Betting Odds and how it works
Understanding betting odds
The Betting odds provided for individual matches are what drives us to bet those matches. Some are small because a team is a favourite while others are quite large because they are underdogs. This does not exactly tell the full story of what that match is about or how the match will play out. It is just an indicator of what to expect in a match but not a strict guideline. People who gamble know that sometimes underdogs have a bigger chance of winning a full match. This can only be known or predicted by those who follow a sport or league closely. Knowledge of a team's current form, head to head and others are what helps to win such bets.
Betting odds are also indicators of what the market is like because of the more people bet on a team, the lesser it becomes. It too does not mean that the team will win because there are factors in a football match that can't be foreseen. This despite numerous research and analysis being done by pros and amateurs alike.
The foundation needed
Betting odds are mainly organised in a way that shows the favourite (bets on) and the underdog (bets against). Bets on means the team is more likely to win and bets against means the team is less likely to win. The odds for the favourites are smaller (low risk) while those of the underdogs are bigger (high risk). It doesn't mean the favourite will surely win just that they have a higher chance compared to the opponent. There are also times when the bookies have a hard time separating the favourite from the underdog and give both the home and away teams the same odds. This does not happen often however and only those follow the teams can predict the winner correctly.
Odds format
There is three main betting odds format used by the different bookies for their customers. This can be tailored to what any punter prefers and is comfortable with. The three formats are:
Fractional
Fractional odds are mostly used in the United Kingdom, where they are used by bookmakers and live horse racing bets.
Some simple examples include:
2/1 ( said as two to one)
10/1 (ten to one)
4/1 (four to one)
Examples of odds against include
1/2 (two to one on)
10/11 (eleven to ten on)
4/6 (six to four on)
Decimal
This is the most commonly used format by betting sites in the world. This is most likely as a result of it being the simplest of the three formats. Odds are usually displayed using two decimal places, show exactly how much winning a stake will return on a bet slip.
Moneyline
Moneyline odds are also known as American odds, are used mostly in the United States. This format is a little more complicated to understand but with practice, you will become familiar with it. Moneyline can be either positive (with a + sign) or negative (with a -sign).
You can read about other interesting articles to build your sporting and betting knowledge on our blog. You can also get both free and paid prediction tips from the best tipsters here.
