Thomas Hein
Odds are determined by the probability of a specific event occurring. For example, how likely it is that Manchester United will win against Liverpool or how likely it is that a game will end with a certain number of goals. To find out the probability of such questions, bookmakers use various types of statistics and analyses. Once the bookmakers have produced the final data, they present odds on what the probability is that, for example, Manchester United beats Liverpool.
If you want to switch up your gambling activities and try your luck on something else than just a live casino, you may want to check out football betting. But if you do, you first need to understand what odds are and how they work. To make it easier for you, we have put together an article that explains the basics about football betting and odds.
Fractional odds set the probability of certain results
In the UK, bookmakers use so-called fractional odds, whereas European bookmakers use decimal odds and American bookmakers use something called Moneyline odds. Fractional odds are written in fractional format, i.e., 11/4, 1/2, 6/1 etc. To understand how these odds work, you can think of the first number as the fraction you win and the second number as the fraction you have to bet. So, if the odds are 1/2, you must bet 2 to win 1.
During every football game or tournament, there are different outcomes that punters can bet on. Depending on how likely the outcome is to happen, bookmakers set the odds. If the punter’s bet has low odds, it means that the bookmaker considers the probability of the bet winning high. If the punter’s odds are high, the probability of the bet winning is low.
Find out whether the odds have good value or not
Another thing to take into consideration when betting on odds is the value of the odds. If you want to become a good better, it is necessary that you learn how to find odds with good payoffs in relation to your stake. In theory, odds that are anything above your valuation is good, but often you will want to take a little more margin.
Once you have found a game or tournament you want to bet on, it is a good idea to compare odds offered by different bookmakers to make sure you get odds with good value. This is because odds differ between different bookmakers, and if you are willing to spend the extra time, you will certainly find better odds than what you got from the first bookmaker. However, you cannot expect too much of a difference between the bookmakers as they are usually based on the same statistics and factors.
Summary
It is important that you understand the odds to start with when it comes to betting. By understanding how odds work, you will be able to make the best possible bet. You may also want to check out what the margin is for the bookmaker you want to place bets with. By doing so, you will in turn get more out of your bets.
