Everything You Need To Know About Odds
In the world of betting and bet making, odds are the core factor that determine just about everything.
They are numbers thrown around frequently, and can help not only a sports fans have a much deeper insight into the events, but also bet makers. In fact, no sports enthusiast should be in the dark as to what odds are, and how they work.
On the surface, one can say that odds are an expected prediction on the outcome of a sporting event. If the odds are high for a certain outcome, it means they are seen as less likely. If they are low, it means they are seen as more likely.
But, and this is the most interesting part about odds, the predictions are often wrong, and this is exactly what makes sports betting so deeply engaging.
How Are Odds Determined?
When teams of sportspersons are given odds of success, bookmakers based on a number of different factors determine this. The NBA best bets you can place are the ones on the teams or payers you think will win. Questions are asked such as; how successful has this team or person been in the past, and more recently?
How much training and practice has the team or person been involved in prior to the event? What is the reputation of this team or person in recent history? Plus more universal factors such as the weather, or of the team or person is playing home or away.
Once the factors have been analysed, odds are given as to the success of the participating parties. But, once again, odds are not always accurate. By their very nature odds are simply an estimate, or to be more precise, a guess.
And this is where smart bet makers can make the most of sports bet making. After all, if the met maker has an insight into a sporting event, he or she can place smart bets that earn enormous amounts of money.
How Odds Work In Betting
As well as being a prediction on the outcome of a sporting event, odds also determine how much money will be paid out, should that bet be a success. For example, if odds are placed at 1/10, this means that the result is seen as unlikely to happen.
But it also means that a bet of $10 would payout a whopping $100, if the bet is successful. These would be the odds given to a team or sportsperson seen as unlikely to win.
On the other hand, lower odds, such as 1/2 are seen as much more likely to occur, giving the favour to this party. Yes, a bet on these odds has a statistically higher chance of succeeding, but a bet of $10 will result in a payout of just $20.
And this is the primary rule of placing bets in the sporting world; more risk equals may payout. In other words; betting on an underdog team will always, in all cases, result in a riskier bet, but with much higher rewards.
Of course, as is well known, underdogs are favourites, and not just because everyone likes to see an underdog succeed, but because the payouts are also fantastic.