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What is Odds?
In terms of sports betting, odds are mostly used for two things:
- First, they are used to figure out how much winning bets are worth. When you place a bet with a bookmaker, they will give you odds, which affect how much you can win. The higher they are, the more you can win compared to what you put in.
- Second, odds also show how likely a particular outcome will happen. The odds will be lower for something more likely to happen. This makes a lot of sense since you would expect to win less if you bet on a likely outcome than if you bet on an unlikely one.
The best way to understand sports betting odds is to think about how they work in real life. Imagine a football match between Real Madrid and Southampton. It makes sense that Real Madrid, as one of the best football teams in the world, will be thought to have a better chance of winning than Southampton. So, the odds of them winning would be very low, while the odds of Southampton winning would be very high.
This is a simplified explanation, but it gives you a general idea of what odds are and what they do when you bet on sports. The higher the odds, the less likely it is to happen.
Betting Odds Formats
Sports betting odds are based on a simple idea that is easy to understand. Things are made a little more complicated because odds can be written in three different ways, typically depending on different regions.
Odds Formats:
- Decimal Odds - Example: 2.6
- Fractional Odds - Example: 8/5
- Moneyline Odds - Example: +160
All these examples will give you the same return. If you bet €100, you will profit €160. However, as you can see, they all look very different, which is often confusing to new players.
You’ll likely run into each of these formats at some point. Because of this, it’s important to know each one.
Decimal Odds Explained
Decimal odds were mostly used in Europe, Canada, and Australia, but now, except for some US betting sites, they are the norm for most online bookmakers. This is because they are the simplest and easiest to understand of the three formats. The decimal odds are just a single positive number, usually with two decimal places.
The number shows how much you will get back in total, including your original bet per unit. To calculate your potential return, you only need to multiply the odds with your bet and subtract your original bet.
- For example, a winning bet of €100 at odds of 3.8 would pay out the following: €100 x 3.8 - €100 = €280
A bet that pays even money is written as 2.00, while anything above this will yield a higher return.
Fractional Odds Explained
Although decimal odds are gradually replacing fractional odds as the preferred format in the UK, fractional odds are still widely used in many betting sites. With this structure, calculating prospective rewards and profits can be challenging at first, but the core idea isn’t as tricky as it seems.
Fractional odds, like moneyline odds, indicate the maximum possible profit. You must include your initial wager in order to determine the potential payment in its entirety.
- As the name implies, a fraction is used to represent these odds. A straightforward illustration is the phrase "three to one," or 3/1, and 5/1, pronounced as "five to one." For every unit bet, you can win three units with a 3/1 wager or five units with a 5/1 wager.
1/1 is an even money bet, while 2/1 will give you twice your return back.
Moneyline Odds Explained
The system that is most frequently used in the US is known as moneyline odds, also called American odds. Either a positive or a negative number may be shown, which many players find confusing.
A positive number indicates the amount that a $100 wager would win, whereas a negative number indicates the amount that you would need to gamble to win $100.
- For example, odds of +200 would with a $100 wager may net you $200 in rewards in addition to the $100 risk. If you saw -200, you would need to wager $200 to receive $100 in profit.
An even money bet is +100.
Why do Bookmakers have Different Odds?
You’ll notice that different bookies provide varied odds for various wagers on sporting events. For instance, one bookmaker may offer a 2.70 odds on Manchester United beating Chelsea, while another may have the same squad at 2.60.
Knowing how sports betting odds function requires an understanding of how the bookmakers set the odds.
For starters, a bookmaker’s main goal is to get a long-term profit, so if their odds are wrongly set, they are likely to lose a lot of money. On the other hand, if their odds are too low, nobody will place their bets there, so they need a good balance.
Some key criteria that can influence the odds are:
Always Compare the Odds
It would have been more appropriate to say that odds represent the bookmaker’s perception of an outcome’s probability when we mentioned that they indicate the likelihood of a specific outcome occurring. It’s not an exact science to determine how likely an outcome will be in a sporting event, and it largely depends on personal preferences.
Because not all bookmakers will have the exact same perspective on how likely a specific outcome is, the odds in sports betting might vary. They also might have key areas where they strive to offer the best odds, while others are more standard.
For example, online cricket betting sites are likely to offer better odds for cricket matches than a bookmaker whose focus is football odds and vice versa.
So when you wager on sports, you can tilt the odds in your favour. You can routinely make money if you can forecast the results of sporting events correctly enough times. It’s complex, but it is possible to combine your knowledge of sports with a grasp of several crucial elements of betting.
Look for Enhanced Odds
In the online gambling world, terms like “enhanced odds,” “price increase,” and “odds boost” have gained popularity. When the reward would normally be less significant, these odds are used to boost your payout.
Through sportsbook promotions known as “enhanced odds,” the operator willfully raises the odds on a few specific betting markets to make them more alluring. As a result, wagers from players who would typically look at other sportsbooks are drawn to events with price-boost betting opportunities.
This is especially popular for the football betting markets, as this is the most popular sport for the players and the most competitive sports market for bookmakers. However, an overseas online casino with India as its primary market will likely focus more on cricket and offer enhanced odds for cricket bets.
Bookmakers have employed odds boosts over the years to provide value to customers by enabling them to try their luck placing specific bets in the hopes of receiving a higher reward. You should be aware that odds-increased promotions are frequently short-lived, so you must use the bonus while it is still available.
How Enhanced Odds Work?
Enhanced odds are a common reward and are straightforward. These offers can be given to new players on their first bets. However, some bookmakers provide deals for particular matches, where a player must make a deposit and place a bet on the relevant game.
