One of the most important factors in sports betting is the betting odds. Those who get the best possible odds for their bets increase their chances of making a profit in the long term. An odds comparison can certainly help a lot. In this article, we will summarize how betting odds work and how you can compare the odds from different bookmakers.
Odds Explained – Definition and Explanation
The odds on a bet determine the amount you will get if you win your betting slip. To illustrate this, let’s share an example. The classic 3-way bet gives three betting odds on the three possible outcomes of the game. Let’s take a look at the Manchester City vs. Aston Villa match:
- 2.0 for a home win
- 3.6 for a draw
- 4.5 for an away win
If you bet $100 on Man City win in this match, you would receive $200 and $450 if you bet on Aston Villa. But be aware: With many online bookmakers, the betting tax is deducted from the winnings before the money is in your account.
Why does Bookmakers have Different Odds?
Anyone who has ever placed a bet must have noticed that betting odds differ, sometimes minimally, sometimes significantly. This has to do with how the bookmaker determines the chances of the various match outcomes. For example, if a championship favorite plays against a relegation candidate in the Premier League, the favorite will get odds ranging from 1.1 to 1.4, while the underdog can expect odds of 4.0 and more. In this way, the betting provider also minimizes its own risk of loss, because why should it offer high odds for an outcome that is highly likely to occur, and thus accept a high potential loss?
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Different Presentation and Spelling of Betting Odds
When you look at the odds on the websites of the betting providers, you may have noticed that they are sometimes presented differently. This is due to the type of bookmaker and the market it focuses on. We will take a brief look at the three different ways of displaying betting odds.
The representation in decimal odds is the simplest way to understand the value of an odd. It is the most widely used representation. Decimal odds are also called European odds. Not only do they indicate the probability of a game outcome, you can also easily calculate the potential winnings from your bets based on their values. For example, if you bet on the outcome of a match in the Premier League or Champions League with odds of 2.0, you will receive $20 minus the applicable betting tax if you bet $10.
Fractional betting odds
Another type of odds are the fractional betting odds, which are also called UK odds. They are mainly used in the UK and by bookmakers based there. These, unlike the decimal odds, show your stake and your winnings. For instance, if you wager at odds of 6/2, you will get back $6 if you bet $2 and win. As you can see, this value corresponds to the European decimal odds of 3.0
American betting odds
The third type of betting odds is the American betting odds, which are presented positively or negatively. They are also called moneyline odds. What is meant by this? Let’s assume that the odds are +150 for the outcome of a bet. Then this value shows how much net profit you would achieve with a stake of $100. In this case, it would be $150, which would correspond to a decimal quota of 2.50 for a stake of $100.
But note that there is also the negative notation. For example, if the odds are -160, this means that you will receive a net profit of $100 for a stake of $160. The American betting odds are not quite simple!
What is the Bookmaker’s margin?
Of course, the betting provider’s main goal is to make as much money as possible. That is why the bookmaker margin exists. For example, if a bookmaker like Betway calculates odds of 3.0, you as a customer might end up with odds of only 2.5. This way, the bookmaker makes sure that it earns money on every bet and that possible losses are not too high. How high the differences are in the end is determined individually by each bookmaker. The so-called “odds key” provides more information about the quality of betting odds.
Compare odds before placing bets
To maximize the profit in the long run, you should compare the odds at different sports betting sites before placing a bet. This is the only way to find out which bookmaker currently offers the best odds on each game and thus get the most out of your bet. This may seem a bit mundane for the first few bets, but we know from our own experience: An odds comparison is often underestimated and is an important factor in the long run, which decides whether you will be in the profit over a longer period of time or not.