# How to Betting Odds – An Easy Guide for Beginners

There is always a lot of excitement when the World Cup arrives, especially in the weeks leading up to it. Everyone seems to be talking about football and it is a topic that is easy to relate to. The 2018 World Cup was no different and many people placed their bets on which team they thought would win. There were a lot of theories and discussions as to which outcome would be best for each individual. Now that the dust has settled, one thing is clear – everyone had a different opinion and it would be best to explore this option further. Here is how to ‘Betting Odds’ – a guide for anyone interested in placing a wager on the World Cup.

For those who are new to betting, it is important to understand the difference between horse racing and football. Horse racing is based on the theory of probability, where the idea is to predict the outcome of a specific race given the circumstances at the start. To continue with this example, if you put your money on the favourite, you are essentially saying that you think the horse will finish first given the circumstances. In football, on the other hand, the aim is to score goals and the theory of probability plays an important role in this process. For instance, if you predict that Barcelona will score a goal, you are essentially saying that you believe they will be able to score given the circumstances.

## Consider The Theory Of Probability

In mathematics, probability is defined as the possibility that something will happen or be the case. The outcome of a random event is often represented by a range, where 1 represents certainty and 0 represents impossibility. So, if we were to predict the probability that a certain team will win the World Cup, we would need to look at all of the other teams along with that team. Consider, for example, that if we take the view that none of the other teams have a chance of winning, then that team’s likelihood of winning is 100%, but if we were to take the view that at least one of the other teams has a chance of winning, then that team’s likelihood of winning is 0%. Knowing when to apply which theory can be very tricky, especially when there are so many variables to consider. For instance, if one of the teams you are backing happens to play against another team you are backing in the final, the theory of inverse probability will apply and you will have to adjust your views.

## The Appeal Of Online Betting

With the advent of online betting, placing bets and getting results has become a lot easier. All that is required for those who want to engage in fantasy sports is to have an account with a reputable online sportsbook and to make a few bets on upcoming sporting events. For the convenience of the reader, we will simply assume that you wish to engage in online betting and not discuss the merits of fantasy sports in this article. Once you have your account set up, all you need to do to make a bet is click on the ‘Bets’ tab and make a selection from the various events that are taken place throughout the year. There are a variety of betting odds available for these events and the advantage of online betting is that the odds for different outcomes can be compared at the same time and from the same source. In the off-chance that you win, your return on investment will likely be good, as you will have a good chance of making a profit, given the betting odds are in your favour.

## The Disadvantages Of ‘The Handicap System’?

While there are numerous advantages to ‘The Handicap System’, there are also some disadvantages. First off, it can be difficult to find the specific team you wish to back, as you will be competing with other people who have also decided to use ‘The Handicap System’. Secondly, if you have backed the wrong team, there is no turning back and you will have to settle for 0% return on investment, as you can never go back and change the score.

## When To Bet On What?

Deciding when to place a bet is difficult and it often depends on the situation and the person you are speaking to. If you put your money on the favorite, then you are effectively saying that you think they will win a definite prize and you will likely make a lot of money. However, if you think that one of the other teams has a chance of winning, then you should place your bet on that team, as it is likely that they will earn you money, particularly if they do win. The best time to place a bet is when there is still sufficient time for things to unfold as you predict and when there is a clear and settled outcome. For instance, if we were to say that England will win the World Cup and you decide to put your money on them, then you can be pretty sure that they will win, because there is not that much time left for other teams to catch up. On the other hand, if we were to say that the final was going to be a draw and you put your money on one of the teams, then you might as well have lost your money, because there is still plenty of time left and it is still possible that the other team will pull off an unlikely win.

## Where To Place Your Bets?

Deciding where to put your bets is also a difficult process. If you are using ‘The Handicap System’, you will need to consider the competitiveness of the team you have decided to back. If they are highly competitive teams, then you will need to consider spreading your wagers over a number of different events, to give yourself the best chance of winning. Another important consideration is the vigorish – the amount of commission that the bookmaker will charge you for placing a bet. The lower the vigorish, the more likely you are to win. Finally, if you are using a bonus code, make sure that you enter it each time you place a bet, to ensure you retain your previous gains. Without it, your existing gains will be revoked at the end of the day and you will need to start again from scratch, as the bookmaker will not offer any compensation for unexpected problems.

## How To Minimize The Damage

While we would all like to win every time we place a bet, it is often the case that we end up losing, particularly if we place huge wagers, based on incorrect information or bad luck. It is, therefore, important to minimize the damage and prevent possible large losses. Some people choose to lock in their profits and avoid possible large losses, by backing smaller, less competitive teams or horses. If you find that you are losing a large amount of money over a number of different events, at the same time, it might be a good idea to take a break from betting or reduce your wagers until you have regained your losses and can start again fresh. It is also worth looking at what other people are doing and seeing how they are managing their bets, to get an idea of how safe or risky it is to bet on certain teams or events, based on the current strength of the competition. The more people who are backing a certain team or event, the safer it is to do so, as there will be more competition and less chance of you being able to place a bet, if a lot of others are doing the same – the theory of ‘The Herd’.

To conclude, placing bets on the World Cup is a lot of fun and it can be a profitable activity, provided you do it right. Just make sure that you are aware of all the factors at play and that you have done sufficient research about the topic. Also, make sure to follow all the rules and regulations set by the governing bodies in place for this magnificent event and have fun!