Betting odds: How do they work for your advantage in soccer

Many new punters are often confused when reading betting odds to make the best wagers. This is why soccer fanatics need to learn how they work so that they can maximise their bets and enjoy their time watching the games as well.

Betting odds is an integral part of sports betting, and a lot of people are still wondering if they are reading it right when it comes to placing wagers on soccer games. How do sports betting odds work? Learning about it is a good start to have an edge in winning bigger prizes especially if you wager on the top-notch soccer events.

What are bookmaker odds?

A lot of punters scour the internet for ‘sports betting odds explained’ and other similar queries. Bookmaker odds are the values that reflect a single game’s most possible result. It also represents the amount of money that you stand to win if you bet on the right one.

For those who are asking ‘how do bookmakers make odds?’, it is more of using probability as a factor in setting the numbers for each team or player. These can turn the tide in giving you the best wins which is why it is important to understand their value and how they can affect your betting as a whole.

How bookmaker odds work

Bookmaker odds are based on probability, and it means that betting sites put up the numbers depending on what most people think will be the outcome of a given match. The perfect example of this is a coin toss, where there can be either heads or tails, which means that both ends have a 50% chance of winning.

In football, there are three possible results in a given game. Either side can win and lose, but there are times when a draw also happens, meaning that the match ends with no winner and both teams earn a point each. Football betting odds give you a much more flexible and wider options in winning, thus the need to learn how to read sports odds.

Importance of betting odds

Betting odds are used to gauge how a game may possibly end. There is a chance that they may play out right, while sometimes it may not. The best example for that is the 2021-22 title win for Manchester City in the Premier League, where the odds predicted that the club would go on for a title repeat and so they did.

The importance of betting odds in football and other sports is more on giving punters a chance to win in their wagers. If you ask 'how are betting odds calculated?', you should always take time to learn the process and ensure that you make the most of your betting sessions at all times.

Bet on live soccer matches

How do sportsbooks calculate odds?

If you look into articles about ‘how do sports betting odds work?’ on the internet, the most common results you can get are all about calculating betting odds. Betting odds are usually calculated in terms of implied probability, which means one must determine the probability and check if it is higher than the ones reflected in the odds to see if it is a winning wager.

Converting numbers to implied probabilities is the best part of understanding sports betting odds. The formula in doing so divides the stake, which is equal to the amount wagered by a punter to the total payout, in which you will get the implied probability of the outcome.

Different types of betting odds

There are three distinct types of sportsbook betting odds. It can be confusing at first, but knowing how each type works will help you get the best chance of winning as well. Each type has its perk for using in your wagers, which determines your chances of winning the bets you make.

Here are the three different types of betting odds:

American odds

American odds are expressed with a plus or minus sign at the side of each amount. Teams that have a minus symbol on the odds are the favourites for a given game, with the plus teams being the underdogs. A good example of this betting odds type is for a game between a top seeded Chelsea (-300) and a struggling Manchester United (+800), with the draw being set at +400.

To win in betting on the favourites, you need to wager at least USDT 300 to win USDT 100 in a win by Chelsea. On the other hand, you need to bet USDT 800 on Manchester United to win at least USDT 100. It is common in the best crypto sportsbook you can find out there, making it easy to enjoy at most.

Fractional odds

Fractional odds are more popular in the United Kingdom, and since it is home to the English Premier League, you can expect that this is mostly used in betting on those spectacular matches. The key in betting on this type is that you have to wager on the denominator to win the numerator’s amount.

If Everton has an odds of 1/3 while Liverpool has 8/1, then you need to bet £3 to win £1 for an Everton wager. A winning bet would yield a return of £40 since your stake money will be returned as well. Betting on Liverpool to win will result in a £90 win, which is the winnings and original stake combined.

Decimal odds

Decimal odds are one of the most popular formats ever since betting is integrated online. In the last 20 years, decimal odds have been the common answer for queries like ‘how do betting companies calculate odds?’. No matter how short the price is, remember that the odds will never be less than one, which represents the stake you put in for the wager.

For example, a game between Arsenal as the favourites will display them as 1.5, while Newcastle is regarded as underdogs with an odds of 2.6. For your bet on Arsenal to win, you need to bet USDT10 and you will get USDT5 as your profit for a total return of USDT15. If you bet USDT10 on the Magpies, then you will have USDT16 as profit for a total of USDT26 in return.

Check the latest news on soccer matches

How to read sports betting odds

Once you know how every site puts up their betting odds, converting the betting odds to each of the different types is an efficient way to do so. You can refer to each type since they mean the same thing, so you can be sure that there is a great win for you ahead.

Using the formula for implied probability is a good idea to consider so you can maximise your winning chances. Winning chances are always up for grabs as long as you know how to push the right betting odds and know more about the game as well.

