How Do Odds Work In Football Betting
Betting on football is a multibillion industry which has continued to grow with the advent of online betting. As the most popular sport in the world football betting is done by millions weekly.
With many betting on the most popular leagues in the world and on top international competitions. One key aspect that makes any bet valid is the value of the bet also known as the odd.
It is common knowledge that the bookmaker set the odds by comparing the probability that a football event will occur. Many punters love to bet with different bookmakers due to sharp differences in the value of odds for different games.
In this article, we will be looking at how bookies are able to make out the value of different odds.
How Do The Value Of Odds Bookies Determine
Bookmakers employ different statistical analyses before coming to a conclusion about the value of an odd.
For example in a hypothetical game between Manchester United and Brighton. Both teams are on the opposite sides of a spectrum, Manchester United being the top club while Brighton are an average team.
The bookmaker takes into account this fact and if Manchester United are at home, they are likely to have lower odds.
This could be evident in Manchester United having an odd of 1.40 and Brighton receiving an odd of 3.00.
This means that for every 3 matches, Manchester United will win at least 2 of them while Brighton will win 1 of every 3 matches. Since this is hypothetical it is always important not to put much value on this.
What Are The Different Types Of Odds Offered By Bookies.
It is important as punter to note how Bookmakers present odds on their websites. For new punters, this information will be useful as an early guide when deciding to use a particular bookmaker.
There are three major ways of presenting odds.
How Does Fractional Odds
Fractional odds are also known as British odds since they are mostly popular with British and Irish bookies. There are styled with a fraction/ or hypen -.
Since commercial betting originated from the UK, fractional odds are used by some of the largest bookmakers in the world making it popular.
A Common example of fractional odds are 5/1. In this scenario, it means that you will win $5 for every $1 staked. This can be further broken down to mean that you will receive your initial stake in addition to the profit $5 giving you a total return of $6.
Therefore, if you wager $20 at 5/1 you get a total return of $120 which is broken down as $100 profit plus your $20 initial stake.
2.00 means that for a stake of $20 your total earnings will be $40. You simply calculate this Decimal odds are the most popular way of representing odds in Europe, Africa and Asia as it is an easier option for the average punter to understand. Since you don’t need to make any calculation, many punters tend to grasp the format easily.
An odd of by multiplying your initial stake with the value of the odd.
Any calculator can easily give you the result as it is a straight forward process. Where decimals odd representation gives good values is when you have accumulated several games.
For example for an accumulated figure of 325 odds. A stage of $10 will give you total winnings of 3250.
Decimal Odds Vs Fractional Odds
The choice of which format to follow is more of a personal choice, as many bookies offer both odds. However, there has been an increasing trend towards decimal odds due to their ease of use.
This is largely seen in most betting ads which are largely represented in decimals for easy access by punters. Another reason for these is also the representation of winnings which gives decimals the edge.
Fractional odds only represent winnings without including the original stake. With decimals this is eliminated which has made several betting websites adopt these formats. In addition, the increasing changes in odds also make fractions in comprehensive for the average punter.
This is because large fractions will have to be created which makes little sense for the average punter e.g. 124/45 as compared to 26.00. We can say that although fraction odds is the traditional format of football betting, it is gradually being phased out by decimal.
In conclusion, all you need to know is that betting odds generally represent the probability of an event occurring. This means that you need to understand the importance of calculating, the odds either fraction or decimal.
There are several online odds calculators that help this process and you can always use them to get quick conversions from these sites.