Fixed Odds Betting Explained

Many people prefer sports betting because it’s more practical than straight up wagering. You can’t put a price on which player is going to score a championship ring, but when it comes to the NBA, MLB, NHL, and other professional sports leagues, there’s a general consensus that the payoff is greater when backed by the proper intelligence.

That’s where the theory of fixed odds betting comes in. Essentially, it’s a type of betting where you’re not allowed to change your wager as the game plays out. This eliminates the element of chance and leaves only what you know in advance, which is usually the skills of the players, as the thing that determines whether you win or lose.

To start, let’s look at the types of bets available in traditional sportsbooks and the differences between them.

Traditional Sportsbook Bets

If you’re a fan of the big four sports—­basketball, football, baseball, and hockey—you might be familiar with the layout of a typical sportsbook. It’ll usually feature the nationalities, leaders, and logos of the four major sports leagues on alternating sides of the wall, with the NBA, NFL, and NHL on one side and the remaining two on the other.

Each conference—­the World Series between the Yankees and the Red Sox is the ultimate example—­will have its own area, and within each area, you’ll see the various odds makers competing. You might notice that the majority of the odds are listed in a numerical format (2.5, 5.0, etc.) with a few decimal places, meaning the bookmaker is taking bets to the nearest integer. For example, if you wager $100 on the Red Sox with a 5.0 bet size, you’ll really be placing a $50 wager.

These odds are what’s known as ‘traditional’. They are constant (the oddsmaker does not change them as the game goes on) and usually range from 2.0–6.0. On the other hand, ‘variable odds’ are constantly changing and can range from 0.0–10.0, with most bets being between 2.0–4.0.

The Advantages Of Fixed Odds Betting

Here are some of the advantages of fixed odds betting:

  • You don’t have to guess which way the odds might shift toward at the end of the game. In other words, you know exactly what you’re risking.
  • They offer more clarity when it comes to evaluating a player’s true talent. With traditional bets, you often have to rely on statistics and other extraneous factors to make your decision.
  • They’re generally accepted in the sports world. More and more people are realizing the importance of backing a winner, and with fixed odds betting, you know that you’re placing a wager on a particular outcome (hopefully, a winner!).
  • You’re not limited to just the big four sports. Any sporting event, in any country, is fair game with fixed odds betting.
  • They allow you to lock in a profit in case of a win or minimize your loss in case of a loss. With traditional bets, you might win or lose but, more often than not, have no idea how much you’ll actually win or lose until the game’s end. With fixed odds, you’ll know exactly what you’re getting into beforehand.
  • They’re easier to track. Since the odds are always the same, it’s much easier to keep tabs on them and verify that you are, in fact, backing the right team (or player).
  • They offer more opportunity for hedging. Say you’re backing the New England Patriots. You might decide that there’s no point in wagering on them today, since they’re already favored by 4.0 odds to win their next game. In that case, you can simply walk away with no downside, but you’ll also prevent yourself from making any profit should they win.

Where Can I Place My Bets With Fixed Odds?

As mentioned above, most traditional sportsbooks only handle the big four sports. Thanks to the globalization of sports, however, there are options for placing bets on any sporting event, in any country. So if you have a certain favorite sporting event or player, there are ­places where you can bet on them worldwide. Here are some of the best options:

  •—­A global leader in sports betting, offering a fully mobile-responsive website so you can place a bet anytime, anywhere, on your smartphone. They also offer a live betting chat option should you want to place a bet while on the go.
  • Betfair—­One of the best online betting exchanges, which also offer a mobile app that makes placing a bet a breeze. In addition to offering a safe and secure way to place a wager, they also give you the opportunity to back the favorite team you choose and receive free bets if they win.
  •—­A reputable online sportsbook that specializes in soccer and offers a fantastic live betting option, should you want to place a bet while watching the game from the comfort of your couch.
  • Bet365—­The granddaddy of them all when it comes to online betting and one of the first companies to fully embrace mobile gambling. They offer a fully responsive website so you can place a bet anytime, anywhere, from your smartphone. In addition, they give you the opportunity to lock in a profit in case of a win or minimize your loss in case of a loss.

In closing, let’s touch on some of the basics of how to place a bet with fixed odds. Keep in mind, however, that this information should never be used for gambling purposes. Rather, it’s here to help you place a bet in the most efficient and effective way possible. From the basic betting strategy to the different types of bets available, keep this information in mind if you want to improve your odds of winning.

First, select the team you wish to back. You’re given the option of picking either the winner or the total number of goals scored. Once you’ve chosen your side, make sure you visit the leagues’ websites to get the latest news and odds. You can also search for the game’s relevant information, including the date and time of kickoff.

Next, find the team’s performance records. If you want to bet on the Red Sox this year, for example, you’ll need to visit this website to get the latest win-loss record, batting average, and other pertinent information. You can also search for the game’s odds should you want to quickly find them later on.

As mentioned above, you can’t change your bet as the game progresses. This is known as a ‘stacked’ bet or ‘unit’ bet in the parlance of bookmakers. When placing a bet with fixed odds, never choose a stacked bet or unit bet. This is because the house always wins with these types of bets. The bookmaker is taking the other side of the bet, so if you lose, you have nowhere to turn for recourse.

Lastly, check out the bookmakers’ website for information on how to place a bet. Just remember, the odds and betting rules might vary from one place to another. Before placing your first bet, be sure to research the best method of betting and all relevant information, including the wagering requirements, rules, and any restrictions.