Let’s pit Arsenal against Manchester United as an example. Manchester United have the odds of 1.50, while Arsenal has the odds of 2.00. To make the bet more alluring to new customers, a bookmaker might offer boosted odds for the match, where the odds are 5.00 and 10.00.
Keep in mind that since this is a type of bonus, there are conditions. The odds have a maximum wager restriction applied, and your winnings are typically given as a free bet. We advise that you read the terms and conditions before you claim any such bonuses. Otherwise, you won’t be able to withdraw your money as soon as the game is over.
Look for Competitive Odds
When a bookmaker provides competitive odds, it means that they are offering odds that are considered fair and attractive to bettors. The odds are in line with or better than those offered by other bookmakers in the market. These odds are often reflective of the probability of an event occurring, taking into account factors such as form, statistics, and expert analysis.
Having access to competitive odds is important for bettors as it directly impacts their potential winnings. By comparing odds across different bookmakers, bettors can identify the best value for their bets.
Finding bookmakers that consistently offer competitive odds or have a “best odds guaranteed” feature can lead to higher returns on successful bets over time.
Bookmakers may adjust their odds based on market conditions, betting patterns, and other factors. It is common for odds to fluctuate as the event approaches, especially in popular sports or high-profile matches. Therefore, it is advisable for bettors to stay updated and compare odds from multiple sources to ensure they are getting the most competitive odds available.
In-Play Betting Odds
In-play betting odds, also known as live betting odds, can sometimes provide the best result for bettors due to several reasons:
- Real-Time Information: In-play betting allows you to place bets while the event is ongoing. This means you have access to real-time information about the match or game, including the current score, player injuries, weather conditions, and other factors that can influence the outcome. This up-to-date information can give you an advantage in making more informed betting decisions.
- Changing Dynamics: Sporting events are dynamic and can change rapidly. In-play betting odds take into account the evolving nature of the game, adjusting the odds based on the current situation. This means that if you observe a shift in momentum or a change in tactics during the match, you can take advantage of the updated odds to place a bet that reflects the current state of play.
- Market Overreactions: In some cases, the initial pre-match odds may not accurately reflect the true probabilities of certain outcomes. As the game progresses, the market may overreact to certain events, leading to more favourable odds for specific outcomes. By closely following the match and identifying such opportunities, you can capitalize on these market overreactions and potentially secure better returns.
- Hedging and Cash-Out Options: In-play betting also provides the opportunity to hedge your bets or use cash-out options. If you have placed a pre-match bet and the game is unfolding differently than expected, you can use in-play betting to adjust your strategy and potentially minimize losses or secure profits before the event concludes.
- Enhanced Excitement and Engagement: In-play betting adds an extra layer of excitement and engagement to the betting experience. It allows you to actively participate in the game, making decisions based on real-time developments. This can enhance the overall enjoyment of watching the event and make it more interactive.
While in-play betting odds can provide favourable results, it’s important to note that they can also be volatile and change rapidly. It requires quick decision-making and a good understanding of the sport or event to succeed.
If this is your first time watching a football match between Manchester United and Everton, for example, you would be foolish to place live bets since you don’t have the grounds for saying this or that is more likely to happen. However, if you know the teams and game well, you might know that Manchester United tends to score in the last 10 minutes, and a “next to score” bet might be a good one.
This itself is what makes live betting so popular. You get to put your sports knowledge to the test!
History of Odds Betting
The concept of odds in betting has a long history that dates back centuries. Ancient civilizations engaged in various forms of gambling and wagering, laying the foundation for the development of odds. However, it was in the 17th century that the formalization and standardization of odds began to take shape.
In the 1650s, an Italian mathematician named Gerolamo Cardano introduced probability theory, revolutionising the understanding and calculation of odds. This marked a significant milestone in the history of odds, providing a mathematical framework for assessing the likelihood of different outcomes.
During the 18th and 19th centuries, the rise of horse racing and organized sports betting further popularized the use of odds. Bookmakers emerged as intermediaries, offering odds on various events and outcomes. Initially presented in fractional format, such as 2/1 or 5/2, odds indicated the potential return relative to the stake.
In the 20th century, decimal odds gained popularity, particularly in Europe. Decimal odds represent the total return, including the original stake, as a multiple of the stake. This format simplified calculations and made it easier for bettors to understand potential winnings.
With the advent of online betting platforms and technological advancements, odds have become more accessible worldwide. Today, odds play a crucial role in the betting industry, providing a standardized way to represent the probability of outcomes and determine potential payouts for successful bets.
Odds FAQs
Does it matter if I use decimal, fractional, or American odds?
Not really, as the winnings will stay the same. Most bookmakers allow you to choose between all three types anyways, so it depends on your personal preference.
Although decimal odds are the most straightforward to comprehend, it really depends on your personal preference.
How Can I Find the Best Sports Betting Odds?
We recommend you use an odds comparison to find the best odds offered for a match. In essence, you choose a single stake and compare the odds for that wager at various sportsbooks. You’ll know where to place your wager if one sportsbook stands out from the competition since their odds are much greater.
How can I take advantage of betting odds?
The key to success in betting is to look for odds that are higher than they should be. Therefore, you should use your knowledge of a sport to find odds you believe are too high and will yield a great return.
Kate WebbEditor in Chief
David RussellHead of Product
David is responsible for the overall product, which is CasinoTop3.com. He is responsible of the data we collect and how it is presented to our visitors. One of his key areas of expertise is to improve upon our ideas to make sure they get presented in the best possible way.
Matti WrightDesigner
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