Sports betting has become a multi-billion dollar industry. With the rise of the Sporting Poker League (SPL) and the popularity of eSports betting, the world of sports betting is more accessible than ever before.
Unfortunately, not all sports betting is created equal. Some wagers are clearly more lucrative than others – taking into account both the odds and the amount wagered. To put it simply, some bets are richer than others.
What is the financial difference between -10.5 favourites and 50/1 outsiders in sports betting? Let’s take a look.
The Linear Relationship Between Score and Odds
The most basic principle of gambling is that there is a direct correlation between the score and the odds. A team or player scoring a lot of runs or gaining a lot of points will likely get paid more than the same team or player that scores less frequently. Simply put, the more a team or player scores the more they will likely win. This is known as the linear relationship between score and odds.
When you make a wager on an event, whether it’s a sporting event or an eSports event, you are essentially placing a wager on that team or player to win. As long as the team or player you back is winning (i.e. scores more runs, wins more games, or achieves the desired goal), then you will win your wager. However, if the team or player you back is losing, then you will lose your wager (i.e. the opposite of net profit is net loss).
The Odds Will Rise As The Scores Rise
The odds in sports betting are in fluctuation (i.e. they will change over time). This means that no matter what the score of an event is at the end of the match, the odds will always be in favour of the team or player with the higher score. This is because the bookies (i.e. the individuals or organisations that take on the task of setting and managing the odds in sports wagers) always have a sense of optimism in sports betting. This sense of optimism is also known as the law of diminishing odds. Simply put, as soon as a team or player scores, the odds will drop because there is no longer an advantage to be had from prediction (i.e. an event that is predicted to win is almost certain to win).
The More Experienced The Better
One of the things that makes sports betting more attractive is the level of skill and the experience of the individuals or teams in question. Experienced sports bettors can analyse a game more objectively and make better predictions than a layperson (someone who is not a professional sports bettor but simply places wagers on sports events for profit).
While it’s true that no one can be an expert in every field, being a sports bettor is in some ways an expertise. The fact that you have to be an expert in order to make a living as a sports bettor means there is a tremendous amount of uniqueness in the field and a lot of opportunity for professionals to specialise.
The Over/Under Rule
Another important concept in sports betting is the over/under rule. Simply put, this means that when you place a wager, you are not betting on the winners of a game but on the total amount of runs scored in relation to the amount of innings played. This is a commonly used method of betting in horse racing, where the public are betting on the horses to run (i.e. win) a certain number of races (i.e. steeplechase events).
In foot ball, soccer, and some gamelands (e.g. Hearthstone, LOTRO), this is known as a parlay. In those cases, players will bet on two or more events with the goal of netting a profit. While this may seem like a rich person’s game, the over/under rule is crucial in terms of making money from sports betting. Simply put, if you are betting on a team or player to score more than 10 runs in an innings, you are setting a parlay. This means you are effectively betting on a game to end in a draw. In such a case, you will partner with someone who is betting on the opposite team or player to win.
The More Tied Matches, The More Money
Tied matches in sports are matches that go into extra time, which is also known as a sudden death match, golden goal, or full time (i.e. if a match is to be drawn then it will be drawn to a finish).
It’s true that you rarely if ever see a full time tie in a major sports event, but you will often see a sudden death tie in a minor sport or eSports event. In such a case, the more tied matches, the more money you can make, because every run, wicket, or game that goes into extra time is a bonus wager (i.e. a match that goes into extra time is usually a paid wager).
Why Are The Odds So Important?
The odds in sports betting are important because they determine profitability. Without them you are basically just playing for fun. The key to making a profit in sports betting is to prediction. This is easier said than done, especially in major sports, but it’s all about being the best at analyzing the current state of a game and making a reasonable prediction about how it will play out. Of course, you will still lose in a few cases, but being able to earn a profit is the ultimate goal of every sports bettor. It’s not just about having fun.