The odds on offer by your online sportsbook will determine the returns you’ll receive when your selection proves correct. If you are on the hunt for an online sportsbook, it’s crucial that you find one with the most competitive betting odds possible.
Bookies often make their odds tight, so it pays to shop around and read comparisons and reviews before you make your choice. You will also need to know how to read odds, which we will explain in more detail below.
Reading Betting Odds
Being able to read and understand sports betting odds is essential to your success. Online bookmakers supply their odds in three formats – fractional, decimal and American. Knowing how they work will allow you to obtain the most value from your wagers.
Fractional odds represent the amount of money you could win for every $1 you bet. These odds can be simple to read, as in the case of 1/2, which could also be read as 0.5. To work out your potential winnings, simply multiply your total wager with the decimal value.
Decimal odds are easy to spot, as they come in the form of decimal numbers like 2.5. They tell you how much you stand to win for every $1 you bet. For example, if you bet $10 on odds of 2.5, you will stand to win $25, or $2.50 for every $1 of your wager.
American odds will be listed either as negative or positive numbers. If the number is negative, it shows that you need to wager the amount (say -150) to win $100. If it’s a positive number, like +150, it implies that you can win $150 for every $100 you bet.
Shopping for the Best Odds
Now that you understand sports betting odds, you can start searching for sportsbooks that offer the best odds on your favourite sports. Once you find a reliable bookmaker and sign up, there are a few other things you can do to boost your odds of winning.
Bet on the Underdogs
The underdogs usually have the best odds in sporting events. As they are the least likely winners compared to the favourites, you will be paid out significantly more if they do manage to win a game. Be careful to avoid teams that are massive underdogs or rank outsiders.
Wager on Well-Matched Games
When two competing teams are well matched in their abilities, the game in question will usually offer great odds. In these situations, bookies will not be able to adjust odds to give either team an edge – and unadjusted odds are almost always more favourable than adjusted ones.
Find Games in Which Draws are Possible
Games in which draws and ties are possible typically offer excellent odds, no matter the sport. Soccer is a great example. You can also keep an eye out for less popular competitions and contests, which also offer favourable odds for bettors.
Most bookmakers will not research the pricing of these events as closely as larger competitions, and may even make the odd error. This could be very good news for you!
