Odds can be a difficult topic for any new bettor. With different formats and their own attached probability, it can be a confusing topic to say the least. In the below we will be covering a brief overview of what odds are and how you can find the best odds available to you.
In short, odds are the ratio between the wagered amount and the possible returns on any bet. Odds can take one of three main forms as below
- American odds e.g. Manchester United -135
- Fractional odds e.g. Manchester United 1.35/1
- Decimal odds e.g. Manchester United 2.35
All of the above point to the same odds on a bet. If there are any odds that don’t make sense, you can use a handy guide to help make sense of it all.
Finding The Best Odds
There are a few ways to find the best odds available to you online. Below are listed some of the more popular methods used.
- Trusted sportsbooks – Most seasoned bettors have a system whereby they usually have four to five sportsbooks they circulate through to find the best odds for the bet that they would like to make. If you would like to pursue this method, start noting which sportsbooks give you the best odds in general. After some time of narrowing the field down it will be easier to select the top few sportsbooks that offer decent odds for the nature of bets you would like to make.
- Websites – There are a number of websites which promise to compile odds for you and show you the sportsbooks which give the best odds available. This is a lot faster and easier than noting all the odds yourself but does come with a few drawbacks.
- Is the website trustworthy?
- Has the website checked all of the sportsbooks you are interested in?
- What sports did they base the odds decisions on. Remember, sportsbooks don’t use one expert to set odds across the board. While they may have good odds for football, this is no indication if they will have good odds for your favorite sport.
- Other Bettors – With the rise of online betting we also saw a large spike in the amount of online betting communities and forums. Talking to other online bettors is as easy as talking to other bettors at a horse track. Other bettors may have insights and recommendations of sportsbooks you have not considered. Being part of a betting community is one of the best ways to share knowledge and find where others are getting the best odds.
Odds will always be one of the most important factors to your bet but are not the only thing to take into consideration. Be sure to look for good value in your bets. Using the relationship between the probability implied by the odds and that of your research is a great way for any bettor to find the best value when betting online.