Betting Odds Explained – Tips to Be Successful in Betting
More than half of gamblers claim they are betting because they want to win. Hopefully, that is why you are betting too, and that is the reason you are here. Even if you are just betting for fun or to show loyalty to your favourite team it will be more fun if you are winning than losing. You may have been playing casino games such as live-dealer roulette, but sports betting is different.
So if you are new to betting and want to learn how to be successful in your newly found hobby, you are in the right place. However, before you learn tips to win, the first thing to understand is how the betting odds work.
What Are Betting Odds?
In the simplest term, a betting odd represents what you stand to gain if your prediction is right. Remember you only win if what you bet on actually happens. Let’s consider rolling a coin. If you bet on the head but it turns out to be the tail then you lose your bet. It doesn’t matter what the odds are. But if you bet on the head and the head appears, then what you get will depend on the odds. In betting, you are staking against the sportsbook or the house. The house takes all your money if you lose, while the odd represents what the house will give you if you win.
So, if the odd is 1/3 it means the house will give you three times your stake should your prediction come true. So, if you bet £10 on an odd of 1/3 and win, you will first collect your £10 back and then a profit of 3 times your stake which will be £30.
Types of Odds
Betting odds are usually expressed in fraction or decimal. Examples of fractional odds are 1/4, 1/7, 5/11, and 3/1. The numerator (1 in the case of 1/4 and 5 in the case of 5/11) represents your stake while the denominator (4 in the case of 1/4 and 11 in the case of 5/11) represents your profit if you win. For instance, if the odds are 5/11, it means for every £5 you stake you stand a chance of profiting 11 after collecting your stake back.
Decimal Odds
If the odds are 5/11 and you want to stake £8 it may be difficult to calculate your winnings, but decimal odds make it easier. Examples of decimal odds include 1.25, 2.5, and 4. Decimal odds usually include both your stake and your profit. Hence, what you get if you win will be your stake multiplied by the odd. For instance, if the odds are 2.35 and you stake £6, if you win you will get 2.35 x £6 which is £14.10.
How Are Betting Odds Calculated
At a glance, the betting odd represents the probability of the event happening. But it is not that straightforward. Let’s consider throwing a die. The chance of obtaining any specific number is one out of 6 possible outcomes. So if you are betting on 1, the probability is 1/6, or 0.167. You have one chance of winning and 5 chances of losing. Therefore the odd will be 1/5 (remember 1+ 5 = 6). If expressed in decimal it will be 1.167 (1+ 0.167. 1 represents your stake and 0.167 is your profit).
However, the bookmakers will not give the exact probability because they want to make profits. Also, for life events that are difficult to quantify, they usually calculate the odds based on what they expect people to play rather than the real probability of the events. For instance, If Liverpool is playing against Manchester United. The bookmakers will base the odd on the percentage of players they expect to bet on Liverpool winning and those they expect to place their stake on Manchester United. Hence, leaving a loophole for a smart player to cash in if the public goes wrong.
Now let’s discuss how you can be successful in your betting adventure.
Tips to Be Successful in Betting
No one can predict the future with absolute certainty, but you don’t even need to be good at predicting the future before you are successful in betting. The following tips can help you.
- Compare the Betting Odds
The odds offered by all betting sites may be very close but even the smallest difference might be significant. Hence compare the odds at different sites and choose the best site to register with.
- Look for Values
As stated earlier, bookmakers calculate odds based on public opinion and the public can be wrong. Hence look for odds that give more value than what should be and stick to it.
- Don’t Bet With Emotion
It is good to support your favourite team, but if you are more interested in winning than being a faithful supporter, then don’t bet with emotion. Bet based on facts and reality.
- Have a Plan and Stick to It
If you have found a value and decide to bet on it, decide on your betting plan and stick to it. Don’t let initial losses discourage you to continue with your plan or an early winning tempt you to stake a higher bet next time.
- Keep Record of Your Actions
It will be necessary to evaluate your betting activities; hence you need to keep records. Write down every team you bet on, your stake, odds, wins, and losses. Hence, it will be easy to monitor your gambling pattern, see what is working and what is not, and make the decision to continue or change the pattern.
