction is successful, your total payout will end up being three dollars.
Odds are crucial not only when it comes to choosing the favorites, but also when choosing the bookmaker at which you will play the ticket. If you choose a bookmaker with bad odds, you will definitely be at a loss.
Internet betting is currently the most popular form of sports betting. Now you have the opportunity to study and study every odds given for a certain match from the comfort of your home. Let’s face it, you no longer have an excuse for a badly played ticket. In addition, use the best betting systems and improve your chances in this way as well.
If you have already decided to become a successful sports bookmaker, do your best to master the basics. After that, with the already acquired skill, the best odds, and luck, the whole world is yours. And, if you have decided to check if and how much you understand what odds are, visit one of the online bookmakers that are at the top in many important parameters of sports betting, such as Tether betting sites, and take advantage of the best odds on offer.