If you are planning to bet on sports, odds are one of the most important terms to know. Odds on bets are one of the first concepts that players meet on the website of a betting company. Odds mean the bookmaker’s calculation data, which evaluates each bet in the line.
Odds help to understand how great the chances of opponents to win are. Players can independently calculate the coefficient for different events – if the bet wins, then the final amount of the winnings depends on it. In this review, betting odds are explained. We will consider in detail the features of the money line odds for bets, how betting odds work in a betting line, and how they are calculated in online sports betting. More about the odds you may read online.
What do betting odds mean in sports betting
The coefficient in sports betting helps players to find out the probability of a particular outcome of an event from the point of view of a betting company. Most often, the rule applies: the more predictable the outcome of the game, the lower the odds, so if the game is predictable, then the bookmaker puts a low odds on the favorite, which means that the winnings will be small. The lower the probability of this or that event, the greater the coefficient that the bookmaker puts. But in this case, the risk will also be quite high. This usually happens when betting on an underdog.
How odds are calculated by sports bettors
Many large well-known betting companies have analytical departments that calculate the probability of events, determine the chances of winning, and help the company set odds. It is analysts who allow bookmakers to earn money because correctly set odds for sports betting help the company to work with profit.
There are several types of coefficient calculations:
- Analytical – for this type, calculations are obtained in the process of studying statistics. This method is often used by professional players;
- Heuristic – this method is more suitable for beginners since even players without experience can figure it out. The heuristic way of calculating the coefficients is based on the study of the opinions of specialists, as well as other players and analysts.
It is important to note that the odds set by betting companies already contain a pledged profit – in other words, it is also called the bookmaker’s margin. Therefore, one must understand that in reality, the probability of an event will be somewhat higher than shown by the coefficient.
What are the odds for a bet?
Usually, the coefficient looks like a number by which you need to multiply the amount of the bet to find out the number of winnings. Most often, the coefficient is indicated by a number with hundredths, for example, 1.78. But some companies use other options for writing quotes: for example, whole numbers, as well as numbers with decimals and hundredths.
To calculate the odds, the analysts of betting companies take into account the following factors:
- statistics of participants who take part in the competition;
- the physical form of athletes (the presence of any injuries in the recent past, changes in the weight of athletes, their age, and other factors);
- the venue of the competition (it is of great importance where the athletes play – at home or away; in addition, such characteristics as coverage, the size of the competition area, and much more also affect the outcome of the game);
- the standings of the teams and their motivation.
Analysts of betting companies evaluate the probability of the result of the game as a percentage, after which they translate these percentages into a quote. Therefore, to find out the experts’ forecast, you need to divide 100 by the bet odds.
Why do bookmakers set different odds?
Experienced players have probably noticed that in many bookmakers, the odds for the same event differ from each other. This happens for two reasons:
- the different margin of bookmakers;
- the difference in the number of bets made.
Types of sports betting odds
Speaking of coefficients, it is worth noting that there are several ways to calculate sports betting odds:
- European (decimal odds)
- English (also called British or fractional odds)
- American
- Hong Kong
- Indonesian
Despite the variety of species, only two of them are most often used today – English and American.
English odds
The English or fractional coefficient is presented as a fraction – which is easy to understand by its name.
An example of an English odd is 5/2. The numerator of the fraction contains a number that indicates the potential amount of net winnings, and the denominator contains the number that shows the amount that the player must bet to receive this winning.
For example, in the case of odds 5/2, to win $5, the player must wager $2. Odds 3/2 means that to win $3, the player must bet $2.
American odds
American odds are another popular type. However, they are not widely used in Europe and are used mainly in North America. This type of coefficient is considered the most difficult.
The main difference between American coefficients is that they can be not only positive but also negative.
An example of American odds is ( +170 ), ( -120 ). The American coefficient ( +170 ) shows that to earn $170, the player must wager $100. Thus, a positive American odds shows potential net earnings at a $100 bet.
The negative American odds that work in sports betting lines show how much you need to bet to get a net win of $100.
How to find the best odds?
To get the most favorable odds, you can follow the special promotions that companies run. For example, many bookmakers regularly hold promotions among players, as a result of which you can bet with increased odds. For example, a bookmaker can increase the accumulator quote by 1% for each event up to 10%. Also, some bookmakers reset the margin for processing bets on certain events, thus increasing quotes.
Usually, information about available promotions is in the “Bonuses” section on the bookmaker’s website.
In addition, players can use special services that will help you choose the most profitable odds. To view quotes for the outcome of a match, you just need to select the sport and tournament. After that, a list of upcoming games and bets will be available to you.
Conclusion
It is important to note that even a difference of 1 or 2% in the odds set by online sportsbooks can play a serious role and affect the player’s winnings (potentially win) in the future. Before placing a bet, you need to carefully study the offers of different bookmakers and choose those who offer the maximum odds. Perhaps better odds can be found outside of the European market. In any case, to have a good income from sports betting, and know-how to bet to win, get calculating payouts, know how much profit you will get, you need to be able to read betting odds and find the best ones among the many offers of bookmakers.
