What is Betting on Favourites?

Banding together is always a great idea. Whether you meet up with friends for lunch or you join forces to face the week head on, sports fans can always get behind their favourite teams. But what happens when your favourite team is doing great, but one or two of their competitors are on a roll? Now is the time to put your money where your mouth is. It’s called ‘banking’ on your favourites and while it might not be as popular as supporting a league or tournament team, it’s still quite a common way of betting in the UK. But what is exactly ‘banking’ on favourites and how can you ensure you’re getting value for money? Let’s have a quick dive into the world of banking on favourites and see how betting can be used to your advantage.

Banking On Favourites

The term ‘banking’ on favourites probably brings to mind images of horse-racing, where you might put a small stake on a single horse you’re passionate about. Most notably, the Grand National, but even the most casual of betters know that there’s more to banking on favourites than just sport. If you’re looking to get involved in some high-stakes gambling, you might consider putting down some money on a few of the horses that you deem most likely to win the race. Let’s have a look at how this plays out in practice.

The Basics

If you’ve ever seen the game show ‘The Price Is Right’, you’ll know that one of the prizes players have to select is often a set of ‘favourites’ – the choices are narrowed down from a series of options, which are then put to a test. In some cases, the lucky players will end up choosing a car or household appliances as their prizes. While this might seem like an odd choice at first, these are some of the most popular prizes on the show because players know that they’re more likely to win something they’ve chosen themselves rather than a prize that was chosen for them. This is a similar idea with banking on favourites. You’re essentially placing a wager that, based on the current form of your chosen teams, one or two of them are going to pull off an unlikely victory. The general idea is that you’re ‘bankrolling’ a chosen team, allowing them to over-run and outmatch the opposing sides. For instance, if your team is Manchester United and your favourite team is Liverpool, you might decide to back them to beat Leicester City or Chelsea in an away game.

The Mathematics

What is often forgotten about ‘banking’ on favourites is that there’s actually mathematics behind the concept. When you’re placing a wager on a team, you should consider how likely it is that they’ll perform in line with your expectations. In the example above, if you think that Leicester City are going to beat Manchester United, you might want to back them. However, if you’ve researched the two sides and know that Manchester United are actually the stronger of the two, it’s probably best to avoid backing the Leicester City players in this context. When you’re placing a wager on favourites, it’s essential that you consider the form and potential of all the teams you’ve chosen. Otherwise, you might find yourself in a bit of a pickle when the inevitable happens and one of your teams turns out to be much stronger than you anticipated.

The Psychology

An often-overlooked aspect of ‘banking’ on favourites is the psychology behind the concept. If you’ve ever watched the Netflix series ‘Tiger King’ you’ll know exactly what I mean when I say that there’s a lot more going on under the surface of these competitions than meets the eye. Just like with real tigers, it’s often very difficult to tell where these chess-match competitions end and the real blood-feud begins. In many cases, these rivalries run far deeper than the games themselves and the hatred is often more vicious than the fans would have you believe. It takes a lot of psychological preparation to be able to dive into this world of fantasy and put your money where your mouth is – and you’ll come out a whole lot smarter for it.

The Evolution

I think we can all agree that ‘Tiger King’ was a whole different beast to ‘The Grand National’. Where ‘The Grand National’ is a family-friendly affair, ‘Tiger King’ aired on National Geographic and was more akin to a gladiatorial combat. While it’s still relatively uncommon for people to put money on favourites in sport, it’s certainly not a concept that’s going to disappear any time soon. Just like with real-life football, the idea of banking on your favourite team is as old as the game itself and will likely remain a popular option well into the future.