Strategic Betting On Favorites
For anyone who is into sports betting, it’s important to know all about the Strategic Betting On Favorites. It’s common knowledge that betting on favorites is perhaps the smartest or safest means of winning (obviously because of the high chance of favorites winning).
However, there is no guarantee that a lot of profit will be made. The reason are the low odds attached to favorites. However, as with any other betting system, you have to be strategic to have a winning streak. It’s because you could also lose a lot!
This article will shed more light on Strategic Betting On Favorites. Enjoy!
* How To Play Combined Bet On Favorites?
Table of content:
- Strategic Betting On Favorites
- What to know about favorites?
- Strategic ways of winning with favorites
- Individual bets on favorites
- Combo bets on favorites
- Considering the value of the favorite
- Live bets – Strategic Betting On Favorites
- Conclusion
What to know about favorites?
First, when it comes to Strategic Betting On Favorites, we will explain what it means for a team to be the ‘favorite.’ A favorite is a team expected to win a particular game. Yeah, it is as simple as that! When a betting line is released, the teams are divided into two groups; the ‘favorite’ and the ‘underdog’ (unless the odds are even).
The favorite team has a higher chance of winning and has lower odds (and the lower the odds, the safer the bet). On the opposite, the underdog will most likely lose, and as a result, has higher odds (because the odds are higher, the bet is considered to be riskier). The favorite team always gets a minus sign (-) in front of its odds. The underdog team gets a plus sign (+) next to its odds. Odds in sports betting are used to determine the amount to win on bets. An example is given below:
PLANES (-150) VS BEARS (+120)
In this case, the Planes team is the favorite, and the Bears team is the underdog.
A bettor who decides to bet on the favorite will have to wager $150 to win $100 while betting on the underdog means you will wager $100 to win $120. Favorites are usually ‘odds on’ (you have to stake a higher amount than you can win) because they are expected to win.
Underdogs are often ‘odds against’ (the amount you stake is lesser than your expected profit). A favorite can be bet on Moneyline or spread. Betting on Moneyline means betting on who wins the game. Betting on spread focuses on who wins and by how much.
Sports Betting Strategy- Single Hedge Betting System
Strategic ways of winning with favorites
Betting on favorites is hardly ever a bad choice. Does that mean you will always win whenever you bet on a favorite? Not. One, there is never a 100% chance of winning in sports betting. Two, it is risky to bet on favorites that are too broad. Therefore, to win, you have to weigh your options carefully.
*Individual bets on favorites:
this strategy gives a bettor the chance to have a net profit. For instance, you placed three bets on favorites, wagering $10 on each bet. If the first bet gives you a profit of $4. The second a profit of $7, and you lose the third ($10), eventually, you have a profit of $1.
This might not seem like a win. But, compared to a combo bet where you can lose all, it is an advantage! Individual bets are therefore considered to be relatively safe, and most people would rather wager on them.
*Combo bets on favorites:
Imagine having to invest in more than one business and getting multiple profits from them. This is very similar to how combo bets work. They consist of at least two different bets (or an average of 4).
For example, you place a bet on a combo bet of 3, with total odds of 2.00. If the combo bet turns out to be a success, you will be able to make two times your wager. However, there is a high chance of losing the entire bet, especially if the teams’ probability is low.
How to Wager on Favorites in Combined Bets?
*Considering the value of the favorite:
Value in betting means the relationship between the odd of a wager and the probability of winning the wager. Value is said to be positive when the chance of winning the bet is greater than the odds suggest. It is negative when the chance of winning the bet is lesser than the odds suggest. To win a substantial profit, you need to ensure that the odds of winning by a favorite are not too low.
Live bets – Strategic Betting On Favorites
Live bet works by placing a bet on a game after it has started. When you make a live bet, it saves you the stress of studying statistics, and you have the advantage of changing your bet or placing a new one during the game. Before a game commences, the odds will be set on it.
These odds can change several times during the game, depending on how it plays out. Scores or goals are not the only factors that influence a change of odds. Every action or event that happens during the game (e.g., injury of an important player).
A game can start with a particular team being an odds-on favorite, but the opposing team takes the lead after some time. In this case, the former team has a lesser chance of winning, even though it is a favorite.
This increases their odds. For a player that wishes to place a bet on the first team in the scenario, it’s smarter to place it during the game than after the game has started because the team will get better odds after the game has started.
Basically, you have an idea of what’s happening in the game before taking the big risk of betting your money. To add to what has been explained, you can also place multiple bets on different aspects of the game. In that way you are multiplying your chances of winning. However, before you get carried away by these points, you should also know that a negative change in the game can ruin your chance of winning.
Understanding Favorite bets – back early, then lay
Conclusion:
Having read the article to this point, I can bet (pun intended) you are starting to wonder ‘should I always bet on favorite?’ Again, sports betting is mostly a game of luck. You can’t always be sure of how things will play out, so it is okay to change your strategy from time to time, as long as you are smart about it.
Strategic On Betting On Favorites might give you a high chance of winning, but the odds are usually very low, coupled with the fact that you risk a large amount of money to win a lesser amount. Therefore, a one-time loss can cost you your entire bankroll. The most important thing is placing a bet on whichever team has a higher value, and sometimes, that team is not the favorite.