How betting odds affects sports wagers

Betting odds are one of the factors that can affect your chances of winning. As said before, the probability it implies is crucial for you to consider at all times especially if you are looking to win the biggest prizes.

Odds have context behind them

The betting odds that every crypto sportsbook puts up serve as a guide for punters. They can rely on odds to project a possible outcome of a given game and thus decide on what bet they should make as well. However, not all odds are accurate since there is always a margin of error, meaning that there is a chance that the game will not end as expected.

Seeing the odds at first glance can give you a glimpse or what the result will be, however, things can be different depending on how the game is played. There are factors such as momentum swings, injuries, fatigue and many other in-game conditions that can affect the outcome.

It is best to do your own research for a given game, for example between Manchester City and Liverpool, because there might be lingering factors that you need to consider before betting on any of them.

Place your wagers on different soccer leagues

Look for the best betting odds

Betting sites have varying odds as well. This is why you should try to compare the various odds so you can find the most favourable and competitive ones that way. If you have competitive odds, then there is a good chance that you can depend on it to get the big wins you have been looking for.

The right betting odds will give you an edge in your wagers, which is why it is a good idea to compare and find the better ones in a given match. After all, it can be the difference between winning the biggest prizes possible or losing out in the worst way.

On sites such as Sportsbet.io, you can never run out of winning chances. Aside from their plethora of betting options, the site has promotions that can boost your winnings. It also helps if you know that the site offers coverage in a game where your favourite team plays in as well. That is why it is important to pick which sportsbook has the best betting odds that can give you a lot of opportunities.

Different betting markets to try in Sportsbet.io

Sportsbet.io is home to a wide array of betting markets. These markets have different uses depending on the game you are betting on. Knowing how each of these markets work can be the key when it comes to your chances of winning. The online betting odds for these markets vary depending on the playing teams.

Here are some of the known betting markets you can try in football games:

• 1x2- bet on two of the three possible game results in a football match. This is a good wager to consider since you can have two wins in just one bet.

• Handicaps- bet on the underdog or favourite with levelled odds to win the game. The underdog will be given a head start to begin the game but has to win by more than the handicap. The favourite, on the other hand, will have to win less than the handicap given.

• Winner bets- predict which team closes out the win in a given match. This is a straight bet where you only need to come up with a wager on which team you think has a chance of winning.

• Both teams to score- guess if both teams will score a goal or not. This is more of a yes or no bet since you are betting on both teams to score a single goal or not.

• Correct score- predict the correct final score of the football match. The closer your bet is to the overall score of the game, the bigger the rewards you can get.

• Game totals- guess the overall total score for both teams combined. This is a good combo with the over/under bet as it concerns guessing the overall total goals scored in the game.

• Over/under- take a risk and bet if the score goes over or under a set value. If you think that a team can score more goals, then it is safe to bet on a over/under in a given number.

Frequently asked questions about betting odds

The betting odds are the key to winning in your wagers which is why you should learn how to find out the best odds that can give you a shot at taking the win in your sessions. Here are the frequently asked questions compiled for you to have more time in placing your wagers instead.

Why should you know how betting odds work?

Betting odds are the key to winning when wagering on any sports match. You need to allot time learning how they work in every soccer match as it will determine your chances of winning rather than just blindly predicting the match result.

Are betting odds types different per sport?

Yes, they differ depending on the teams playing. No matter what sport you are betting on, there will always be a favourite and an underdog, which means the big factor that will affect your winning chances is the competing teams and how they will play in the actual game.

See the odds on football outrights

When are odds released by a sportsbook?

The odds are usually released ahead of time depending on the betting market. If you are betting on a whole football season, then it should be available as soon as the prior season ends. If you are betting on live games, then it should be available a day before the actual game starts.

Are odds from crypto sports betting sites different from the regular ones?

If you ask ‘how do sports betting odds work?’ on crypto betting platforms, they are different from the ones in usual betting sites simply because there is a much bigger winning chance for those sites that allow the use of crypto. There are more winning chances if you use crypto for sports betting so you should try to get a shot on that as well.

Try crypto sports betting on Sportsbet.io

Sportsbet.io is the best crypto sportsbook to consider if you are looking for a dashing experience in your betting sessions on football games. This is why you can be sure that you can enjoy making the most of the betting odds in each football match that you are keen to enjoy.

With Sportsbet.io, you can enjoy a fun, fast and fair betting experience like no other. Make the most of our competitive betting odds and bet anytime and anywhere you want with the use of Sportsbet.io’s mobile app. Get the best chances at winning your football bets by having the edge over the favourable odds.

For more soccer and sports updates, visit Sportsbet.io

DISCLAIMER

The information provided by the blog above on Sportsbet.io is for general information purposes only. All information on the Site is provided in good faith, however we make no representation, warranty, or guarantee of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, or completeness of any information or betting tips on the Site.