Sports betting is one of the fastest growing industries in the world. Chances are that you have thought about placing a bet a time or two. If you have, then there are a few things that you must know before laying down some money. One of the most important things you need to know and understand are the odds and what exactly they mean. Let’s take a look at an overview of betting odds explained.
Oddsmakers spend a ton of time and use plenty of data to come up with the odds for each 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 favor. In this way you can make the best decisions with your money. In this article, we will first take a look at what betting odds are, before trying to break down how oddsmakers calculate them. Hopefully, a better understanding of betting odds will mean more money in your wallet.
What are betting odds?
Betting odds serve one major purpose in sports betting. They tell you how likely a certain event or outcome is to happen. Not only do the odds outline the likely outcome of a certain game or sporting event. They also let you know how much money you can win if your bet is successful. Bookmakers are in the business of making money.
So, the odds always skew a little bit to try and entice the bettors to make certain plays that will favor the sportsbooks. Bookmakers update the odds leading up to a game or an event as they start to see how the bettors are laying down money.
How are they calculated?
The process of shaping odds can be a long and difficult process to understand. There are certain ways to make it seem simpler 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 a ton 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 to them.
Tips for reading odds
Knowing the betting type that you want to make is one of the most important things to consider when looking at odds. Each type of bet will have a certain type of odds available for you to look at and will help you make a solid betting decision. One of the most important things is to consider just how much money you will make if your bet is successful. Teams with lower odds will give you a larger payout, while teams with higher odds will return a smaller profit.
Also, you should continue checking odds leading up to an event and keep an eye on how the odds change. Lines change for a variety of reasons, but it’s important for you to try to determine why they have shifted. Sports betting usually uses two different types of odds, and you need to understand both of them. Different sports will use different odds. If you don’t understand each of them than you can get confused or feel “tricked” when making a bet.
Decimal odds versus fractional odds
There is a big difference between decimal and fractional odds, and they are each common in different parts of the world. Being able to understand how both of them works can increase your chances to make a value bet, but you need to know how to read the odds in your country or region.
Decimal odds are sometimes referred to as European or continental odds and aren’t typically used in the United States. These are probably the easiest odds to understand, and you can spot the favorites and underdogs pretty quickly. Decimal odds refer to how much money a bettor can win with each $1 wagered.
With these kinds of odds, a bettor can quickly see what their total return would 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 dollars. The lower the decimal odd is, the higher the probability that outcome is likely to occur.
Fractional odds are also known as traditional odds and are popular in Britain and Ireland. Most of the major sportsbooks that you will find online will use fractional odds, and they are the preferred choice among bookies and bettors alike. They are usually written using a slash between the two numbers, such as 10/1. The first number listed is the amount that you would win in relation to the other number in these odds. So using the number 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 favorite is using fractional odds, especially if there is a long list of teams. Usually, sportsbooks list them in order with the favorites being at the top, but there might be some extra math if you are betting using fractional odds.