Are you getting more curious about how people make fortunes and live dream lifestyles from sports betting? Well, we will talk about some basics that everyone starting should know and so you can improve your odds for pocketing some extra money whilst watching your favorite sport. It is true, all these odds and trying to figure them out can get confusing, but there is a simple science behind understanding odds and finding the best odds here.
There are now 25 states that offer this form of gambling, which is great for sports fans and big media companies. There is a lot of money being made in acquisitions and corporate tie-ups with betting companies too for news.
So, starting with the straightforward stuff, odds are given for a sports side to win. Naturally, lower odds are given to the one the bookies think is the favorite and higher odds for the underdog. So, taking a tennis match, there is usually a stronger or higher ranked player who will have lower odds and there would be a higher-odds bet for an upset.
By betting on the favorite let’s call him AA Andre Agassi you will have more of a chance of winning but the profit will be less. Bet on the “weaker” player, let’s call him BB Boris Becker and there is less chance, but if he wins, you stand to profit a lot more. If you want to see their head-to-head stats see here.
Different Formats for Betting Odds
There are 3 formats of betting odds. Fractional, Decimal and American odds formats.
1. Fractional Odds
Fractional odds are the traditional way of showing odds. Essentially, they show what you can win for the bet you put on. Andre Agassi on at 2/4 means if you bet £4 you get £2 back (plus your original stake of £4 of course or you would lose money if he won!)
Boris Becker is on at say 5/1 because he is the underdog, so place £1 on him to win and you get £5 back plus the original £1. If the stake was the same for both, the same £4 stake on BB would get you £20 plus £4 stake back. That’s four times the return you would get if AA won the match.
Getting the Best Odds
Finding the best odds has become much easier thanks to the internet. In the past, we would need to walk around several bookies to find the best odds, and by the time you walk from one and back to another, the odds can change. However, according to oddsmanager the best way to get the best odds is in real-time using an odds management tool. These tools help you find the best odds online at the moment.
2. American Odds
American Odds referred to as Moneyline odds, are the way most bookmakers in the US or Canada show their prices. They show how much a bet is a worth based on £100, a plus marks the underdog and the favorite would have a minus value over 100.
So, in our Example, Andre would be priced at -200 because you would have to wager £200 to get £100 in profit.
Boris would be a positive number at odds of 500. You don’t have to bet £100, it’s just the way the odds are displayed, so similarly if you bet £4 you would divide everything by 50 to achieve the same returns you got from fractional.
3. Decimal Odds
Finally, you have decimal odds which will show you the same price but as a decimal.
The decimal price shows your total pay-out including the initial stake. Let’s say you have odds of 1.55 and bet £100 you would win £155. Work it out by multiplying your stake by the odds to get your total payout.
In our tennis match between Andre and Boris, Andre would be shown at 1.50 and Boris would be 6.00. Using the same stake of £4 you can see that you get the same totals of £24 for a Boris win and £6 if Andre won.
