Sports betting, the most popular form of gambling, has reached its new peak in the last couple of years. Just take a look at all the online bookmakers who offer their services to all of those who are interested in wagering on their favorite sports disciplines. It is a great option for those interested in having a passive income.
There’s practically no sport out there you cannot bet on. However, we believe that you should do it only in case when you understand the sport itself, and you know of the best competitions in each discipline. If we’re talking about football, then you must understand EPL or Bundesliga, right?
In places like 22bet Uganda, you can find all the leagues in the world in each sport. However, many people don’t understand you need to have some knowledge of the odds before you’re ready to make a successful bet. That’s why we want to provide you with some tips on how to understand the odds.
Let’s take a look at some of them
In most online bookies, you will find odds presented in a Moneyline or American form. What does this mean? Well, two main components make this sport what it is. The first one is a positive or negative sign. The second component is the number, which determines how likely it is for a result to occur.
The negative sign represents the outcome that’s likely to occur. If you bet on it, you can expect the payout to be lower than the amount you have placed. On the other side, the positive side indicates the outcome that’s not likely to occur. Therefore, you can earn more money than you have wagered.
The calculation goes like this. Let’s say you wagered a 100 dollars on -120. If you win, then you can expect to win $80. If you want to win $100, then you would need to bet $120. The calculation is the same in the case when you have a positive sign in front of the figure.
The next type we want to disclose is known as fractional odds. They are common in the United Kingdom. However, there’s one little twist you need to understand about these. Mostly, they can be found in horseracing sports. They are not as usual with other disciplines like football or basketball.
They are manifested in two numbers that are divided by a slash, and they are addressed as nine to five, or eight to three. The first number tells you how many times the bookmaker expects the outcome to fail. The second one refers to how many times it is expected to turn out successful.
Calculating these is slightly more challenging than it is in other cases. Let’s say you are placing a bet of $10 on 1/2. The amount is multiplied by the first figure and is divided by the second number.
After that, the amount you have betted is added to the result of this calculation.
In Europe, the situation with odds is somewhat different. The difference is that they are represented in the form of decimals. They are more popular than American ones since they don’t require too much effort to understand. Calculating these is an effortless process. You just need to multiply them with the amount you’ve betted.
The reason why they are not addressed as European is quite simple. They are represented simply, and there’s no need for any complications of any sort. They are adapted to any discipline out there, no matter how the point in a match is calculated, which makes it easy for all the potential bettors to understand.
Even though they are easier to understand than American ones, you will not need them displayed in North American sportsbooks. Thankfully, there are many sites out there that offer you a chance to convert these whenever you want, which definitely makes things significantly easier.
Creating Your Own Odds
After you understand the odds completely, then you can have a much better way of calculating those to meet your needs and preferences. There’s one more interesting thing you can take a look at.
Many bookmakers offer their clients a chance to create their odds.
While this may sound like an easy way to get a significant advantage, it is simply not that easy. Before you can do that, you should get familiar with all the opportunities bookmakers can offer you with. Also, having enough information about the odds themselves is an absolute must. You cannot work without it.
In some cases, the bookmaker provides the clients with instructions that can help them with making this process of odd creation simple and as effective as it can be. When you’re competent enough that you can make this process complement your needs and preferences, this is the moment when you should start.
What about Probabilities?
To be successful in the world of sports betting, it is crucial to understand the difference between odds and probabilities. Sure, these two terms are interconnected, but that doesn’t make them the same, right? Probabilities, different from odds, are much plainer and simpler to understand.
It’s because both bookmakers and bettors might have a different perspective on the outcome of a certain match. Having an effective strategy means that you should make some accurate assessments about the result of the match, and see whether the offer makes it worthwhile for you to make a bet.
That requires much wider research on the match as a whole. We are talking about taking a look at the form of both teams or athletes. Plus, it is beneficial to take a look at possible injuries some have sustained. Finally, the league table can tell you much about someone’s performance at the moment.
The Bottom Line
As you can see, sports betting is not nearly as simple as it may seem to some. Here, you can take a look at a couple of tips that can help you have a better grasp of this topic.