For new gamblers, betting odds can be hard to understand. Luckily, finding the best odds can be easy with just a small amount of prior knowledge.
When it comes to placing a bet, the choices can be overwhelming. There are so many offers, markets, and types of odds, it is a wonder many people even manage to find basic wagers. Luckily, understanding odds is now easier than ever, and there are tools to work out even the most complex payouts. This means you can scour the net looking for the best prices for upcoming events.
The Basics of Betting Odds
Understanding the basics of odds and how they work is not as important as it used to be. In the digital age, when you sign up for a major online bookmaker, most of the calculations are done for you. For example, try the Bet Way app download and you will see how easy it is to place a bet. Once you find the market, you input your stake, and it provides the potential payout, even before you commit. Betting becomes quicker and easier, with the added boost of introductory bets and offers.
Yet knowing how bets actually work is good for those who want to take it a bit more seriously. They may be at a horse racing track comparing local bookmaker odds, or they could be looking to see who provides the best ones online. If you are placing larger amounts, even the smallest of differences can yield huge results, making it vital to know the outcome.
The Type of Odds
Odds can be broken down into three main camps. The first are fractional, often given as figures such as 5/1 or 7/2. They are most commonly used in Britain and Ireland.
The first number shows how much you stand to win. When it comes to the second number, that is the amount you need to stake to make that amount. Thus, for 5/1 you would place £1, and this would give you a £5 win. Place £2, and you would get £10, and so on.
Second are decimal odds, which are mostly found in Europe. Given as a point figure, they are often the easiest to understand. All you need to do is multiply the number by your stake to see how much you stand to win. So a bet of 5.0 with a $1 stake would mean you win $5 and so forth.
The most complex to understand are moneyline odds, often found in North America. They come in two different types, depending on what you are betting on: A favourite or an underdog.
When betting on a favourite, the odds show how much you need to stake to win $100. This is often represented by a – sign next to the amount. So if you see a bet of -300, you need to bet $300 to win $100 in profit.
When it comes to underdog betting or an outcome less likely to occur, you will see a +. This shows the profit you would win on a bet of $100. So if you came across a bet that was +200, you would need to bet $100 to win $200.
Parimutuel Betting
Parimutuel betting is often known as the tote. It operates in a slightly different way from other forms of betting regarding how they are calculated. This is because with tote betting, all wagers are placed into a large pool. The bookmaker takes a percentage from this, and the rest is split between the winners. Bettors are essentially pitting themselves against other players, with winners taking the spoils.
One of the main advantages is that this betting is often not subject to changes, fashions, and trends. If a host of people go and bet on a horse in other formats, the price rises. Yet with tote betting, you may find it stays the same, or even improves, depending on who puts into the pool. The downside is that odds can change between placing the bet and the start of the event, meaning you could get less, or you may even come out with more.
This is in contrast to fixed odds betting, where you are given the price at the time you make the bet. It is set by the bookmaker, who is the body you are betting against.
Finding the Best Odds
Once you have this information, you can begin to find the best odds. Higher prices will always be available the further in advance of an event you place them. This is known as ante betting. With less information available on injuries and form, prices are more generous.
Another tactic is to scour online comparison sites. They will have a range of providers and show what they are offering for different events like matches and races. Some may even come with a best odds guaranteed, meaning they will pay you at the starting price if the odds rise in comparison to the ones taken when you make the bet.
With these, getting great odds shouldn’t be a problem. Get a quality provider, shop around to see who gives the best prices, then bet in advance. By knowing what odds are and how you are making a bet, you just need to hope luck is on your side.
