Winning at sports betting means having a thorough understanding of the odds on offer. Value cannot be spotted unless people completely, 100 per cent, know the detail of the price they are taking for a bet. Sports betting odds can be a complicated business. But it does not have to be as confusing as it may seem at first. Our ultimate guide to how sports betting odds are calculated tells you everything you need to know to get started.
Introduction to sports betting odds
Most sports fans who are seeking to have a bet will already know a bit about sports betting. But for others who are new to gambling it can be very hard to get your head around how they work. Betting odds are typically shown as a fraction. These are easy to work out as they directly correlate to how much cash a bet will win. Let’s take 8/11 as an example for this bet. Anyone who bets 8 of their chosen currency will receive 11 in return if the bet wins. Of course, this is in addition to the stake being returned to the player as well.
Betting odds can also be shown as a decimal. For some users, decimal sports betting odds are easier to understand. An example of a decimal price on offer on a sports betting website may be 1.5. This means that for every 1 of your chosen currency you bet, you will get back 1.5 for a winning bet. It does not really matter whether you choose to use decimals or fractions when it comes to sports betting odds. Most bookie websites in the 21st century will allow you to swap between the two options very easily indeed.
How do bookies prepare their sports betting odds?
There are a lot of factors involved when it comes to setting the prices for any particular match or sports event.
In essence, betting odds show the probability of an event happening. Therefore, a price of 9/1 means that the event will happen 10 per cent of the time, on average. The bookies also have to factor in their cut as the house. As such, the three options for a football match price – win, lose or draw – will not add up to a total of 100 per cent. Bookies will always make sure they still have an edge when they come to calculate their odds.
Form plays a big part in how bookies calculate the odds they offer to customers. In football, if one team has won five games in a row and they are playing a team that has lost five matches straight, it is clear which side is more likely to win. Bookies would, therefore, make them the favourites in the sports betting odds.
The talent of the teams involved plays a key role as well. Clearly, more talented teams are more likely to win their matches and this is taken into account by the bookies as well. Other things they keep in mind include injuries and suspensions. Team news has a big part to play in how betting odds are decided by the sports betting websites.
Head-to-head records may come into the reckoning in some cases as well. Some teams always seem to win when they come up against certain opposition. When this fixture comes up in the calendar, their price to win might be a little bit lower than usual as a result.
Spotting value in sports betting odds
The key thing for people placing bets to think about when selecting wagers is value. Picking value bets is easier said than done, of course. But it can be done. Let’s say a team has been in a good run of form at home. They may have won a few games in a row in front of their own fans. The visiting team, though, are considered to be a more talented side overall. However, they have been struggling for form of late. This offers sports betting websites a bit of a problem. Should they think about the form the most, or the talent of the teams involved?
This can lead to opportunities in terms of value if they still prefer to stick with the more talented of the two teams as the favourite. All in all, spotting value in the sports betting odds offered by the bookies takes a lot of practice.