Are there opportunities in low betting odds, or are they traps? Find out!

Betting odds are a numerical representation of the stakes from the two parties involved in a bet, the bettor and the bookmaker. Punters often misunderstand the odds to mean the actual chances of a bet coming through or not; meanwhile, these numbers are just predictions from the bookmakers on the chances of a betting event occurring. Your ability to cash in on the flaws of the predictions on the part of the betting providers is what will lead to the huge payouts. 

To better understand the odds, take every bet as one between the bettor and the bookmaker, with both parties staking different amounts as depicted by the odds. So if a game has an odd of 3.00, then it means the bookmaker is risking thrice whichever amount the bettor is putting down. So if you stake 100 of a particular currency in such a game, the bookmaker will also be staking 300. If you win, the bookmaker’s stake becomes your profit. You can also make these deductions from fractional odds. For instance, an odd of 9/1 means that for every one unit of currency that you stake, you get nine units. In the most common scenarios of decimal odds, you have to multiply the odds by your stake to determine the payout. These fractional odds are popular amongst the British.  

The mathematics behind the odds

It is possible to determine the chances of winning or losing with a simple formula? The bets with smaller odds usually have a greater likelihood of working out. For instance, the odds of 1:10 or 0.10 mean that the bet has a 90% chance of success. In some cases, the odds come in fractions with two numbers separated by a forward slash. If you come across the odds of A/B, you can calculate the chances of occurrence with the simple formula – B/ (A+B). However, bets with high probability will generally lead to lesser payouts. 

Let it be known that all of these mathematical deductions are riddled with the high level of uncertainty that comes with most bets. So the odds might have logical and mathematical derivations, but the outcomes are rarely a function of the odds. So even the low-odd bets can become the spoiler on your slip. The best way to look at these classes of bets is that the low-odd bets fail at least half as much as the ones with high odds. In essence, bettors do not have to stray away from the high odds as the bet type; background knowledge of the match can often make up for the uncertainty that big odds like 3.49 represent.

The intricacies of the small odds

As established above, the small odds usually represent better chances of occurring, but this is not always the case. For instance, bets on +1.5 goals in a soccer game usually churn out odds within the range of 1.15 – 1.40. From the top of one’s head, one would think that most soccer matches end up with at least two goals. However, adopting such a philosophy comes with a lot of risk and danger. More caution is even required when bettors include them in multiple bets, as this is usually the case, in a bid to improve the relatively small odds. In a nutshell, gathering small-odd bets together in multiple bets crumbles the high chances that these bets have individually, and just one game can make you lose the total bet. 

Another example is in 2-way betting with sports like tennis, basketball, etc. Most of the games in these sports usually come with favorites and underdogs, and betting on the former provides odds in the neighborhood of 1.35. While such bets are generally a great idea, you should know that about 1 in every 3 of these games end up being won by the underdog. So it is essential to consider this before going all-in for the player or participant with the better record. 

What is the right betting strategy as regards to odds?

Many bettors do not cash out as much as they should due to a lack of understanding of how odds work. Well, with the comprehensive analysis above, that should be a problem of the past. Beyond the odds, another critical aspect in betting is the strategy. Do you go for just the huge odds that you feel will come through? Or are you the type to combine several small-odd games? Whichever way, there is always an approach that can help perfect your chances for regular and big payouts. 

Low-odd betting strategy

The low-odd bets are like the ‘safe bets’, which typically come with high chances of winning. The ‘low’ represents the payout, which is usually not as high as what you would get from the risky games. In effect, the term ‘short odds’ is often used as a substitute for ‘low odds’. In most quarters of the betting industry, low-odd bets have odds in the range of 1.20 – 1.60. The idea behind this strategy is straightforward as it depends on the long-term effect of these small profits.

Pros

• Statistics show that low-odd bets will likely result in significant returns over an extended amount of time.
• It typically involves separate bets, which spreads the chances of winning
• Easier to find games with winning potentials with as little as a glance at the odds 

High-odd betting strategy

While many bettors stick with the low-odd games, almost all dream of those huge wins and sometimes feel the urge to stake on those very risky games. The apparent reason why many punters stay away from these bets is because of the risk and uncertainty they constitute. Nonetheless, even the low-odd bets also come with risk. In high-odd strategy, bettors have to look out for games with chances better than what the odds indicate. To make a profit from betting, bettors have to overcome the fear of losing. No game should be entirely written off just because of its high odds but only through careful analysis and observation. 

The bottom line is that there are different strokes for different folks as there is no singular way of winning bets. Persons that are more comfortable with risks would readily find value in the high-odd games, resulting in big bucks. On the other hand, the more conservative approach requires due diligence with a bit of patience to make significant gains.

Conclusion

The fact remains that these types of bets based on odd comes with both opportunities and risks as it all boils down to the information you have about these games and some form of luck. So blindly depending on the mathematical predictions of the odds should not be an option as bettors should be guided by knowledge, intuition, statistics, and luck.