In life, you’ll often get lucky or unlucky depending on the events that happen to you. When you’re betting, you can apply this notion by using betting odds to determine how much you should wager on your chosen event. The following article will give you some general guidelines on how to select the right betting odds for yourself. It will cover things such as:
Types Of Bets
To start with, let’s discuss the various types of bets you can make. Broadly speaking, you have three basic options: win, place, or show. A win bet is what you would normally expect – you are betting on the outcome of an event to be determined by the throws of the dice or the movement of a roulette ball. A place bet is where you place a wager on an event, but the outcome is not determined by random chance. The show (or go all-in) bet is where you wager on the outcome of an event regardless of what happens before it. As the name would suggest, the idea behind a show bet is for the participants to make as much (or as little) as possible based on the outcome of a certain event. For example, if you are playing roulette and are up to place a bet on the red or black, your choice is not determined by the spin of the wheel or the movement of the ball. You are either betting that the ball will land on a red or black slot – in which case you would win or place based on that outcome. The show bet thus has no influence over which of those two outcomes happens. You might also hear some bookmakers refer to these types of bets as “open-end” or “push” bets because you can back out of them at any point before the end of the game.
Consider The Time Factor
One important factor to consider when picking your betting odds is the time factor. Naturally, you would want to bet on an event that you think you are going to win so you can collect your money back (plus some). However, if you have limited time to place your bets, you should select an event that has a shorter time frame. Trying to pick the winner of the Super Bowl every year is probably not a good idea, as there are only so many hours in a day and you would rather bet on events that you think you have a better chance of winning.
Look At The House Edge
Another important factor to consider when picking your betting odds is the house edge. Simply put, the house edge is the advantage that the bookmaker (or casino) has over you as the individual betting on the event. If you are a conservative user and think you can calculate the house edge easily, you can use that to determine how much you should wager. The following equation illustrates how to calculate the house edge (H.E) for simple winning scenarios:
H.E = Odds (1.2) – 1
- H.E = House Edge
- Odds = The odds of winning
- – 1 = The edge in favor of the bookmaker (or casino)
For example, if you are wagering on a horse race and you think the bookmaker’s (or the track’s) odds are 2-to-1, you would put down $100 on a $200 bet. After all, you are getting $100 in return – what is the disadvantage to you? Remember: this is a conservative estimate and you should always bet more than you think you can afford to lose. Trying to pick the winner of the Kentucky Derby is probably not a good idea, as the house edge is 12% (0.12), which means that you are giving the bookmaker (or casino) a small percentage of your earnings just to enjoy the race.
What Are The Most Popular Bets?
Now that you’re equipped with the basic information on how to pick a betting odds, let’s discuss the most popular types of bets. As mentioned before, you have the win, place, and show bets, but there is another type of bet that is gaining popularity: the Accumulator Bet.
The accumulator bet is similar to the win bet in the sense that you are simply placing a bet on the outcome of an event. The difference is that you are making an additional bet that the odds will go up (rather than down) on the selected event. For example, if you are playing roulette and you think the odds are going to decrease (in favor of the bookmaker) on the Red or Black, you can place an accumulator bet on those same numbers.
Accumulator betting was first made popular in Brazil and it was initially used to increase the excitement and suspense of a game. However, in recent years, it has become a common practice among sportsbooks and online casinos to use accumulator betting to make extra money off all-time low odds – sometimes even odds-on or -against favorites!
In the case of the Super Bowl, you would typically place an accumulator bet on the winning team (usually the favorite) as well as on the point spread. For instance, if you think the New England Patriots are going to beat the Los Angeles Rams by seven points, you can make $100 in additional winnings by placing an accumulator bet on those same seven points. The payout on an accumulator bet is usually very good, as long as the underdog wins and the points spread adjusts in your favor (which it usually does).
Watch Out For Schemes
One important consideration is to always be on the lookout for scams, as there are always people out there looking to take advantage of innocent, eager bettors. You should be warned that there are several types of betting scams, the most common of which are:
- Matching bets (or “bait and switches”)
- Syndicate (or “fixed-match”) betting
- Lay bets (or “dumps”)
- Free bets (or “multiplier” or “interest-free” bets)
- Bogus bets (or “phantom” or “joint” bets)
- Exclusive or “lock” bets
- Gambler’s ruin
- “Dutch auctions”, where the highest bidder wins
If you’re unfamiliar, a matching bet is when you place a bet on an event and the bookmaker (or casino) matches your wager. A fixed-match betting scam occurs when a bookmaker (or casino) fixes the outcome of an event before the game even starts. This type of scam is illegal in most countries, as well as in Florida and Louisiana in the U.S. If you suspect a bookmaker (or casino) of running a fixed-match betting scam, report it to your state or local authorities. Remember: it is your responsibility to do all you can to protect yourself from such scams. The most effective way to avoid getting scammed by these types of ventures is to stay away from illegal activity and stick to reputable, licensed bookmakers (or casinos).
Where Can I Find More Information?
The best source of information on betting is the state gaming commission. Simply put, the state gaming commission is an independent governmental agency that regulates the gambling industry within a state. Most state gaming commissions have an online encyclopedia or a FAQ section that you can use to get the basics of betting. It is also a good idea to visit the state or local library and look for books on gambling, or better yet, try Googleing “[your state] gambling laws”. You may find it helpful to contact an attorney if you are ever involved in a dispute with a bookmaker (or casino). In the event of a dispute, you need an attorney who is familiar with sports betting and legalities involved in that particular type of wagering.
When it comes to choosing a betting odds, whether you want to bet on a horse race or a football game, it is important to keep in mind all the relevant factors. When you have a clear picture of what kind of odds you are looking for and the time factor is not a concern, then it is best to go with the favorite – especially if you think the favorite will win.