Last Updated on September 26, 2022 2:41 pm by Gambyl Nation Editorial Team
In the wide market of sports betting there is a great variety of online sites where to place your bets; and one of the most common mistakes is to think that all bookmakers use the same odds.
Sports betting is full of terms that a good player should know as well as possible; in order not to make mistakes when risking his money. Among all of them, market odds may be one of the most relevant because of how much they mean within the betting mechanics itself.
However, before starting with the analysis, do we know what a betting odd is? In the long term, opting for value odds and choosing the highest odds concerning the betting market is what will allow us to be more profitable and obtain higher profits.
What’s a Betting Odd?
“Betting odd” is undoubtedly the most important term in the world of sports betting. It is the indicator that shows, in numerical form, how much our bet is valued and, therefore, what our final profit will be. All bets have an associated odd. This figure is the one we bet on and the one we will get in case our prediction is correct.
The odds reflect the probability of winning a bet on a given event. If you divide 100% by the odds, you will get the result of that event occurring. For example, if the odds are 2.00, dividing 100/2, we have a 50% chance of winning.
Now, we will see in a real example what a betting odd means. In a Champions League match between Real Madrid and CSKA Moscow, an operator gives Real Madrid as a favorite with an odd of 1.80, this means that, if we bet in favor of Real Madrid, and they win the match, we will get the amount bet multiplied by 1.80, that is, if we bet 10 dollars, we will receive 18 dollars.
Types of betting odds
- Decimal Betting Odds
This type of betting odds is also known as European odds since it is the most frequently used in the old continent. In each market of any sporting event, you will see a whole number or a number with decimals. This is the number that you should use to calculate the possible winnings that a hit in that market would give you.
As we explained in the example, the decimal odds are presented as follows:
Real Madrid 1.80
CSKA Moscow 3.50
To calculate your winnings, simply multiply your bet amount by the team’s odds.
- Fractional Betting Odds
It is also known as the English quota since it has been used for many years throughout the United Kingdom. In this type of odds, the markets do not have whole numbers or decimals, but fractions.
Taking the same example between Real Madrid and CSKA Moscow, we have:
–
Real Madrid 4/5
CSKA Moscow 5/2
To calculate the amount you can win, you must multiply the value of your bet by the numerator and divide it by the denominator, i.e., if your bet is $50 on Real Madrid, it would be: 50×4 = 200/5 = $40. Your profit would be $40.
- American Betting Odds
As their name indicates, they are those that are most commonly used in the United States. In this case, the odds can appear in the form of positive or negative numbers. The positive numbers show the profit that would be achieved by betting 100 dollars and the negative numbers indicate how much should be bet to achieve profits.
Real Madrid -125
CSKA Moscow +250
That is, a negative odd, Real Madrid -125, means that to get a $100 profit you will have to bet $125. While the positive odds, CSKA Moscow +250, means that $250 will be achieved by betting the amount of $100.
Now, who decides these betting odds?
The betting odds for each sporting event are decided by each of the bookmakers and are based on the odds that a team or player has in achieving a certain goal, whether it is winning a match, winning a point, or scoring goals, among others. This is true in all cases, including, of course, the more variable odds of the live markets.
The higher the probability of a team winning, the lower the odds. Conversely, the lower the probability of a team winning, the higher the odds.
In this sense, bookmakers with better odds may be more attractive to punters looking for higher prizes. Finding markets where the odds are better than the odds of each opponent may indicate is a skill that every good bettor should work on.
The odds also have a lot to do with favorites and underdogs in any sporting event. Favorites will have lower odds simply because their wins are more predictable. On the contrary, underdogs have higher odds, hence their victories leave significant rewards to punters who trust them.
Movement in betting odds
The betting odds are not a fixed parameter in time from the moment any bookmaker places them until the start of the event. These odds can change at any time depending on several factors that the different bookmakers consider relevant for the victory of any of the teams.
That is why we recommend you check each betting odds on different online sites so that you will be able to decide on the one that can give you the best economic benefits.
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