What Are Odds? - Bookmakers with the best Odds
You want to place a sports bet and came across the term odd. Then what? What are odds?
✌️ Odds are basically odds!
In this case, these odds may specifically represent:
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The odds of an outcome happening
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The potential gain if your bet is a winner
That is: an odd is a quote that a bookmaker attributes to an event, outcome or market.
And at the same time, it is a way for you to know how much you can win by betting on this odd!
Ok, you already understand the basic concept! How about we dig deeper into the subject and find out what the bookmakers with the best odds ?
Bookmakers with the best Odds
Knowing which houses offer the best odds is decisive. The higher the quotes, the higher your earning potential!
Some houses, such as the Bet365 and the BetWay , offer promotional odds. That is: they increase the value of quotes of some key games.
A Betane , on the other hand, has the Super Odds! Every day one or two events receive the best quotes on the market.
The 22bet and the 1xBet they have by nature very high and above average quotes in various events.
And they all offer Registration bonus quality for new bettors!
- 700+ casino games & slots
- VIP program & regular promotions
- $1 minimum deposit
Payment methods
What are Odds and how do they work?
The best way to understand exactly what odds are in sports betting is to start with practical examples.
Based on several factors, a Betway set the following quotes for the event Athletico vs. Grêmio:
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Athletico win: odd of 2.05
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Draw: odd of 3.20
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Grêmio victory: odd of 3,60
Remember that odds represent:
- How much you can earn financially
- The probabilities of these outcomes actually occurring
In order for you to make the guess with the highest chance of success, it is very important to understand these two representations of the odds.
How to calculate Odds in Sports Betting
As we said above, the odds have 2 representations . The first and most important, of course, is to tell you how much you will win on your bets.
Let's say you bet $10 in the victory of the Guild. If indeed your guess is right, you will win $10 x 3.60 = $ 36 .
How do you know, however, which outcome is most likely?
All bookmakers they work the same way: the higher the odd, the less likely the outcome.
That is why the profits are greater if we bet on less probable odds.
And if you want to know the real probability in percent of a given outcome, the calculation is simple.
Using the victory of the Guild once again as an example, we would have:
Probability Victory Guild:
1 / 3,60 = 0,2777 = 27,77%
All we did was divide 1 by odd . The result is multiplied by 100, thus obtaining the probability that the Guild will win the confrontation.
Now for the Athletico chance:
Probability victory of Athletico:
1 / 2,05 = 0,4878 = 48,78%
And finally for the only missing result:
Probability of draw:
1 / 3,20 = 0,3125 = 31,25%
Now we are faced with a case, to say the least, curious. If you add up all the percentages above, you will find that the value is 107.8% .
But how is it possible to have 7.8% more in that calculation?
This figure of 7.8% is the profit margin that the bookmaker get on top of the bets of that event.
How do houses set the Odds?
Let's not kid ourselves: bookmakers are businesses and as such they need to make money for their business to work.
In this sense, the financial gains of the houses is in the way they distribute the odds between sporting events.
At this point we can talk about odd fair and in odd presented .
To understand the odd fair , we could think of a match between 2 MMA fighters with equal combat history.
What would be the fair probability of each winning?
- Fighter A: odd of 2.0 = 50%
- Fighter B: odd of 2.0 = 50%
In the above case, the fair thing would be for us to think that both fighters have the same chance of winning. What closes the 100% total percentage .
What the bookmakers practice, however, is a manipulation of the numbers.
This is to allow houses to win a percentage on top of bets placed on sporting events.
To odds display for this same struggle, ensuring the profit of the House would be:
- Fighter A: odd 1.90 = 52.60%
- Fighter B: odd 1.90 = 52.60%
In sum, we would have a total of 105,20% . This 5.20% is the profit margin obtained by the bookmaker.
As we have seen, this practice is also common in events where there is a favorite to win.
Why Is Understanding This Important?
Bookmakers do not practice the same odds. No wonder this is one of the points to consider when choosing your house to bet on.
It is very important to understand that the higher the profit margin of the house, the lower the odds offered.
Especially if the profit margin is above 10%.
So when looking at the odds at a bookmaker, don't just walk away with your guess.
The above calculations are essential to make value bets .
Odds and Value Bets
A very common term among more experienced bettors is value bets . But what does that mean?
Value bets are those that have odds that reflect a lower probability relative to the actual probability of the outcome happening.
Confused? Calm down, let's explain it!
So that you better understand how to perceive a value situation , let's exemplify again with the event Athletico vs Grêmio.
Grêmio, for the moment in the competition and in the year, is better than its opponent. He even won the first leg 2-0.
The odds, however, define that Athletico has more chances to win the confrontation.
You, knowing all the real retrospect of the two teams, know that Grêmio is the one who has a real chance of winning.
So let's say that:
- You analyze the data and see that the chance of the Guild winning is 40%
- But the bookmaker set the odd of Grêmio's victory at 3,60
- That is: for the house, the probability of the Guild winning is 27,77%
In situations like this, we have a value bet on the victory of Grêmio.
You notice a gap in the house odds and notice that you have more chances to win than the House thinks.
Calculating the amount of a bet
Mathematically calculating the amount of a bet is very simple.
Value = (displayed Odd x actual probability) – 100%
Soon:
Value = (3.60 x 40% – - 100% = 44%
The house offers 3.60 odd for the victory of Grêmio. But calculating the real value of this bet, according to your knowledge of the event, it turns out that the house is offering 44% more than the real value.
NOTE: better understand how it works calculation of value of a bet.
Promotional Odds
A promotional odd is that quote where bookmakers reduce their profit margins. So the bettor can win more.
Several homes offer this type of odd. Some call them promotional odds, others improved. The name may vary.
In the case of Betano, as stated at the beginning of the article, are the Super Odds ! These are the best quotes on the market .
Keep an eye on us online betting sites , as it is common to find these advantageous quotes, especially in football.
To Finish
Knowing how odds work in sports betting allows you to be more successful. Not only do you make more money, but you reduce your losses.
Especially when you learn to identify opportunities like value bets !
They are real opportunities for you to emerge victorious, but this is only possible if you know correctly interpret the odds offered by the House.
It becomes relevant to utilize your knowledge of the numbers as well as the event you are betting on.
Place bets where you have control over the odds!
Bookmakers with promotional Odds
- 700+ casino games & slots
- VIP program & regular promotions
- $1 minimum deposit
Payment methods
Frequently Asked Questions
☝️ What are odds?
Odds are probabilities. They represent the probability of an outcome happening and how much you can win on a bet.
💯 Which bookmakers have the best odds?
❓ What are Super Odds?
Super Odds are odds provided by Betane . Every day some events offer the best odds of all the markets!
User reviews
I loved the explanatory class thank you very much now I will have more security in my bets
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