Sports betting is as popular as ever and a top option for gamblers looking to place a bet on their favourite sport or player. Gamblers relish the world of sports betting, which comes with various markets, including NFL, NBA, NHL, FIFA, horse racing, boxing, MMA, tennis and more. In fact, sports betting attracts millions of bettors around the world.
Before you can truly enjoy the benefits of sports betting and successful bets, it is important to understand how it works, particularly how the odds work for different markets. Betting is not the same across the board, but our helpful guide will ensure you learn the ins and outs before betting real money on your favourite sport. In this way, you can truly get the most out of your betting experience and even walk away a winner.
Sport betting odds is based on the concept of giving the player an idea of how likely it is for win and potentially how much money you could make if successful. Basically, it gives you a quick idea of what team/player has the best chance of winning (favourite) and who has the least chance of winning (underdog).
To work out the odds for each game, bookmakers look at a variety of factors, including comparisons with other sportsbooks and outcomes of previous games. However, the odds will be readjusted in real time to include factors like injuries, weather, and more. Sports betting odds vary but typically fall under the following categories:
These are considered to be the most common type of odds, although referred to as ‘traditional odds’. These odds refer to how much a bettor will win from the bet placed versus the amount being bet. The benefit of fractional odds is that it is flexible and allows you to work out your possible wins based on the bet you’ve placed. Also, your stake is returned on any winning bet. That said, new bettors unfamiliar with fractional odds will likely find it hard to work out their chance of success and it does take some getting used to. Also, remember that odds can fluctuate leading up to and even during an event, so it would serve you well to understand that odds are only an estimate of success at a particular time and can change before or after a bet is placed.
As the name suggests, these odds are most popular in the US and actually work completely different to fractional odds. Here, odds operate separately for favourites and underdogs and are also referred to as ‘moneyline odds’. Moneyline odds are based on how much money would have to be bet to win a certain amount. However, underdog bet odds are represented differently. Instead, the odds represent how much you would win based on how much you bet.
Decimal odds have become more popular over time, particularly in Europe and Australia. That said, younger bettors seem to favour decimal odds as well. These odds represent how much a bettor will win without stating the required bet. While this may seem daunting and a preferred method used by seasoned bettors, it actually offers insight into your potential winnings as well as the stake required, making it a very popular alternative to traditional odds and quite a prevalent option at sport betting sites.
Mobile gaming has really taken off in recent years, whether it's online casino gambling, live tables or sports betting, among others. Betting on your mobile device is as quick and easy as betting on a website, whether instantly from your web browser or through a dedicated app. It is also the most efficient way to keep track of the latest odds while on the go. Simply visit the site’s website or load the app for the latest odds and results, all available live. Players can also place bets directly from your mobile smartphone or tablet before the event. These days, thanks to in-play betting, bets can even be placed during the event (depending on the event and where you are playing).
Just like online casinos, sports betting on your mobile device opens up a more convenient and flexible world for players while on the go. Apps works well for sports betting as everything is loaded fast and efficiently. As long as you have a stable internet connection and a compatible device, sports betting will be a breeze anytime, anywhere. Additionally, apps offer the option of notifications, which allow you to get the latest updates without even going into the app, making it great to place a bet at the best time possible.
Choosing odds is purely based on personal preference and what method you’re comfortable with. In many cases, the most popular odds will be based on where you live, for example, the UK will favour fractional odds while American players will favour moneyline odds. That said, bettors are not forced to choose the odds based on where they live, but it could affect what odds are available. In most cases, sports betting sites will allow bettors to choose the type of odds you want to view when placing a bet. Additionally, odds calculators exist that help you work out the different types of odds to help you make the best decision.
Ultimately, the type of odds you use won’t have an impact in the outcome. You do not have a better chance of winning or losing based on how you choose to view the odds. As such, it is recommended to choose odds that you understand the most so you know what’s at stake without being confused by the calculations. Mathematics and the concept of probability are not easy topics to grasp, so we suggest sticking to odds you understand the most.
Now that you have a better understanding about odds and the role it plays in sports betting, you can use this information to improve betting strategy. It will not guarantee wins, but it will help you make better decisions and avoid losing more than you can afford. That said, there are some other tips that can be helpful when betting on sports.
Shop around before making a decision on what sportsbook to use. There are plenty of big names in the game as well as smaller bookmakers offering great odds and a variety of betting markets. Some sportsbooks update their odds more often than others, while others may not offer the odds you’re most comfortable with. So, take your time to find a bookmaker that ticks all your boxes before starting your sports betting journey.
Use your knowledge of how odds work to anticipate the level of risk when betting on an underdog. Low risk means low returns, although many bettors will not take risky bets despite huge reward potential as the odds are just not in their favour. Decide how much of a risk you want to take before placing your bet.
Do as much research as you can and try to stay in the know. If you have insider knowledge, use it. Follow industry professionals and sports fans and find out who, or what people are talking about. Twitter is always a good place to join the conversation, while simple forums and discussion boards are also helpful, and often less volatile. Ideally, you should do as much research as possible before making a wager.
As already mentioned, odds can change at the drop of a hat, even after your bet is placed. While mulling over whether to bet or not, check back regularly. If the odds fluctuate drastically, this will likely mean that there has been a change and this may affect who you want to bet on and how much you want to wager.