Sports betting is a multi-billion-dollar industry, with punters all over the world looking to access betting markets that can win them money.
On the face of it, sports betting is relatively simple – place a bet on the outcome of a particular sports fixture and if your selection wins, you will receive a pay-out.
Getting to grips with the ins and outs of sports betting however is no easy task and developing an understanding and awareness of how to win money is key.
The sheer number of sportsbooks out there can make analysis of sports betting odds tricky so here is a guide to analysing and understanding sports betting odds:
Seek Out the Best Odds
The number of sportsbooks available to punters has never been higher and as a result there are more odds and markets than ever before for players to access.
Gaining an understanding of where to get the best possible odds from is always helpful as a punter as it can increase any potential winnings.
Oddsmanager offer their followers a range of betting odds and tips, across a wide variety of sports and always help their punters find the best odds possible.
Fractional, Decimal or Moneyline Odds
Developing a betting strategy that works for you is essential and one of the first boxes to tick is whether you are using fractional, decimal, or American odds.
Most commonly used in the UK, fractional odds are offered against the stake. For example, placing £1 on a 5/1 bet will return £6 if it wins – £5 represented in the win + £1 originally placed = £6.
Decimal odds are more commonly used in Europe and across the world and represent the amount one wins for every $1 bet placed. For example, placing $1 on a 6.00 bet would return $6.
Moneyline odds are most commonly used across American betting markets. The odds for favourites are accompanied by a minus (-) sign, indicating the amount you need to stake to win $100. Meanwhile, the odds for underdogs are accompanied by a positive (+) sign, indicating the amount won for every $100 staked. In both cases, you get your initial wager back, in addition to any amount won.
There are endless benefits to using all three types of odds and one doesn’t come more recommended than another but deciphering the method for you will be hugely helpful when getting to grips with sports betting odds.
Bet within Your Budget
Once you’ve got to grips with how the odds work and you have a betting style that works for you, look to develop a betting plan that you can afford.
Having a policy of only betting between 1% and 5% of your balance is always useful, as it minimises loss damage whilst also having the potential to keep your bank balance ticking over.
Always keep track of your wins and losses too, as analysis of each bet can help you perform better when punting in the future.
Look for Value Bets
When betting it can be tempted to go with the market and back the favourite in any given race or sporting event.
However, the prices bookmakers offer are always governed by who else is putting money on a particular outcome – which alters how much money each bet is worth.
Analysing previous results, form and head to head matchups is always recommended for any punter looking to win the most money possible.
So be sure to seek out the value bets, that can help you win big – rather than follow the trends and risk more money to ultimately win less.