Getting into Betting Odds

Getting into Betting Odds

Why Odds Are Important

Simply put, stakes are the backbone of gambling. Without odds, we would essentially be gambling blind, with no way to evaluate the risks against the rewards.

Odds allow you to know:

  • The probability of a certain outcome happening;
  • How much money do you stand to win if your stake will be successful.

Types of Bets

When you start delving into the world of online betting, it’s a good step to know the common types of stakes:

Wager TypeExplanationInstance
SingleA prediction is placed on a single event or outcome.Putting INR 500 on India for a win against Australia in a cricket match.
Accumulator (Parlay)A prediction that combines multiple individual outcomes. All selections must be correct to win.Putting INR 500 on India for a win against Australia, England for a win against South Africa, and New Zealand for a win against West Indies in their respective cricket matches.
SystemSimilar to an accumulator, but does not require all outcomes to be correct for a return.Putting money on a ‘Yankee’ (which includes four selections and covers all combinations of Doubles, Trebles and Four-Fold Accumulators) in four different cricket matches.
HandicapA type of wager that gives one team an advantage or disadvantage. This could be in terms of points, goals, etc.Putting money on Team A to win against Team B with a -1 goal handicap in a football match.
Prop (Specials)These predictions focus on a specific event within a game, and not necessarily the final outcome.Putting INR 500 on Virat Kohli to score a century in a cricket match.

Odds Types

There are three major types of wagers in gambling:

  • Decimal Odds: Popular in most parts of the globe, and India is not an exception. They are expressed as a single positive decimal;
  • Fractional Odds: Primarily used in the UK and Ireland. Usually expressed with a slash (/) or a hyphen (-).
  • American Odds (or Moneyline ): Popular in the USA they are expressed as a number that can be either positive or negative.

Let’s represent these 3 types of odds using a simple table:

Team A victory2.001/1+100
Team B victory3.002/1+200

These different ways of displaying odds might look a bit confusing, but they all show the same thing: the chance of a specific event happening.

  • Decimal Odds: wager of 2.00 mean that for every INR 1 you put in, you’ll get INR 2 back if you win (including your initial stake).
  • Fractional Odds: if the wagers are 1/1, for every INR you put in, you’ll make a profit of INR 1.
  • American Odds: odds of +100 mean that if you put in INR 100, you’ll make a profit of INR 100.

How to Choose an Odds Type

How to Choose an Odds Type

Choosing an odds type depends on your comfort and understanding. Indian bettors often prefer decimal odds as they are easier to calculate. Then you simply multiply the wagers by your stake. However, always choose the format you understand and can work with best.

Furthermore, it’s essential to be adaptable. Getting acknowledged with various odds formats might not only improve your gambling flexibility but also broaden your sports betting knowledge.

Here are a few tips to help you decide on the type of odds:

  • Familiarity: Use the odds type you are most familiar with and can calculate quickly and accurately.
  • Flexibility: Try to understand and calculate all types of odds. This adaptability can help when a particular betting opportunity presents different odds formats.
  • Simplicity: If you’re a beginner, decimal odds are a great place to start due to their straightforward nature.

Strategies for Different Odds

There are several strategies you can adopt while betting depending on the odds:

  • Favorite-longshot Bias: Bettors often overestimate the chances of long shots and underestimate favorites. If you can identify the longshot bias in the market, you can bet on the favorites to make a profit over time.
  • Value Betting: Look for bets that you think have a higher probability of happening than what the odds suggest. If you can consistently identify value, you’ll earn a profit over time.
  • Arbitrage Betting: This strategy involves placing bets on all outcomes of an event with different bookmakers to guarantee a profit regardless of the result.

Here’s a table to summarize these strategies:

Favourite-Longshot BiasExploiting market tendency to overestimate underdogs and underestimate favorites.Betting on the favorite team with odds at 1.50 when you believe the team’s actual winning chances are 80%.
Value BettingFinding bets where the odds suggest a lower probability of an event than what you believe.Betting on a cricket team with odds at 3.00 when you believe the actual winning chances are 50%.
Arbitrage BettingBetting on all possible outcomes with different bookmakers to ensure a profit.Betting on Team A with Bookmaker X and Team B with Bookmaker Y, both at odds of 2.10.

The world of betting odds is intriguing and can be a profitable pastime if approached with the right knowledge and strategy. Always keep learning, stay disciplined, and best of luck in your betting journey.