How to Read Betting Odds
One of the important ingredients to successful betting is learning how to read betting odds. If you fail to understand odds and the probabilities that they imply, you will have a hard time succeeding in sports betting in the long run.
The truth is, you don’t need to be a math geek to succeed in sports betting. However, if you fail to understand what betting odds reflect, your efforts in the betting world could just go up in smoke.
Read on, we’ll help you end up converting the odds calculations in your head like a pro.
Betting Odds Explained
Online betting sites will display betting odds differently, based on the sport and location you’re betting on. Hence, it’s crucial to know how odds work.
Betting odds represent the probable outcome of an event, allowing you to work out how much cash you will win if your wager wins. For instance, with odds of 3/1, for every $1 you bet, you will win $3. There is a 20 percent chance of this occurring, calculated by 1 / (3 + 1) = 0.25.
Betting odds are usually represented in a fractional or decimal form.
This form tells you your potential winnings in relation to your stake. The number on the left represents the potential profit if you stake the number on the right side.
For instance, a $1 bet on Group A to win at 2/1 will return $3 if successful. In this case, $2 is your profit and the remaining $1 is your stake.
If the number on the left portion is smaller than the number on the right portion, the wager is called odds-on. When the opposite is true, it is odds-against, while odds of 1/1 are referred to as evens.
Decimal odds, on the other hand, tell your potential winnings inclusive of your stake. In order to work out the total returns, you simply multiply your stake by the odds.
For instance, a $1 bet on Group A to win at 3.00 will return $3 if successful. Similar to the bet with fractional odds, $2 of the returns are profit and $1 is your stake.
The equivalent of 1/1 odds in a decimal is 2.00.
Bravo! We’re making progress. Now, you have a good grip on the main types of betting odds.
If you’re new to betting, understanding the difference between a selection’s chances of happening and how they compare to the betting odds available is crucial. We’ll help you wade through the complexities in this portion.
Consider a coin toss as an example. In this game, there is a 50 percent chance that it will land on heads. Let’s say that a sportsbook offers betting odds of 2.10 for the coin to land on heads. This is a value bet.
Sports betting, however, is a little more complicated than that.
Unlike a coin toss, you know the precise probability for a given outcome in sports betting. You provide your best guess on who may win on a particular game, but it can only be your best guess.
Finding value bets, therefore, will help you estimate the likelihood of given outcomes better than a bookmaker does.
Betting tips on how to identify value bets:
- Specialise. You can specialize in niche betting markets, where the playing field is more level between sportsbooks and betting exchange. After you dive into the complexities of these betting markets, you will be able to identify betting odds that are skewed from your own, giving you an opportunity to make value bets.
- Your own betting odds explained, calculated. Like market analysts, you should know how to calculate odds for a market by utilizing all information available to you. This way, you can compare them to the sportsbooks or prices on the betting exchange and notice if a selection is overvalued or undervalued.
- Think in probabilities. Your goal in sports betting is basically to assess the likelihood of an event more accurately than bookmakers. To be successful, you must think in probability by assessing each team’s chances of winning rather than simply by who you believe will win.
- Assess and evaluate. Mathematics-based systems are more rational compared to a gut feel, right? It separates your feelings from betting decisions. Once you calculate your expected value, however, it’s crucial to assess and evaluate all other information available, such as situational factors which your model hasn’t incorporated before making an informed and balanced decision.
If you’re eager to get serious on online betting, finding value should be ever-present in your game plan.
Where to Find Live Betting Odds?
In this portion, we laid down key things you need to understand about live betting odds, which are common in sports betting.
Live odds are odds which update in the build-up to a game and also while a match plays out.
If Team A were an odds-on favorite prior to kick-off and Team B takes the lead after a few minutes, the betting odds will be altered to reflect this. Team A may still be favorites to win, but they now have less chance of doing so. This will raise their odds.
Hence, betting on Team A early on would have given you better odds.
In a sporting event, every move will alter the potential outcome, changing the betting odds in the course.
The odds are decided by the sportsbook, using a computer algorithm which updates the information. Depending on what is occurring in the game as well as past outcomes of similar events, the odds are changed.
It’s this fast-paced nature of live betting that makes it appealing and exciting. In order to get live odds and keep pace in the game, signing up with an online sportsbook is the best thing to do.
When a significant move happens during a game, online betting sites would usually halt betting for a few seconds so the computer can work out the new odds. Betting will then resume. This will occur several times throughout an event, as sportsbooks give you up-to-date odds reflecting what is happening in the live event.
Betting odds NBA? No problem. Betting odds for FIFA? No problem. The sportsbooks have you covered.
Sports Betting Odds Calculator
At this point, you already know how important it is to know the value of the wager you are putting down. Knowing what is at risk and what your choices could possibly bring can really give you an advantage.
It might be one of the most basic calculations in betting, but using a sports betting calculator will help you boost your understanding of what betting odds represent and what it means for your bet. It simplifies the process of calculating how much a bet returns for any given stake.
With a betting calculator, you can check if there is value in the betting market and whether or not it is a good idea to place the bet that could change everything.
It is user-friendly and is fully automated, which avoids any human error in working out your returns.