For new punters, odds are the hardest part of sports betting. One moment team ‘A’ has a winning odd of 1.3. Half an hour later, the odds have jumped to 2.5. Some sites will use fractions and confuse some beginners even more.
Understanding how odds work is the first step to increasing your winning chances. Fractional odds are easy to grasp. An odd of 10/1 means that if you wager $1, you have the chance to win $10. A 2/5 odd on team ‘B’ means that if you place €5, you have the chance of winning €2. It also means the bookie is highly confident team ‘B’ will win.
When used properly, odds can help you maximize your winnings and reduce losses. Here is a guide to help you out.
To Maximize Wins
Knowing how odds work is one thing, finding the best site to place your bet is another. Let’s say Spanish teams Barcelona and Real Madrid are set to play. The Madrid-based team has an odd of 2.0 to win on a site like Bet365. The Catalonia-based club has an odd of 3.0.
With the odds, betting €10 on Barcelona to win earns you €30 (10 X 3.0). Backing Madrid to win with €10 will earn you €20 (10 X 2.0). While earning €20 or €30 is great, how would it feel to earn €2 or more when you wager on a different site?
Comparing odds exposes you to bookies with better odds and helps you maximize your wins. In most cases, betting companies have near-similar odds. But they can make a difference in the amounts you win. A popular site like William hill may set 2.5 for Madrid to win and 2.7 for Barcelona. If you’re confident on a win for Real, placing a €10 on William Hill earns €25 as opposed to the €20 on Bet365. Voila! You have €5 more.
Comparing the odds on a third gambling platform may expose you to an even more interesting odd. Bet Stars may have odds of 1.8 for Madrid and 2.2 for Barcelona but promise a €20 bonus irrespective of the team you choose. Placing a €20 for Barcelona may lead to a win of just €22, but you will earn €20 extra as a bonus.
Traditionally, you had to compare odds one site after the other. Not anymore. The Wincomparator website does all the hard work for you. Their easy to navigate website lists varying odds for similar games on one platform. That way, you can view odds for your favorite tennis players on different bookie sites and place a bet.
To Reduce Losses
One of the easiest ways to predict a win for sports betting is to look at the odds given to each team. Bookies play it to win. They may attempt to mess with your mind by offering seemingly great deals. But the companies set odds depending on what is likely to happen on the match.
If three bookies offer extremely low odds for the same team; it’s is highly likely to win. It happens mostly to teams and players with long winning streaks. If the Golden State Warriors of the NBA wins 5 games consecutively, its odd against a poorly performing team will be low.
When the odds for the Golden State team are consistently low on two or more betting sites, you can be certain it will. Of course, sports can be unpredictable. But there would be no point of backing a team every bookie thinks will lose.
To Capitalize on Changes in Odds
Ever made note of a team’s odds one day only to realize the odds are different when you go back to place a bet? Bookies do it all the time. When setting odds, betting sites use information like past meetings between the teams, each club’s recent performance and players likely to play.
As the play time approaches, bookies get more information about the teams and adjust their odds. If a site thought a fit Harry Kane would be playing for England only to miss in the final player’s list against Germany, bookies will quickly change their odds.
Harry Kane is a top scorer for his national team. For him to miss in a crucial game against a powerhouse team like Germany, bookies will change their odds to favor Germany. As expected, Germany’s odds will be reduced as their likelihood for winning increases.
To maximize your win at such a time, comparing odds on different sites lets you discover bookies yet to change the odds. Bet365, which is quick at changing odds, may disadvantage you by lowering Germany’s odds but checking William hill may turn out to be life-saving.
To Capitalize on ‘Sure Bets’
They say there is no such thing as a sure bet in sports. Yet there are games you bet knowing your chances of winning are sky high. Before Usain Bolt retired from active athletics, backing him to win the 100 meters race was almost a sure bet.
On the downside, sports, where the odds of an athlete or team winning are extremely high, attract discouraging odds. Odds of Bayern Munich beating the last placed team on Bundesliga will be low. The odds may be 1.12 for Bayern and 11.0 for the last team on BetFred bookie. On Bet365, the same odds may be 1.4 against 9.0. Placing a €10 bet on Bet365 will increase your winnings.
To Exploit Live Bets
Live-betting is a relatively new but increasingly common feature on gambling sites. It involves wagering for teams or individuals as a match is on. What makes the best interesting is that bookies tend to offer very different odds from one another.
While you may be discouraged by odds looking almost the same on every site before the game, things turn different on live bets. One bookie will offer odds of 5/1 for the captain to score the first goal. The second will offer 10/1. If you’re confident with your betting picks; comparing odds on live bets can multiply your winnings much more.
Successful bettors use more than one bookie to wager. Companies set varying odds. And since your goal is to maximize profits, don’t depend on one bookie. Regularly check what odds different sites are offering and place bets where you can maximize your wins the most.