What do you need to know about reading sports betting odds?
Sports betting has become famous for many people who are interested in predicting game outcomes. One key aspect of sports betting is understanding the odds. Whether you’re a beginner or looking to improve your skills, reading sports betting odds like a pro can help you make better decisions. The first step in reading sports betting odds like a pro is knowing the odds you might encounter. They use positive and negative numbers to show how much you could win or how much you need to bet. A positive number shows how much you could win on a $100 bet. A negative number shows how much you must bet to win $100. Decimal odds are popular in Europe and Australia. They show the total payout for a $1 bet, including your original stake. For example, odds of 2.50 mean you’d get $2.50 back for every $1 bet if you win. They show the profit you’d make on a bet compared to your stake. For instance, odds of 5/1 mean you’d get $5 back for every $1 bet.
Interpreting the odds
Once you understand the different types of odds, the next step is learning how to interpret them. The odds tell you two important things. How likely an event will happen (at least according to the bookmaker) and how much money you could win if your bet is successful.
- Lower odds – An event is more likely to happen, but they also tell a smaller payout if you win.
- Higher odds – Suggest a lesser likelihood of an event occurring, but they offer a bigger payout if your bet is successful.
Calculating potential pay-outs
Calculating potential pay-outs is crucial when reading odds like a pro. If the number is favourable for American odds, multiply your bet by the odds, then divide by 100. If it’s negative, divide 100 by the odds, then multiply by your bet.
Understanding implied probability
Implied probability is the likelihood of an outcome happening based on the odds. To calculate it, you need to convert the odds into a percentage. For decimal odds, divide one by the odds and multiply by 100. For American odds, use 100/(odds + 100) for favourable odds and odds/(odds + 100) for unfavourable odds. It might be a good bet if the actual probability exceeds the implied probability.
Comparing odds from different bookmakers
Pro bettors often compare odds from multiple bookmakers to find the best value. While the differences might seem small, they can add up over time. Many online platforms, like 12Bingo, offer comparison tools to help you quickly find the best odds. However, always make sure you’re using reputable and licensed betting sites.
Understanding how the odds change
Odds aren’t static – they can change based on team news, weather conditions, or betting patterns. Pro bettors pay close attention to these changes and try to understand why they happen. Sometimes, getting in early on a bet before the odds shift can lead to better value.
Even pros make mistakes when reading odds, but try to avoid common pitfalls. One frequent error is overvaluing favourites. It is only sometimes good value to bet on a favoured team. Another mistake is ignoring the impact of juice on your long-term profitability. It’s also important to remember that odds reflect the bookmaker’s opinion and the betting market, not necessarily the actual probability of an outcome. Developing and comparing your assessments to the odds is a crucial skill of professional bettors.
