Sports Betting: How Betting Odds Work

Anyone has the capability to be a successful sports better. All you need to thrive in the world of sports betting is patience, a good knowledge of the sport, and some basic understanding of how the system works. 

While we can’t help you with the first two items on that list, we certainly have the third part covered. In the next 10 minutes, you will learn everything you need to know about the system surrounding sports betting. 

We will be covering picking the right sport, how odds are set, and choosing the right odds.  

The first choice you need to make is what sport you should be betting on. 

We recommend sticking to just one sport when you first start betting. This way you can build an in-depth knowledge base more efficiently. 

So, where do you begin? 

Well, betting on your favorite sport isn’t a bad place to start. If you spend a lot of your time reading about, watching, and enjoying a sport, then why not try and make some money from it. It is very likely that you already know enough about this sport to bet well on it. 

If you don’t have a favorite sport, you might want to think about choosing a sport that is fairly easy to predict – like the NFL. While boxing matches and horse races are fun to watch, they are so unpredictable that it is easy to lose a lot of money on them. 

Great sports for newbies to bet on: 

Once you have picked the sport that you want to bet on, it is now time to pick the odds. 

People pick what they are going to bet on in different ways. Some people only bet when they see good odds, while others pick a match that they are interested in and go looking for the best set of odds. 

But what are ‘the odds’? 

The odds on a match show two things: 

  • How likely the bookies think a victory is 
  • How much money you will win if you bet correctly 

In the US, odds are displayed in the following way: 

1 + 1 – this means there is a 50/50 chance of your team winning. If your bet wins, you will double your money. You will win $1 for every dollar you bet. 

1 + 4 – this means there is a 20% chance of your team winning. If your bet wins, you will get $4 for every dollar you bet. 

There are many other combinations of odds. The bookies set the odds based on how likely they believe it is for your team to win.  

When you begin betting, we recommend sticking to short odds. Short odds are odds that are better than 1+3 on a game. 

While it can be tempting to bet on long odds like 1+9, they are risky. Taking risks before you get to know the market can lead to you losing your money very quickly. 

While short odds offer you smaller winnings, over time the best way to turn a profit is to place small bets on good odds consistently. 

You can view the original article HERE.

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