Learn more about odds comparison so you can win more.
How Does Betting Work?
Betting involves putting your stakes and your money on a particular individual, team or horse. You first have to find an arbitrary person who is most always the betting company. You then select a particular team and select the amount of money you want to place on them winning.
There are different kinds of bets. Below I will explain the four most common ones
1. Single bet
This is a bet placed on just one entry in a game. In order for you to win then, the team or individual must win.
2. Each way bet
This is mostly in horse races. You win if the horse wins or gets placed. This depends on the placing positions.
3. Accumulators or multi-bets
In this case, you may make a selection of up to 11 teams. For you to win all the entries must be correct.
Once you have selected the kind of bet you want to place, the next step is examining the odds.
Odds are the probability that a certain team will win compared to the other. It may also mean how much in favor of which team. There are different kinds of odds:
· Decimal odds
More common in European countries. They are by far the simplest odds to understand. Let’s take an example of you betting 2 dollars. This what is called your stake? The betting odds maybe 1.65.
How to calculate your earnings if this is a sure bet is to simply multiply your stake by the odds. (1.65X2). This will give you the total earnings of $3.30. This means that your profit is $1.30.
Odds of 2.0 means you will be able to double your stakes and anything higher is very profitable.
· Fractional odds
Common in Ireland. Their popularity grew with horse racing. Just like the decimal odds they are very easy to analyze. Given odds of 20/10.
This means that for every $200, there is a high chance of getting $100. This gives a total of $300 (100+200)
If you are much more comfortable with decimal odds then worry not. Converting them is very easy. For odds that are 3/1…. The denominator will be 3+1.
· Money line odds
These are most common in the United States. You will identify them by the positive (+) sign before them. Given an example of -150.
The higher the negative number, the greater the chance of winning. For you to win with this, you have to produce the -150. For the underdogs, however, such as +150 you only have to produce the 100 dollars for you to win.
To convert them to decimals, (150+100)/100
For the negatives ignore the negative symbol and calculate as above.
How Is Odds Comparison Done?
The first step when comes to odds comparison is being able to understand how they are placed. Next is to understand how odds can either favor you or the bookmaker.
Team 1 versus team 2
1.08 X 4.7
What these means is that team 1 has a higher chance of winning compared to team 2. This why the odds are in their favor.
However, selecting team 1 will mean that you can only get a small profit off your initial stake.
When you select team B, you have worse odds of winning, but in case they win, you are able to make up to 4 times of your initial stake.
How Do I Use The Odds To My Advantage?
You have to be able to understand how odds are placed by the bookmakers in order for you to beat them at their game. The considerations placed are?
1. Winning history of the team.
A team or horse that has been winning consistently is more likely to win compared to a team that has probably never won any important match
2. The individual players and management
There are specific players whose fame precedes them. If they have only been recently acquired it means the winning stakes for the team rise as well.
Change in management is also a reason for odds change. If your team has only recently changed management they are more likely to be adapting as compared to being on top of their game
3. The relative strength of the two teams
If Manchester united and Arsenal are compared to other teams, the odds of them winning will be higher than those of the teams they are playing against.
But if the two teams are placed together, there is more that comes to play than their relative strength.
Keeping all this in mind, slowly analyze all the relative odds of each of the teams.
From this point make an informed decision on which way to go. It is also good to compare the different odds provided by the different bookmakers. Check out our list of odds comparison websites.
Remember that an informed bet is a winning bet.