How do odds work? A guide for the novice bettor
Football is still the biggest sport on the planet and has billions of loyal supporters following the action.
This might be keeping an eye on local leagues such as the Nigerian Premier League or the
Brasileirão in Brazil. Of course, most football supporters also love to follow the internationally famous
leagues like the Premier League in England. When you see the drama, top players and goals that
competitions like this guarantee, it makes sense.
Many fans will also get closer to the action by betting on sports like football. It is essential to know
what you are doing to have the most fun though. Choosing a top online sportsbook is a great first
move, with Ogabet being a platform many football bettors trust. Once you have somewhere to bet,
you need to know how odds work too.
But how do new bettors get to grips with this?
Sports betting odds 101
In simple terms, odds which sportsbooks show tell you how much you will get back if your bet comes in. This is important because it means you know exactly what you are getting into when you place a bet and that you can operate from an informed position. If a team in the EPL – one of the premier betting markets – is shown as a 2/1 favorite, you know instantly that your original bet would result in three times that being returned if you’re successful. This is your original stake plus the given odds in profit.
The other important thing to remember about odds is that they also show how likely something is to happen. While this cannot be 100% relied on, the odds that sportsbooks give are an indication of which team might come away the victor or who might score first. If a team is given 100/1 odds to beat another away in an FA Cup match, you know that the experts deem this unlikely to happen.
Different kinds of odds
In the same way that the latest football news can take some understanding, it can take time for novice bettors to grasp how odds work. One thing to realise is that there are different formats for odds which various online bookmakers might show. This can often rest on where the sportsbooks is based or which audience it primarily caters to. Fractional odds (such as 2/1) are common and used widely throughout the UK and Europe.
You might also see decimal odds at some sportsbooks too. These are usually shown as a standard number (such as 5.00) and you multiply your stake by the odds to calculate potential returns. Finally, you might see American odds at some sportsbooks, especially those who offer betting on sports like basketball or American football. These are usually numbers with +/- symbols next to them (such as +500) and show the amount you need to stake to receive a certain return.
Odds are simple to understand
The truth is that sports betting odds are fairly simple to understand when you get used to them. If you remember that they give an easy way to work out potential returns and the likelihood of something happening, then you will be fine. Once you have come to grips with the odds for betting on sports like football, you will find that it becomes second nature.
Henry
just love writing about football and playing video games, love my quiet time also. contact me @ [email protected]
