Football Betting Odds Explained
Football is easily the most preferred sport by punters also due to the fact that it gives them the chance to choose between a broad variety of betting opportunities. Gambling operators undoubtedly strive to see punters right as they give them the chance to select from an abundance of wagers. Still, in order to make sure that you will be able to get the most out of your sports betting session, in the first place, you should make sure that you have accustomed yourself to all the specific aspects of football betting. For that reason, a good idea might as well be to take your time to learn more about some of the basic football wagers.
Other than that, if you want to ensure that you are well aware of the manner in which football betting works, you should also take your time to learn more about the different odds formats. Gaining even a basic knowledge of odds will undoubtedly help you become a successful football bettor due to the fact that you will be able to appraise what is the probability of your stake to become a winning one and whether it offers a good value at all.
Basics of Football Betting Odds
Football bettors should accustom themselves to the fact that there are two types of odds, precisely odds against and odds on. As for odds against, the biggest peculiarity about them remains that they indicate that the amount you can potentially pocket is larger than the stake you have made. When it comes to odds on, however, gambling enthusiasts should expect that the amount they can potentially win is smaller when compared to the stake they have made.
It is worth noting that when your bet is more likely to turn into a losing one, this is a prime example of odds against. As for odds on, such bets might be slightly tricky due to the fact that you will be compelled to run the risk of staking a larger amount than the amount you might sweep. A typical example of odds on would be wagering on the supposed favorite.
Main Odds Formats
Interestingly enough, this format is closely associated with football bettors from Australia, Europe, and Canada. The most important thing you should remember about this format remains that odds are shown using two decimal places as for example, 2.0, 1.5, and so on. It stands to a reason that decimal odds are the most straightforward format of the three due to the fact that punters can get the potential return they may enjoy simply by multiplying the stake they have made by the odds. Still, football bettors should remember that the potential return they will obtain comprises their original stake. Thus, if we assume that you have made a stake of $100 at odds of 1.50, this will mean that your potential return will be $150 (100 x 1.50 = 150).
Gambling enthusiasts should also be aware that if they wish to get their potential profit, they just need to subtract 1 from the value of the odds. Thus, the equation will look like this: stake x (odds – 1). Another thing which is crucial is that odds of 2.00 represent even money. As long as the odds exceed this value, this means that the odds are against. In the event that the odds are less than this value, this means that they are on.
Moneyline or American odds is the next
Perhaps, the most confusing thing remains that the positive sign reflects the potential profit you may enjoy in the event that you make a stake of $100. Thus, if we assume that the odds of one of the football teams are +200, a winning stake of $200 will grant you $600. It is important to note that this amount includes the initial stake you have made. In other words, the formula you need to make use of in order to get your potential profit looks like this: stake x (odds / 100).
As for the negative sign, football bettors should remember that it indicates the amount of money they need to wager in order to have the chance to win $100. Thus, if we presume that the odds are -120, this will indicate that a successful bet of $120 will grant you $100, meaning that the punter will get a total of $220. If we assume that the scenario is slightly different, and you have decided to make a stake of $100 at odds of -200, this would mean that the potential return you might eventually collect is $150. The formula you should stick to this time looks like this: stake / (odds/100).
Another important thing football bettors should take into account is that according to this format, the even-money equivalent is represented by +100. Thus, the negative sign will indicate odds on, whereas the positive sign will reflect odds against.
Despite the fact that at first glance, this format might seem slightly overwhelming, you should not worry about this as once you figure out the manner in which it works, your betting session will go like magic. As the name implies, the odds are displayed via fractions such as 5/1, which is pronounced five to one. These values indicate that football bettors might pocket five units for every single unit they stake. If we assume that the odds are 6/4, this would mean that you will have the chance to sweep six units for every four units you have decided to run the risk of wagering. This time, the formula you should make use of looks like this: stake x (numerator/denominator).
As you can probably guess, in this format the even-money equivalent is represented by 1/1. Thus, in the event that the numerator is a number which is larger than the denominator, this would be odds against. In other words, this will mean that your profit will turn out to be more substantial than the bet you have made. In the event that the denominator is a number which is larger than the numerator, this will be odds on. This will indicate that your stake is bigger than the profit you may eventually enjoy.
What is Implied Probability
It is important to note that probability might be expressed either via percentages or via decimals. In the event that percentages are utilized 100% indicate that something will definitely take place, whereas 0% shows that this event is unlikely to occur. In the case with decimals, the values range between 0 and 1.0.
In some cases, calculating the probability might be as easy as pie. This is the case with the toss of a coin simply because there are only two possible outcomes, meaning that the probability of each of them is 50%. When it comes to wagering on football, however, thе situation changes as there are many things that should be considered. In other words, this means that football bettors simply cannot estimate the probability accurately.
Gambling enthusiasts should apply themselves to understanding that when it comes to football betting, gamblers can use the odds in order to determine the implied probability of a specific outcome to take place. Thus, bettors will have the opportunity to figure out what is the edge of the bookie, and also to find out whether the wager they are planning to make brings good value at all.
Now, let’s assume that you have decided to make a stake on a football match at odds of 2.00, and you wish to estimate the implied probability. In order to do so, you simply need to divide 1 by the value of the odds which in this case would mean that you will get 0.5. In order to make things more clear, we will use percentages, meaning that you should multiply 0.5 by 100. Thus, you will get that the probability is 50%.
It is important to note that we are trying to make things as simple as possible which is why we have decided to provide precisely this example. In fact, if the probability was indeed 50%, there would not have been a point in making a bet due to the fact that the chances of your stake of becoming a losing one or a winning one are equal.
What is Value in Football Betting
Now, let’s provide as an example a coin toss in which the chances of each of the outcomes are equal. Let’s assume that the odds of heads are 3.00, whereas the odds of tails are 1.50. Thus, if we assume that you have decided to make a stake of $10, in the first case a winning bet will bring you $30, whereas, in the second scenario, you will get as much as $15.
Perhaps, now arises the question which scenario is more beneficial to you. The answer to this question is pretty simple as wagering on heads will undoubtedly bring you better results. In fact, such a wager would have a positive value simply because the implied probability is smaller than the chances of winning you have.
As mentioned above, in order to estimate the implied probability of heads, we should divide 1 by the odds and then multiply it by 100, which in our case means that we will get 33.33%. Now, if we do the same thing with the odds of tails, eventually, we will get 66.67%.
Perhaps, now you wonder why we are telling you all these things. Figuring out which wagers have positive value is essential due to the fact that these are precisely the bets which promise to bring you profit down the road.
Finding the Best Value
In this relation, we should not forget to mention that football bettors should not disregard the teams which are considered favorites as well. In fact, many football bettors erroneously consider that since such teams have some quite low odds, they cannot offer positive value. Despite the fact that this is a popular misconception among football bettors, they should not forget that what matters is the manner in which the odds and the probability are bound up.
While football bettors are trying to find the best value they should also endeavor to take into account as many of the factors which can affect the outcome of the matchup as possible. In the event that you fail to do so, you need to know that the judgments you will make might not be quite accurate. That is the reason why it would be best if you take into account factors such as injuries, schedules, the overall condition of the football team you are planning to support, and so on.
Finally, we should also note that when you wish to find the best value, one of the best things you can do is to sign up for an account at more than only one virtual sportsbooks which boast football betting. Thus, gambling enthusiasts will be able to compare the odds bookies offer and to figure out which one offers the most advantageous deals. Despite the fact that in most cases, the difference in the value of the odds is quite small, it may definitely have an impact on your overall profit over the long term. That is the reason why spending only a couple of minutes to make this comparison will repay in the future.