Our guide to Understanding Sports Betting Odds will provide you with a helpful set of hints to bring clarity and peace of mind to your sports betting experiences. You’re about to learn all you need to know about sports betting odds, offering plenty of advice and guidance to help you make more informed decisions when betting on sport.
There are many ways to consider the best sports betting options, with sites like BetinIreland.ie offering a wide-ranging platform with knowledge, guides and sports betting advice for all the major events that Irish punters are likely to be interested in, including GAA and horse racing.
What the Odds Mean
Sports betting odds are essentially a guide that lets us understand what the probability of each expected outcome in a sporting event is.
So, if Liverpool are playing Manchester United in a Premier League game, the odds on a Liverpool win, draw or a Manchester United win will tell us what the perceived likelihood of each outcome is.
Betting odds are the medium by which bookmakers declare what their expected outcomes are in sporting events. As punters, the conundrum is to choose when we believe bookmakers have ‘got it wrong' or when the odds offer present value for us to place bets on the outcome we believe to be likely to occur.
Understanding the Odds
It is essential to understand how betting odds work when preparing to make a bet. A lack of comprehension of the basic fractional or decimal odds could lead to placing a wager on something at odds you aren't happy with.
Fractional odds are the most often used in sports betting, particularly horse racing.
For example, when we see odds of 7/1 this means if we bet on this outcome and the predicted outcome materialises; we will take seven times their bet from the bookmaker.
In this example, if you were to stake €1 then you would receive €8 back from the bookmaker in this case – €7 profit plus your initial stake. The same example in decimal odds would be 8.00, with the stake (€1) already included in the expected return.
How are The Odds Set?
Bookmakers set the odds. In the modern world of betting there are many, many different bookmakers. Each will estimate the probability of an event taking place and based on their prediction, will display the odds.
These odds can vary from one bookmaker to the next, so it is important for punters to shop around and always review the options to ensure you get the ‘best price'. This is akin to online shopping, you wouldn't buy something at the first price offered, rather, you would ‘price check' with various outlets and take the best deal offered. The same principle applies when it comes to sports betting.
Never have punters had so many options when it comes to placing bets, with so many online platforms now offering odds.
Fractional and Decimal Odds Explained
As noted in the example above, odds of 7/1 on a successful bet mean the bookmaker will pay back seven times the stake. Fractional odds use a fractional format to display the possibility of an event happening.
When the first figure displayed is higher than the second (e.g. 7/1) this is known as odds-against. When it is the other way around (e.g. 1/7) this means the expected outcome is odds-on, therefore much more expected to occur. In the latter example, the return on a winning €7 stake would be just €8 – i.e. €7 stake plus €1 winnings.
Decimal odds work in a similar fashion with the potential winnings being the result obtained when the bet is multiplied by the odds proposed by the bookie. For instance, if you have 4.00 odds and you stake €3, you can obtain €12 if your bet wins.
Conclusion
Understanding betting odds is paramount before betting on sports. Whether it is Premier League football, All-Ireland GAA action or top-class horse racing from the Curragh or Leopardstown, be sure you are clued in to the latest odds and what they mean for your bets. Doing that homework should give you the best chance of making successful bets over the long term and if you would like to bet at top online bookies, look no further than Betinireland.ie.
