What is Nil in Betting?

Most people can recite the odds of black and red playing in baseball – the former being the favored color, and the latter not being so much. But, did you know that in betting, the odds are always in favor of red? Well, they usually are. But, sometimes, the seemingly-unfair odds in your favor can backfire. That is what we are going to discuss here, in terms of identifying and avoiding the pitfalls that can arise from using numbers in betting. So, let’s get into it.

The Basics

In case you’re wondering, the word ‘nil’ in betting stands for ‘no odds’ or ‘no advantage.’ It is used to signify that the betting market for a certain outcome has no value. So, if you were to bet on a game and it goes to time, you would have to pay off your full bet, because there is no value for your bet in that case. You would not even earn odds. You see, in the vast majority of instances, ‘nil’ is a good thing, because it means that despite your effort, you have lost the game. But, sometimes, it can also mean that despite your effort, you have won. So, it’s important to keep in mind when using numbers in betting, especially against the spread, that not everything is as it seems. This is especially important if you have used a decoy system to beat the odds, only to have those very same odds turn around on you. You might want to re-examine your bets if this happens. Of course, once you realize your error, there is no going back. It is either accept the loss or find a way to make it work for you. But, before we get into the details, it is important to establish the difference between using numbers for odds-setting and using them for entertainment. So, here’s a brief summary of how to avoid falling into this trap:

Odds-Setting

When you are betting on sports, odds-setting is when you are using statistics to determine the winning probability of an event. So, in an NBA game, you might look at the numbers to see which team is more likely to make a three-point shot or a two-point shot. Or, you might want to examine the statistics on free throw shooting or turnovers to see who is historically more successful in those areas. In all likelihood, you would be using sports statistics to create an advantage for yourself in terms of making a wager. In that case, odds-setting is a good thing, because you have created an edge. But, that doesn’t mean that all odds-setting is good. There are instances where you might want to avoid using numbers to determine the outcome of an event. For example, if you were to use numbers to determine the winner of the World Series, you would be setting up a situation where a team with a better regular season is most likely to win. This might not be what you want to see at all. You might want to consider using other factors, such as who has the best players or which team has the best pedigree. But, no matter what, odds-setting should be approached with a degree of skepticism.

Entertainment

When you are using numbers for entertainment purposes, this is when you are looking at a game, not to determine the outcome, but to just enjoy watching or listening to the game. For example, in an over/under line or a parlay bet, you are not using numbers to determine the outcome of an event. You are simply trying to cover your chosen games with as many winning bets as possible, regardless of the final score. So, in an over/under line on a football game, you would be choosing between two teams, regardless of what the final score is. In a parlay bet on a horse race, you would be making multiple wagers, each of which would have its own outcome. You are using numbers here for the purpose of entertainment, and you do not want to give them too much weight in terms of determining your overall results. For example, if you were to use parlay betting to win $10,000 at the track, you might consider that a successful trip, but you would not want to base your success entirely on that one bet. You might want to look at your other bets to see if this is truly the case. If you used numbers for entertainment and they did not pay off, you would not want to be too hard on yourself. It never hurts to try. But, in all likelihood, you would want to find a way to make the numbers work for you, because this is truly the easiest way to make money betting. Just make sure that you do not put too much weight into the outcome of one game or series of games, regardless of how important they may seem at the time. Instead, look at the whole picture and make your best guess, based on the available data. Remember, odds are always in favor of red in betting. So, if you ever find yourself in a situation where this is not the case, make sure that you question the numbers and not just go with your instincts.

Using Numbers To Our Advantage

Odds are always in favor of red in playing, but this is not always the case in betting. Sometimes, the seemingly-unfair odds in your favor can turn around and bite you in the ass. As we mentioned above, this can happen if you use a decoy system – a scheme where you pretend to be betting on one team, while actually betting on another. Or, it can happen if you are just plain lucky. Using numbers to our advantage happens when we are using statistics to determine the winning probability of an event. So, in an NBA game, let’s say that you are using a decoy system and bet against the team that you think is most likely to lose. You make a lot of money for a while, but then the team you were betting against catches up and beats you. It happens. If this happens to you, you might want to re-examine your bets. Perhaps, the team you were really betting against was the favorite, and you just happened to pick the wrong side. Or, perhaps, you were just plain lucky. Either way, this is how numbers can work against us in betting. But, as long as you are using statistical evidence to determine the winner, this is how numbers can work for us. So, remember to keep an open mind when using numbers in betting, but also keep a firm grip on reality. If this is your first time using numbers in betting, take some time to study up on the subject. You’ll be glad you did. And when you’re ready to place your next wager, do it with confidence, knowing that the odds are always in your favor.