Do you like a challenge? Do you enjoy a good fight? Do you have a passion for sports? If so, then you’ve come to the right place. We’re going to talk about decimal odds, and how they can be used to determine the level of difficulty in sports betting.
What Are Decimal Odds?
Decimal odds are a way of expressing the likelihood of an event occurring in a particular sport. For example, a decimal odds score of 1.5 means that there’s a 50% chance of the game ending in a draw. If you’re unfamiliar, the decimal odds formula is as follows:
(Result x 2) + (Half time x 2)
Now, we said that these numbers could be used to determine the level of difficulty in sports betting, which brings us to our next question.
Why Are Decimal Odds Important To Know?
Decimal odds are important because there are a lot of bettors out there who aren’t familiar with the concept of half time and extra time. If you ever placed a bet on a game that was tied after 90 minutes had passed, you’ll know exactly what we mean. The game may have finished in a draw, but there was actually another 45 minutes of extra time that nobody thought the game would ever be resolved in. That’s why, in situations like that, it’s good to know that there are other possibilities other than a draw. Sometimes, you’ll get lucky and the game will end in a clear-cut win or loss.
On the other hand, people who know how to apply the odds properly will have no problem knowing whether or not their pre-game bets are going to pay off. As we mentioned before, there’s a lot of value in simplicity and understanding the fundamentals of probability and statistics. The less likely an event is, the more you’ll win if you bet on it. That’s all there is to it.
How Do You Apply Decimal Odds To Betting?
If you’re new to sports betting, the idea of using decimal odds may seem a bit daunting. Fear not, my friend, for we have you covered. Let’s take a quick look at how you can use decimal odds in practice. First of all, you’ll want to focus on the double result lines. These are the ones where you are betting on two teams that are tied at the end of the game. For example, let’s say there’s a college basketball game between Duke and North Carolina. Both teams are ranked in the top 10, and they’re heading into the last few seconds of the game. Are you interested in betting on which team will win? If so, you’ll need to look at the odds for that specific match up. If you do a quick search on Bing, you’ll see that the odds for this game are very close to 1.0, which means that it’s very likely that either Duke or North Carolina will win this game. In fact, the odds might even be a little bit in favor of the Tar Heels. However, if you’re looking for an accurate line, you should probably avoid going with either of these numbers and look for something more like, let’s say, 3.0, which is a little more generous to the Hurricanes.
How Do You Calculate The Odds Of A Sports Event?
So, you’ve got your decimal odds and you’re ready to apply them to a betting scenario. First of all, you’ll want to look at the pointspread. This is the line opened by bookmakers, or as they like to call themselves, the lines leaders. In the example above, the pointspread for the Duke vs. North Carolina game is -180, which means that the bookmakers are giving the Hurricanes a 180-point edge. You don’t need a calculator to figure out that this is an extremely generous amount of points to give to a team that is almost certainly going to lose.
Now, you’ll also need to consider the over/under, or total, for the game. This is what the bookies are offering for money. In the example above, the over/under is set at 200, which means that the bookmakers are predicting that the total number of points scored will be higher than it usually is in a basketball game of this magnitude. There’s also the possibility that the score could be exactly the same as usual, but the ball could end up in the hands of the same team for longer than usual. In any case, you can bet on whether or not the total amount of points scored will be higher or lower than usual, and the odds vary according to whether or not you think it’s going to be an up or down game. Sometimes, you’ll even get offered odds that are just a straight up or down game, which is very rare these days. Just keep in mind that the more that you’re paying attention to, the easier it will be to apply the odds and understand what the bookies are trying to tell you.
Remember The Streak
One of the most important things to keep in mind when using decimal odds is the concept of a streak. A streak is when a team or individual continues to perform well, despite all odds pointing to a different outcome. For example, take a look at the Los Angeles Dodgers and their incredible run of success over the last few years. In 2017, they won their 29th championship, which is the most of any baseball team in history. Despite all the evidence to the contrary, the Dodgers continue to perform well because they apply the odds properly. They use those decimal odds to their advantage by consistently using good, old-fashioned hard work to their benefit.
One of the things that makes the Los Angeles Dodgers so special is not just their incredible success over the years, but the fact that they’ve been able to keep this up, even years after their prime players have started to fade away. It takes a lot of dedication and focus to maintain excellence, and with that, they’ve been able to stay consistent and keep their streak alive. This is the kind of spirit that you need to adopt if you want to be successful in sports betting. Do your research, find the odds, and keep your head down, and you could be on your way to big money in no time.