Each bookmaker has its own odds provider or software and therefore each bookmaker has different odds. Some better, others worse, others stand out only in some sports or leagues, and therefore you have to compare between all of them and choose the one with the best odds.
This way, you’re able to make an exhaustive analysis of each bookmarker’s odds in all leagues and categories: major leagues and the lowest. In addition, you stand the chance to organize the houses according to their quotas: from best to worst. Those that have more or less or payout.
Comparing sports betting odds
Simply put, it’s advisable that you don’t bet your money solely on the odds at one of the many poor quality bookmakers. The capacity of being able to carry out odds comparison also helps you to recognize the quality of the odds at your preferred bookmakers particularly for the most important leagues and sports it is important to compare odds since they are very competitive markets for bookmakers, for example odds for the NBA, LaLiga Santander, Champions League, Premier League, Bundesliga, Serie A, Copa del Rey , among other.
Before placing a bet on your favorite team or athlete, you need to understand the odds. Understanding sports betting odds is very critical in any betting event. Odds decide if your favorite team or athlete you want to bet on is the favorite or not, then it defines the amount of money you will win if you choose the correct bet. Here is a brief explanation of the fees.
In reality, odds are simply the probability that an event will occur . The probabilities are expressed in percentages, if a coin is tossed there is a 50% probability of heads and 50% of tails. When rolling a 6-sided die, there is 1/6 or 16.666% probability that the desired number will come up, when all the probabilities are added, it is 100%.
In sports betting, the odds are expressed differently. Bookmakers make odds to denote the probability that the desired outcome will happen. There are three ways to express a few.
One is the decimal quota, which is widely used in Europe except the United Kingdom. The UK uses the fractional fee rate. In the United States, where sports betting is illegal in almost every state, they use their own American odds.
To convert the probability percentage to decimal odds, you can use this formula:
Decimal odds = 100% probability
For example: If there is a 25% chance that a team will win the event, then 100/25 = 4.
4.00 is the decimal odds for the player who wins the event. If you bet on that player, and the player wins, then you would receive € 4 for every € 1 you bet. If you bet 20 euros, you would win 80 euros.
The decimal quotas are the ones commonly used:
Some more examples of this type of odds and their probabilities:
Odds _______ probability
- 1.30 _________ ~ 70%
- 1.50 _________ ~ 67%
- 2.00 _________ ~ 50%
- 3.00 _________ ~ 33%
- 10.00 ________ ~ 10%
The odds in these examples are implicit in the odds, which are determined by the bookmakers. There is also the personal estimate of the probability that an outcome will occur. If your personal probability percentage is higher than that of the bookmaker (obtained from the odds) then it is advisable to place a bet.
Using the same example, the fractional odds would be 3/1. It means that there is 1 chance that you win the bet against losing 3 times. For every € 1 you bet, you will win € 3. Likewise, you will also get back the euro you bet.
If you’re betting with North American (US) odds, then a decimal 4.00 or a 3/1 fractional odds would be equivalent to +300 US dollars. These types of fees are divided into positive and negative.
A negative odds means there is more money than the amount you bet to win 100 units. Positive money odds represent the money you will win if you bet 100 units.
What to do before choosing a bookmaker?
When choosing a bookmaker to place your bets on, it is important to compare the odds. The odds at different bookmakers vary greatly depending on which house you choose. For this reason, before you make your deposit or set your bet, it is advisable to do a odds comparison.
When comparing odds, you will notice that there are different odds on different events that you want to bet on. You can find the odds on the internet to see if you bet is worth it. Also, comparing odds before placing your bet gives you the chance to have a better chance of winning the bet (in the long run).
