Sports betting is currently one of the fastest growing industries in the world. If you also want to have a go, there are a few things that you must know before pulling out your wallet. One of the most important things you need to know and understand are the odds.
Oddsmakers spend a lot of time to come up with the odds for a matchup. Their goal is to try and win money from you, the sports bettor. If you want to become a successful sports bettor, then you need to understand how the odds can work in your favour so that you can make the best decisions.
In this blog, we will first explain the concept of betting odds; next, we’ll look at how oddsmakers calculate them.
So, the odds always skew a little bit to try and entice the bettors to place bets that will favour the bookmakers. Bookmakers update the odds leading up to a game or an event as they more and more see how the bettors are laying down money.
The process of shaping odds can be difficult to understand. Bookmakers begin by determining the chances that each team or player has in winning a certain game or event. Oddsmakers will look into tons of data, including key injuries and trends for each team in a particular matchup.
Home teams will usually get more of an edge over road teams, but that isn’t always the case. After looking over all of the data, oddsmakers will assign percentages of victory that will get close to 100 percent. After figuring out those numbers, oddsmakers will then begin skewing the numbers to increase the chances that they make a profit. Each type of bet will have different ways to skew the numbers. The oddsmakers are hoping that the final odds will encourage bettors to lay money down in a way that is profitable for them.
Also, you should monitor the odds leading up to an event and keep an eye on how they change. Lines change for a variety of reasons, but it’s important for you to try to determine why they have changed.
Sports betting usually uses two types of odds, and you need to understand both of them. Different sports will use different types of odds. If you don’t understand them, you might get confused or feel “tricked” when making a bet.
With these kinds of odds, a bettor can quickly see what their total return will be if they win a bet, rather than displaying the potential profit. Let’s use a decimal odd of 5.00 to further explain this point. A € 100 successful bet with 5.00 odds would bring a total return of € 500 – it’s as simple as that. The lower the decimal odd, the higher the outcome is likely to occur.
Fractional odds are also known as traditional odds and are popular in Britain and Ireland. Most of the online bookmakers use fractional odds. They are usually written using a slash between two numbers, such as 10/1. The first number is the amount that you would win in relation to the other number in these odds. So using the odds above, a € 100 bet would win € 1,000 if it was successful.
In order to figure out how much you will win, you have to calculate how much money you have at stake and add it to the potential profit of a successful bet. It is much harder to quickly determine who the favourite is using fractional odds, especially if there is a long list of teams. Usually, bookmakers list them in order with the favourites at the top.