how sports betting odds workhow sports betting odds work – Although it is always tempting to choose the highest number, you must take into account certain details that can lead you to obtain more than considerable amounts of money, from understanding the different types of existing quotas to the reasons that lead sports betting houses to vary the figures available in each installment.
We All Carry A Gambler Inside
The first concept that must be clear is that, broadly speaking, your objective is to predict the result that will take place in a competition or match, something that we commonly do with family and friends and that, transferred to the world of sports betting, can be very beneficial
There are numerous factors that can directly affect the result of an event, which is why bookmakers offer different odds, always taking into account the profits they will obtain from the bets and, of course, the calculation of odds.
Statistics have a great influence in the world of sports betting, so both bookmakers and bettors obliged to attend to the progress of teams and players, injuries, sanctions and other events that may have a direct influence on the Outcome.
how sports betting odds work How The Quotas Work
If we go more fully into the matter, a fee indicates the amount that the sports betting house will pay, a figure that, depending on the type of bet we choose, will calculated on bets for $1 or $100, something that we will explain later.
As we have mentioned, the largest odds are usually the most striking because they imply a greater volume of profits for the bettor, but the higher the odds, the lower the percentage of success, so we must find a middle ground so as not to lose money again and again betting on totally improbable options.
In the opposite case, a low fee implies that we will obtain lower profits, but our chances of signing a winning ticket also increase exponentially, so it is usual to find that balance between considerable profits and a high percentage of success.
how sports betting odds work
We are going to review a practical example to better understand how quotas work, and for this we will use American quotas. A match between the teams of Brazil and Australia would have the Canarinha as the clear favourite, hence their odds would be -500, while the one established for the Aussies would be +1000.
In this case, a $1 bet on Brazil would generate a profit of $0.20, which together with the amount invested in the initial bet would result in a total payout of $1.20. As we can see, betting on the favorite would increase our chances of getting a winning ticket, but in cases where the difference between contenders is so high, the profits would be minimal.
If Australia gave the bell and your bet had gone towards the oceans, things would change a lot. If we repeat the $1 bet, in this case we would get a total payout of $11, split between $1 of the initial bet and $10 of winnings for the Australian win.
After looking at this practical example it should be clear that betting on the favorite always means a higher chance of getting a correct ticket, but the payoffs will be smaller than betting on the underdog or underdog.
Learn To Interpret The Three Types Of Quotas
Although all online bookmakers offer the possibility of showing the type of odds that best suits our preferences, it is worth understanding how all of them work.
We Start With The American Quotas
As its name indicates, these types of fees are the most used on American soil, and the way they read implies a calculation base of 100 units ($100). As a general rule, the favorite option is accompanied by the minus sign (-), and indicates the amount that we should bet to achieve a profit of $100.
The underdog or non-favorite option is accompanied by the plus sign (+), and in this case it indicates the profits that we would obtain by betting $100.
Using the example shown above, you would need to bet $500 to win $100 on Brazil’s win, while a $100 bet on Australia would bring you $500 in profit. In both cases we obtain a total payout of $600, but the difference is that $500 would have to be invested for Brazil’s victory and $100 for Australia’s.
Decimal Odds, The Most Chosen In Europe
We traveled to the old continent to review the decimal odds. In this case, the odds shown as whole numbers or decimals, and unlike American odds, they are based on $1 bets.
If we use the example of Brazil vs. Australia to decimal odds, the Canarinha would have a 1.20 odds for their victory, while the one set for Australia would be 11.00.
Let’s do an example of a bet with an investment of $20. Betting that number on Brazil would return a profit of $4, making a total payout of $24, while investing that number on Australia would be much more profitable, as the total payout would be $220.
Once again, we remind you that the higher the odds, the lower the chances of getting a winning ticket, so you should not blinded by the fact that you can get big wins with an unlikely bet.
Fractional Odds, The Origin Of The Bets
The world of betting began to stand out in the United Kingdom, where fractional odds still used almost exclusively.
Going back to the example of Brazil against Australia, the South Americans would have an odds of 1/5 for their victory, while the one assigned to the Oceanics would be 10/1. As you can see, we have two figures (numerator and denominator) separated by a bar. The first of them shows the profits that we could obtain, while the denominator, located on the right, offers the number that we should invest. That being said, to get $1 on Brazil’s win we would need to place a $5 bet, while a $1 bet on Australia would make us $10 in profit.
Do Not Neglect The Changes In Quotas
The task of betting requires patience, but taking excessive time to make each bet can have negative consequences. Online bookmakers tend to change the odds as bettors focus on them, so it is common to see variations in the proposed figures for each event as its start approaches.
For this reason, you must take great care of the statistical aspect and know the situation of each contender by heart, but it should not take you too long, since a long wait can cause your bet to made for a lower quota than the one you had initially seen.