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Betting Strategy: Sports Betting Odds FAQ

Betting Strategy: Sports Betting Odds FAQ

Submit by tipster nowgoal, More about Betting Strategy, Sports Betting, Odds,
Posted Sun, 28 May 2017 16:35:37 GMT        Font:A  A  A

Betting Strategy: Sports Betting Odds FAQ

After learning how to read the odds and the betting method to use the pre-match odds, you may met other questions while betting with such numbers. Following are some questions we collected recently:
 
 
What are sports betting odds?
Sports betting odds are a way for customers to predict the result of a sporting event and wager an amount of money on that outcome. The bookmakers provide the odds for customers and are betting against you by accepting all bets placed.
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How are the odds determined and calculated?
The aim of bookmakers is to provide odds for every side of a bet, as long as there is profit in it. Customers will have the opportunity to bet on anything, but ultimately the bookmaker is going to have an edge.
 
Bookmakers determine odds in a number of different ways, whether it's traders, odds compliers or risk analysts, the odds are always created in a way that reflects the actual chance of each result occurring. The bookmakers aren't predicting outcomes themselves, but are covering all aspects and bets in order to create fair and realistic odds.
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Can the odds change?
Absolutely, sports betting odds are constantly changing before the sport event takes places. A number of things can affect the changing of odds, such as: the amount of money in the market, the overall betting patterns of the public, the specific sports itself and events leading up to the game and the odds different bookmakers are offering. Ultimately, the odds are always going to be changing and realising what the new prices mean will give you the opportunity to maximize your EV.
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Are they different sport to sport?
Yes. The more popular the sport is, the more movement in the betting market there will be. For example, football is probably the most popular sport and huge sums of money change hands. With the amount of money in the market, betting odds fluctuate depending on where the money is being placed. Less popular sports will tend to have less favorable odds due to a lesser amount of money in the market.
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How can I master odds?
There are a number of ways to make the most out of betting odds and give you the best chance of winning, such as:
Sports betting research can go a long way when you're deciding on what bets to place. Whether it's statistical data or following tips, you'll have a good chance of winning more bets than you lose.
Finding good value bets is key, especially in competitive markets. Converting odds into probability will give you an idea of how much value there is in certain odds. For example: 3/1 odds can be converted into 1/4 (take the bottom number over the sum of both numbers) to get the implied probability, which would be 25%. Also, taking in other factors such as the form of a team, can make a bet seem much more valuable than it may look.
Keep placing bets. The more bets you place, the more familiar you will be with the odds being offered and what that means for your potential returns.
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How can I calculate the potential win?
As soon as you've placed your bet, calculating your winnings is a good way of helping you understand odds. The following example will help you understand basic odds and how you can calculate potential winnings. 
 
If you place £10 on 3/1 odds and your team won, your winnings would be as follows.
3/1 = 3. Therefore, placing £10 as the 1 would represent £30 as the 3.
Also, your stake is returned to you if your bet wins. Therefore, 3/1 would mean £10 returns £30 + the stake you placed = £40.
Another example, £10 on 7/1 odds would return £80 (£70 initially + your £10 stake).
 

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