Odds are essentially the value of events that determine the amount you can win on a particular bet. The bookmakers typically attempt to estimate the probabilities with which the various events will occur.
For the average punter football betting, odds indicate, indirectly which amount can be won for a stake. In this article, we will be taking a detailed look at the workings off football betting odds.
What Is A Betting Odds: Betting Odds Explanation
Anyone who has already looked around at a bookmaker may have already seen once, how betting odds are displayed. Here is an example of the game FC Juventus 04 against Bayer 04 Roma:
- Juventus – Roma: 3.10 – 2.50 – 1.60
Some may be a bit confused now, as there are three instead of two odds, but this is for a very simple reason: besides betting on victory, of course, tie bets can also be placed as a possible outcome in football. Therefore, 3.10 stands for victory Juventus and defeat Roma, 2.50 for a draw and 1.60 for victory Roma and defeat Juventus.
If you want to calculate your profit, you have to multiply the bet you have made with the odds. A (successful) bet on Roma, therefore, multiplies the bet by 1.60.
With a stake of $100 this results in $160 and thus a net profit of $60. In addition, there are numerous sports betting tools on the internet to calculate complicated odds.
Understanding Fixed or Variable Odds
In the end, there is only one thing to understand in the case of these quota statements: If the sports betting odds are low, the result is likely to occur, and if the odds are high, it is unlikely.
If the bookmaker offers the same odds for both victory and draw, it means that they are not quite sure which event will happen.
A sports betting odds can be fixed or variable: Fix means that the odds will not change after the initial fixing. In any case, it is worth taking a look at the odds comparison .
On the other hand, variable sports betting odds change over time due to both the bets placed and the changing form of the teams. With live bets, the odds of course change with each individual situation
How Do Bookmakers Determine The Value Of Odds?
Each bookmaker calculates the odds for each event independently. Most times, bookies use highly complex computer programs which can predict accurate mathematical analysis.
The bookmakers also take account of the statistics from the past. Current events (game losses, tactics, etc.) are of course decisive as well. Late changes to a match such as the sacking of a coach, injuries to star players or suspension to key players could also affect the value of odds.
Is There A Perfect Time To Place Bets
It is not only experts who argue when quoting technology is the optimal time to submit their betting slip. Does it make sense to place your betting tips as early as possible (sometimes several weeks in advance), or should you wait until five minutes before kick-off?
A blanket correct answer cannot be given to this question, unfortunately. Depending on the bookmaker, we have found different behaviors in terms of betting odds. Also, it often depends on what you want to bet on (favorite or outsider). For example, our experience shows that the sports betting odds for the favorite are usually very low sometime before the start of the game.
In this case it may make sense to wait until “just before” – sometimes it is even advisable to let the first half pass so that the favorite tip finally gets value.
In any case, the fact is that you usually bind yourself unnecessarily with an early bet. So much can happen until the kick-off: player failures, tactical surprises, weather conditions, player transfer and much more.
Do you think that the current odds will rise, wait with the bet. Do you think that the betting quota is already high and will not continue to rise (or even decline) as soon as possible? These are some questions to ask before placing a bet.
What Is The Difference Between Gross And Net Rates?
The gross quota is the probability offered by the bookmaker (eg 1.55). Of this, the 5% tax rate introduced a few years ago in most European countries will usually be deducted, resulting in a net quota.
Often this is deducted directly from the stake so that this is reduced by the tax burden. The betting tax is 5 percent on all bets placed (online and offline) and regardless of whether they are won or lost.
This article has provided valuable insights on odds and how bookies determine the value of odds. We recommend that you read through the article to grasp the succinct points. This coupled with proper staking plan and money management will help you make good gains.