What are the betting odds?
Betting odds it’s the first concept to learn when sports betting. Those new to the world of sports betting will have to quickly 1get used to how bookmakers price different markets, which are generally known as odds.
Which boomakers offer the best odds:
We’ve been studying deeply all the Indian bookamkers, and we did a shortlist of the one which offer on average the best odds:
Today’s Betting Odds
Before placing an opening bet online, it is important to learn everything that there is to know when it comes to odds. Punters must know how read odds, as well as how they work when it comes to betting on sports teams and players, with success in this area being almost impossible if this is not achieved.
Betting sites allow customers to bet on events from around the world, however they will announce their odds using different methods and formats. In short, odds demonstrate which party has the best chance of winning, however this article will p
rovide detailed information concerning how odds can be read and understood, perfect for both new and existing online punters.
Types of Sports Betting Odds
There are mainly 3 different ways that online sportsbooks use to display the odds. They are –
- American Odds
- Fractional Odds
- Decimal Odds
Since laws regulate the usage of proper sports betting options in Canada, Canadians like to go to offshore sites to better chances of winning the bets. This is why as a Canadian you are likely to come across any 3 of the mentioned odds display. It is better to get a good grasp of all these types to understand and take advantage of the odds.
In general, bookmakers operating online generally allow customers to view odds in three separate formats, including the following:
- American Odds – Despite being more commonly used in the US, many Indian punters also take advantage of this format. American odds work differently for both the favourites and underdogs from a particular event, with bookmakers displaying how much cash they are required to bet in order to win $100. However, when betting on the underdog, American odds will show a positive number, demonstrating how much can be won by placing a $100 bet.
- Decimal Odds – This form of odds use a simple numerical representation, showing the potential return for bets placed, which also includes the stake. Potential winnings are relatively easy to calculate, with punters simply multiplying the amount in which they wish to bet with the decimal odds offered.
- Fractional Odds – Fractional odds are the preferred form for many European bookmakers, with prices being displayed as a fraction or ratio. In simple terms, the first number is the amount of cash that can be won by placing a stake worth the same as the second number.
Let’s explain them more detailed:
Let’s start by taking a look at what is perhaps the most popular format of odds when it comes to Indian betting, American. American odds look at the favourites and underdogs, with the favourites generally coming with a – symbol, with the higher the number following it, the better their chances of winning are believed to be. An example of this is a cricket team being backed at -200, against an underdog who’s chances are rated at +100 ahead of the first ball being bowled.
American odds use a baseline value of $100, meaning that customers are always risking money to win this amount when betting on favourites, while with underdogs, you risk $100 to win the amount. For example, betting on a -125 favourite means that you must risk $135 in order to win $100 from the bookmaker. Meanwhile, with a +250 underdog, you risk just $100 in order to win $250.
The most common odds in this format are -110, while American odds can also be converted into a percentage, which is helpful when looking to achieve long-term targets using certain odds. American odds are most commonly found from sports including American Football and basketball, with this giving bookmakers influence over the point spread.
Decimal style odds are more common in Europe, with calculating them being simple due to the fact that all that is required is to multiply the amount to wager by the price displayed by the bookmaker. The figure in which this equals will be your potential payout, for instance, backing Brazil to win a football match at odds of 1.50 with a bet worth 1000 INR will bring about a total win worth 1500 INR. Decimal odds are available with most online bookmakers, however they are unlikely to be the default setting for most American betting sites.
Fractional odds are commonly used in the UK, originally being found in horse racing markets. This style of odds shows the amount of profit relative to your stake. The number on the left-hand side of the fraction shows how much profit you will make if you stake the amount shown on the right-hand side of the fraction. For example, when betting on a tennis match where your fancied player is backed at odds of 3/1, you will receive the equivalent of £3 for every £1 staked.
Should You Use The Latest Cricket Betting Odds?
The different formats of professional cricket offer excitement, passion and drama to the casual fan and much more to a sports gambler. There are obviously different skills required to play cricket in it’s different formats – T20, 50 overs, first class and Test match – and there are different levels of skills required to bet successfully on cricket too.
At one extreme, bets can be placed on individual actions and performances, such as the number of sixes in an IPL match, or the next wicket to fall. At the other extreme, it is possible to place bets on an entire Test Match series, such as the total number of runs scored, the total number of wides or no balls, or the overall series result. This means that cricket odds are offered for events that will happen in the next 60 seconds, all the way up to an eight week series. With such a wide range of options and data available, there are cricket betting odds available for almost any situation.
All of these options make cricket betting an amazingly intricate and complex experience with odds that can change literally by the minute.
Since the largest and most popular cricket league in the world is Indian – the T20 IPL or Indian Premier League – there is huge interest from gamblers and very tight IPL odds. In previous years there have been interesting betting opportunities in the IPL where the quoted IPL odds differ substantially from one country and continent to another, where bookmakers are trying to balance their books because so many people have placed bets on one result.
International cricket offers a wide range of gambling opportunities, especially since there is so much international cricket these days. In the shorter forms of the game – T20 and One Day Internationals – the players now know each other well, know each other’s strengths and weaknesses well, meaning that there are few “sure things” to bet on. This makes it much harder to bet on favourites since there is more risk in doing so and also means that the betting odds are often much closer than form might suggest that they should be.
Why You Should Take Advantage of Our Odds Comparison Platform
Researching and comparing odds on offer from different bookmakers is certainly one of the most tedious tasks for any betting customer, however our odds comparison page is on hand to save you this time and effort. All of the odds available from our suggested bookmakers are now accessible on one easy to use platform, meaning that punters know that they are getting the best price around at all times. The differences between bookmakers can often be significant when it comes to odds, meaning that winnings can be effected too. Certain betting sites will choose to specialise on a particular sport or market, meaning that they are likely to have more appealing odds in this area than a bookie who aims to be competitive across the board. Customers are able to register with a number of bookmakers in order to ensure that they can shop around when it comes to placing bets, making our odds comparison page all the more important.
Why Odds are Constantly Changing
Those new to the world of sports betting will quickly realise that market odds change on a regular basis, which are based on ever-changing conditions involved with such events. This is not only the case when it comes to live betting markets, with the news that an important fast bowler will miss a match due to injury or if the weather forecast means that play is unlikely on the final day of a Test Match meaning that a particular outcome becomes more likely and therefore the cricket betting odds are moving.
Mistakes to Avoid When Betting Online
Whether you are new to sports betting or not, there are a number of mistakes to try and avoid, with odds playing a major role in such factors.
- Intuitive Bet – A gut feeling may be useful in some situations of life, however for sports betting this rarely applies. Do not bet on sports you know nothing about and do not bet out of the blue.
- Being greedy – Those who have won a lot of money on risky bets often tend not to be cautious and quickly gamble away the prize. Stay moderate, especially as a beginner.
- Using more than one strategy – The doubling strategy known in roulette, in which the stake is doubled after every lost bet, is by no means recommended. The risk of total loss is far too high.
How Do Betting Odds Effect Bonuses?
Betting odds can also come into play when it comes to new customer bonuses offered by bookmakers. An example of this is when a customer is aiming to meet the wagering requirements surrounding a deposit bonus, with only bets placed at certain odds qualifying. The higher the odds set by the bookmaker, the more difficult it becomes to utilise the offer to the maximum. Of course, there are a number of other factors that play a key role in this part of sports betting, including the amount of time available to customers in order to redeem the bonus. Our sports betting bonus comparison helps punters find the offer that is best suited to them, as well as distinguishing between attractive and less attractive promotions.