Sports 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 provide 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.
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 a star soccer player 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 likely to mean that a particular outcome becomes more likely.
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 to 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.