Sports is a massive industry that has moved beyond just playing a game. The commercialization of sports has allowed other industries to indulge and grow. Similarly, the betting industry is quite prominent and has attracted large audiences toward sports.
It is true that not all love watching sports. However, a chance of making money with it is something that interests the masses. Several gamblers or sports enthusiasts enjoy betting as a hobby. Besides allowing you to utilize your extensive sports knowledge, it can also be financially rewarding.
It is crucial to understand how sports betting odds work if you are going to be a successful sports bettor. All sports wagers depend on them to determine whether they are worth making. Your stake and the relevant odds are combined to calculate the potential payout of every wager you place.
What are sports odds?
Sports odds have two purposes. One, to let you know how much you can win, and second, to predict the chances of a particular outcome.
When you win a bet, odds tell you the payout you would receive. It is a predetermined number that you receive from a bookmaker before the start of the game. The higher odds allow you to win more in the proportion of your stake.
These odds are helpful in knowing the possibility of an outcome and making your decision to pick a side easy. The higher chances of an outcome mean the lower payout. Because it is less risky, so you ought to win accordingly. Likewise, when you pick a team with a lower chance of winning, it is a risky bet; the payout is higher.
For a better understanding of sports odds, let’s suppose a match between a top-ranked team and a lowest-ranked team. Which team has a better chance of winning a match? Of course, a top-ranked team. Thus, it is a safe bet, and the odds will be lower, and so does the payout as compared to the other team.
Understanding odds and how it works is crucial in picking a side. Just for the sake of winning a higher payout, you should not bet against the obvious result.
Types of odds
The odds are simple as they tell you about the result. However, there are different types of odds formats. All serve the same purpose, but they are read differently.
Moneyline or American odds are the most commonly used format. They are easy to understand and are displayed with a positive or a negative sign. A positive number illustrates how much you would win on your $100 wager. A negative number expresses how much you would need to bet to win $100.
Signs also determine favorites and underdogs. A positive sign means underdog, and a negative sign means favorite. For example, if a team has odds of +150, it means you will win $150 on your $100 wager. If a team has -150 odds, it means you need to wager $150 to win $100.
These are arguably the simplest of all. It does not have any signs and is becoming a standard format for bookmakers. The odds are expressed as decimal numbers only.
For example, a 1.5 odds mean you would win $150 on your $100 bet. A 2.25 odds means you would win $225 on your $100. These odds tell you the total payout. The higher odds mean the team is the underdog.
The last type is fractional odds. It is complex to calculate and understand these odds. Therefore, these are contained to a few bookmakers. The odds are represented in fractions like 3/1, 4/11, etc.
It is read three to one, four to eleven, etc., which means you will have three units for every one unit. However, it gets complicated with the “odds on” odds. It is like a positive Moneyline, where you wager more to win less.
Which factors determine the odds?
Any factor that can affect the outcome of a match determines the odds. The best sport odds are produced after taking all the aspects into account. Before you hop on to odds, you must know about these factors, as they can help you with an informed decision.
Records, history, and stats are important factors. It determines which team or a player has an upper hand. Home and away records are crucial as well because of the venue of a match. Such records help in knowing the chances of winning.
In a team sport, team lineups can affect the odds as well. The inclusion or exclusion of an in-form player can increase or decrease the chances of winning. This also affects the odds at the last moment. Keeping a close eye on lineups is recommended in sports betting.
Head to head
This one is critical. Bookmakers consider head-to-head records while deriving the odds. Despite the current ranking, this record plays a vital role in determining the odds.