The odds of a sports bet you make will be based on three factors:
- the number of goals scored (or conceded)
- the score of the game
- the amount you wager (bet)
If you bet on Liverpool and Manchester United to score in a football match, for example, the odds would be 3 : 1 in United’s favor. The match was drawn 0 : 0, so both teams scored the same number of goals. However, if you had wagered £100 on United, you would have won £300 because they scored three goals while Liverpool scored zero.
Odds Basics
When you first enter a betting shop, the odds will appear on a screen in either metric or decimal form. You don’t need to concern yourself with these numbers; all you need to know is whether you want to risk money on a particular event. Metric odds are more commonly used in football matches and horse racing, while decimal odds are more popular in tennis and snooker.
You’ll usually find that the longer the event, the more decimal these numbers will be. For example, a 10-lap race at a racetrack will typically produce much longer odds than an individual tennis match. If you’re new to betting, the default odds offered by bookmakers will usually be in decimal form. If you’re familiar with sports betting, you may find that the bookmakers have shifted to metric numbers to make it easier for you to quickly identify whether you want to risk money on an upcoming event.
Odds & Events
Aside from the actual sporting event, you’ll also see a list of all the other sporting events that are currently taking place. If you’re new to betting, it can be difficult to know which events are worthwhile risking your money on and which are better avoided. To help you out, your bookmaker will likely offer sensible advice on which sporting events you should avoid betting on and which ones you should try and back. If you’re still drowsy from your morning coffee, you may want to reconsider betting on these games because the last thing you need is to be robbed of sleep by a sudden phone call that your team has won or lost.
Types Of Bets
As you become more experienced, you’ll learn to make the right choices for your personal preferences. One of the first things you’ll want to do is to identify whether or not you want to bet on the result of an event. There are four basic types of bets:
- Over/Under: this type of bet will allow you to bet whether or not the outcome of an event will be above or below a certain score. For example, you may want to bet on the over/under of a football match, where the over can be anything from 3 : 1 to 11 : 1 and the under is 2 : 1 to 10 : 1. The amount you wager determines the risk you’re willing to take on. For example, if you wager £10 on the over, you’re choosing to take on more than £30 of risk in return for a potential profit of £20. This is a fairly high-risk bet. The over/under is widely accepted in American sports betting but is less popular in European jurisdictions because of the fear of fixed odds games.
- Field/Goal/Both: there are three variations of this type of bet where you can decide between five choices. You can either bet on the team to score first, the goal to score first, or both. For example, in a soccer match, you may want to wager that Liverpool will score first, or that there will be a goal-less draw. You could also choose to bet on neither team to score, or on the scoring of both teams.
- Win/Place/Double: this type of bet will allow you to wager on whether or not your favorite team will win, place, or if there will be a draw. For example, in a soccer match, you may want to wager that Liverpool will win, or that there will be a goal-less draw. This type of bet has the lowest risk of the four as you’re guaranteed to win your money back should your team not win.
- All Odds/No Odds: in this type of bet, you’re betting on all the sporting events that are taking place. For example, you may want to bet on the over/under of all college basketball games, or all golf tournaments. This option is often popular amongst horse racing enthusiasts who want to follow all the races happening at the same time. Because you’re taking on such a large amount of risk in one bet, this option is usually only available to high-rollers who can afford to lose large amounts of money if their chosen team doesn’t perform well. However, it is still possible to win big with this type of bet. Just remember the more you wager, the more you lose.
Odds vs. Varies
If you look at the bottom of the screen, you’ll often find a section which displays variable odds. In most cases, these are set by the bookmaker and you have little to do with them. However, there are times when you may want to bet on a game that has variable odds and isn’t listed on your books. For example, you may want to bet on a bandar game (think: keno) or an online lottery where the odds vary by how fast you can complete a task. In these types of bets, you aren’t choosing the odds, but the bookmaker is making it convenient for you to bet on these varied games by offering them at discounted rates.
Making The Right Choice
Once you’ve decided that you want to risk money on a particular event, the next step is to decide how much you want to risk. The amount you wager will determine the odds you’ll get. For example, if you wager £10 on an over/under bet, you’re choosing to take on more than £30 of risk in return for a potential profit of £20. Calculate whether or not you’ll be able to afford the luxury of losing £30 should your team lose and consider whether or not this is a game you can afford to lose. If not, then you might want to choose a different sport or stake size.
Risk Vs. Reward
Another thing you need to keep in mind is the risk you’re taking versus the reward you’re trying to achieve. In most cases, you’ll be able to identify whether or not the risk is worth taking. For example, if you’ve decided to bet on the over/under of a football match (soccer), you’ll likely see that the bookmakers are offering extremely high levels of risk in return for a small amount of potential profit. These games are widely regarded as fixed odds games, which means that the odds are always in favor of the bookmaker. If you’re new to betting, it might be a good idea to avoid betting on these kinds of games. It’s not always easy to identify the risk vs. reward of an event, and there are situations where the risk is completely outweighed by the reward.
Additional Information
Once you’ve made the decision to risk money on a sports bet, the next step is to gather as much information as possible. Begin by looking for the best odds available for the event you’ve chosen. Be sure to check for events taking place throughout the year and in locations where you are likely to gain access to the sport you’re interested in. For example, if you want to bet on American football, you’ll have to do so on the Internet because American football is not being broadcasted in Europe at the moment. If possible, find a bookmaker that is located in the country you’re in and that is regulated by a governing body (think: the Gaming Commission). For regulatory bodies, see here.