Betting Odds Explained: Chasing the Best Price
Any type of betting or gambling revolves around chances of something happening. In sports betting, these chances are described through the betting odds. The betting odds represent the bookmaker’s opinion on what the chances are of any bet being a winning or losing bet.
If you are new to sports betting, betting odds are one of the first concepts you will need to understand. They are the cornerstone around which all sports betting strategies revolve and which are key to making any bet. Keep reading and learn how betting odds work and how you can use them to your advantage.
Most important facts:
- Odds represent your potential winnings
- Bookies analyze stats to create their betting odds
- Use your own analysis to beat the odds
- Find the best odds available
- Look for value in betting odds
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Make the Most of the Betting Odds
Betting odds are the key numbers in any key bet. The higher the odds, the more money one stands to win by making a bet and the higher the chance of the bet not landing. However, as both the bookmaker and the users are dealing with incomplete information, i.e. no one knows the future, the odds do not always reflect the real chances of one winning or losing and you will often find differing odds across the betting sites in Nigeria.
Best professional sports bettors in the world use betting odds as one of their main weapons in beating the bookies. They look for value in the betting odds offered by various bookmakers and they make their bets when they believe that the betting odds offered are too high compared to the real chances of one team winning or any other bet landing.
Before we can understand how to use betting odds for our own gain, we need to understand how they work in general. To start with, we need to talk about three different formats of betting odds that are usually used by the bookmakers. These are:
- Decimal Odds: 2.00
- Fractional Odds: 1/1
- American Odds: +100
The three formats above each represent the same bet, in which the bookmaker believes there is an approximately 50% chance of an event happening. In each case, the bettor would receive double their money if they were to place the bet.
While the decimal and fractional odds (which are most commonly used) are fairly simple to understand, there is a bit of confusion with how American odds work. In essence, the number tells you how many betting units you are going to win if you were to bet 100 betting units. For instance, odds of +100 mean that you would win $100 if you bet $100, for a total of $200 (your betting unit is $1).
How to Make the Odds Work in Your Favor
Now that you understand what the odds represent, let us explain how the bookmakers make money. In the example above, the odds given represent a double return on your investment. However, the bookmaker will only give these particular odds if it believes that the bet will be a winning one less than 50%. Some of the best sports betting sites will only keep a small margin, while others will keep their margin higher to make more profits.
The bookmakers come up with their betting odds through a series of statistical analysis, mostly done by computer programs. These analyses come up with a reasonable expectation for different bets based on previous results, recent events and a range of other variables. While these statistics are usually on point and give results fairly close to what you should expect in reality, they are not always 100% correct and the bookies do make mistakes.
When you are deciding which bets to put on your betting slip, you should try to find bets where the odds seem off. At first sight, you may think this is very common, but in reality the bookies usually have the odds pretty spot on and it takes a keen eye to spot potential value bets.
One good way to always find solid value is to follow our betting tips, which are made by professional sports bettors who understand how the game works and are able to find flaws in bookies’ odds often. Another is, of course, to come up with bets on your own, but it will take training and learning before you can consistently find good value bets. Be as it may, the most important thing is to remember that sports betting is all about finding the right odds to bet at, not guessing what will happen.
Odds in Live Betting
Live sports betting is a new and exciting form of betting on sports events that are already going on. The best thing about live betting is that you can watch any game you want and bet on it at any of the live betting sites in Nigeria, while bookies have to rely on computer algorithms to make up their odds.
This can give the bettors a distinct edge because nothing can replace actually watching the match with understanding. If you have a strong understanding of a particular sport and its intricacies, you will be able to see things that the computer is bound to miss. This is a great place to look for value and a reason that many professional sports bettors only bet on live matches.
The mistakes that bookmakers sometimes make in live betting odds are far greater than those they can make in the pre-game odds and since you are able to watch the match and see how the game is flowing, there is a great advantage to be had in live betting odds at sites like Betfair and other popular live bookies.
Conclusion: Make Betting Odds Your Secret Weapon
Bookmakers are used to most people just coming in and betting on random selections all the time. However, with a solid understanding of how betting odds work, you can start making smart bets that have actual value to them and beat the bookies’ expectations. Use this guide as a starting point as you go on a journey to understanding the betting odds and begin your own analysis of sports with the help of our betting tips. In a short time, you will be able to beat the bookies and you will see your bankroll grow, guaranteed.