Everything You Need to Know About Odds
Whether you are gambling in your local bookie or online, there is one thing that you need to understand: odds. If you understand odds, then you have a much bigger chance of walking away with some cash. Thankfully, understanding them is not anywhere near as difficult as you may think. In fact, it is pretty easy.
Odds are not a prediction of an event
This is where people make a huge mistake. Odds are not a prediction of how an event will end up. We can see how it is easy to make that mistake, though. After all, to an extent it is a ‘prediction’ of the likelihood an event could go one way, but it is so much more than that.
As you will probably know: the bookmaker never loses. Take a couple of years ago, for example. Bookmakers were complaining like crazy that Leicester won the Premier League which meant they had to pay out millions and millions of pounds in bets. However, truth be told, they still made money when Leicester won the Premier League. This is because all of the other bets that didn’t win helped to pay for the millions they had to pay out...with a little bit of profit left over.
This is because the bookmakers do a balancing act with their odds. As more money is placed on an outcome, it will change. Let’s say a Manchester United win is 3/1 (for simplicity’s sake). Somebody then goes and lumps £100,000 on it. The odds will then change, perhaps to 2/1, to ensure the bookmaker doesn’t lose. You may actually find the opposite odds start to change too, to try and encourage more people to bet on that outcome.
It is a very complicated process and we do not have anywhere near enough words here to describe exactly how it works. All you really need to know, however, is that odds are not so much predictions, they are a way to ensure the online bookmaker always wins at the end of the day. Granted, people tend to put cash on things which are likely to happen so they can be seen as predictions, but do not trust them completely. You will still want to do your own research.
It is worth noting that live betting odds do work more as a prediction. You may actually be surprised to know that these odds are determined ‘manually’. At every event streamed live for betting, there will be somebody sitting in the crowd who is tapping data into their phone or tablet, which whisks the information back to the betting company and they work out what is happening on the pitch or field and determine odds based upon that.
Decimal or Fractional Odds
If you are gambling in the United Kingdom, then you are most likely going to be encountering fractional odds. So, a bet may be 3/1. This means that for every £1 you put on the bet, you will get £3.00 if it comes through. This will be in addition to your £1.00. On occasion, you may see odds like 7/2, so for every £2.00 you put on, you get £7.00 if the bet wins. If you only bet £1.00, then you will get £3.50 back.
Decimal odds can be easy to understand in some situations. So, for example, if you have decimal odds of 3.00 and you bet £2.00, you will multiply the odds by £2.00. This means you will get £6.00 back (plus your initial stake). Basically, all you need to do is to multiply the odds by your stake.
This means decimal odds are going to be a little bit easier to understand if you are not gambling in whole numbers. We know there are some people out there who will pay a couple of pennies at a time. They seem to enjoy it!
There is no one site which will always have the best odds
This is something that we can’t stress enough. There is no one site out there which will always have the best odds available. This is all due to what we mentioned earlier where the odds can go up or down dependent on how much money is being placed on it. This means that, in an ideal world, you will be a member of several different betting sites at once. If you are looking for some of the best companies who always seem to offer brilliant odds, then check out our list below!