How Do Odds Work in Football Betting?
Football Betting -If you decide to commence betting on football or play casino, live casino—it’s important to understand the how do odds work. It would be ridiculous to think about placing bets without having a good control on the main types of betting odds and the ability to read and interpret the various associated formats.
There are three main types of betting odds:
These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance (percentage probability) of an football game occurring can be converted and presented in any of the aforementioned types of odds.
Fractional odds (aka British odds, UK odds, or traditional odds) are popular among British and Irish bookies. These are typically written with a “slash (/)” or a “hyphen (-),” e.g. 5/1 or 5-1 and displayed as “five-to-one.” Fractional odds are used by some of the most popular sportsbooks in UK.
A fractional listing of 5/1 (five-to-one) odds would mean that you win $/€5 against every $/€1 you wager, in addition to receiving your dollar back (i.e., the amount you wagered). On the other hand, this is the ratio of the amount (profit) won to the initial bet, which means that you will receive your stake ($/€1) in addition to the profit ($/€5), resulting in a total payout of $/€6. Thus, if you stake $/€10 at 5/1, you get a total payout of $/€60 ($/€50 profit + $/€10 stake).
Thus, the total (potential) return on a stake can be stated as:
For instance, Online Sportsbook Betzest listed the following fractional odds for futures betting on the team to win the 2021 Champions League. Below is a selection of the three teams that had the lowest odds of winning the competition.
Chelsea : 10/11
Real Madrid : 9/4
Manchester United: 7/1
It can fast be understood that the Chelsea are the favorites while the odds on Real Madrid and Man United winning are longer. That is, one wins only $/€10 against every $/€11 wagered on Chelsea to be the champions in 2021 season. Meanwhile, one wins $/€9 against each $/€4 (i.e., 3.25 times) put at stake for Real Madrid to win, which is a bit less probable. For Man United, one wins $/€7 against each $/€1 bet.
In the above example, if you bet $/€100 on Chelsea to win, you could make a $/€90.91 profit [$/€100 x (10/11)], and could get back your initial stake of $/€100, resulting in a total payout of $/€190.91. However, if you wager $/€100 on Real Madrid to win, you could receive a profit of $/€225 [$/€100 x (9/4)],in addition to the $/€ 100 initial stake leading to a total payout of $/€325.
The potential profit for Man United win would be even higher, as you could make a profit of $/€700 [$/€100 x (7/1)]. With the initial stake of $/€100 being returned, it would make for a total payout of $/€800.
Decimal odds (aka European odds, digital odds, or continental odds) are very popular in continental Europe, Australia, New Zealand, and Canada. These are a bit easier to understand and work with. The favorites and underdogs can be spotted right away by looking at the numbers.
The decimal odds number represents the amount one wins for every $/€1 wagered. For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number (no need to add back your stake), which makes its total payout calculation easier.
For example at Online Bookmaker Betzest the total (potential) return on a stake can be calculated as:
Total Payout = Stake x Decimal Odd Number
For example, Online Sportsbook Betzest priced the favorites to win Champions League in 2021 season. Here, we present you the decimal odds for the teams listed by this great bookmaker.
Real Madrid : 4.00
These figures simply represent the amount one could win against each $/€1 put at stake. Thus, if one bets $/€100 on Real Madrid to win Champions League, this punter could make a total payout of $/€400 ($/€100 x 4.00). This amount includes the initial stake of $/€100, giving a net profit of $/€300.
Likewise, a punter could make a total payout of $/€130 ($/€100 x 1.3) if they successfully bet $/€100 on Chelsea. Deducting $/€100 from this return gives the bettor the net profit earned.
Reviewing the prices that Betzest Online Bookmaker has set for each team, it can be determined that according to Betzest, the probability of Chelsea (favorite in 2021) winning the Champions league is higher than that for Real Madrid. The higher the total payout (i.e., the higher the decimal odd), the less probable (and riskier) it is for the listed team to win.
Sooccer become very popular in US and competes with great sports such as American football, NBA, NHL, baseball, Tennis etc. The Major League Soccer (MLS) has already 4,2 Million registered soccer players.
The Major league (MLS) comprises 27 teams—24 in the U.S. and 3 in Canada—and plans to expand to 30 teams by the 2023 season.
American odds (aka moneyline odds or US odds) are popular in the United States. The odds for favorites are accompanied by a minus (-) sign, indicating the amount you need to stake to win $100.
Meanwhile, the odds for underdogs are accompanied by a positive (+) sign, indicating the amount won for every $100 staked. In both cases, you get your initial wager back, in addition to the amount won. The difference between the odds for the favorite and the underdog widens as the probability of winning for the favorite increases.
Let’s understand this with the help of an example from American Soccer:
Betzest priced the teams New York City FC and LA Galaxy to be champions in MLS, with the following moneyline odds.
New York City : +585
La Galaxy: -760
Betzest has offered odds of +585 for New York City, which indicates that the bookmaker has placed a much lower probability (about 15%) on New York City winning the league. One needs to risk $100 on New York City to make a potential win of $585. If New York City can pull off the upset, one gets back their initial stake of $100, in addition to the $585 won, giving a total payout of $685.
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When choosing an online bookie, casino, live casino one of the most important factors is the license. Betzest is licensed and audited by MGA (Malta Gaming Authority) which is respectable organization and offer fair play to players.
Certainly, the license is vital, but what would a betting or casino site be without a great variety of sports or games selection? The best online bookmakers and casinos in the gaming industry must have at least 40 sports on their list and over 1000 casino games from Top providers such as BetRadar, NetEnt, Evolution, Yggdrasil, PlaynGo, PragmaticPlay, Microgaming and many more. A good bookmakers or casino will cover the majors such as football, tennis, basketball, handball, hockey and offer odds on up-and-coming markets such as Virtual Sports or Esports.
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Due to their own superb modern technology and product bookies such as betzest have best odds provided by leading sportsbook provider BetRadar. With that many bookmakers available online, it’s a great idea to choose the operator with best odds. You will see this indifferent of the marketing campaigns, not all of them have boosted odds. Of course, you should choose the one that promises the best returns and margins.
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Pre-match betting may be most common, but if you ask punters, live betting is really exciting and gives lot of adrenaline when you want to bet or play on the go. The top bookies and casino sites all have live betting and live casino platforms. For those unaware, this allow you to place bets on live matches around the world or play Live Roulette, Blackjack, or Casino games. The fact that you’re betting in play opens up a world of possibilities and unique markets worldwide.
A good Live betting platform will offer enhanced Live text stats that are updated every minute by journalists. Top bookmakers might also offer live streaming that allows you to watch the matches you bet on. This will help you make more informed decisions which will lead to better chances of winning. Live betting is one of the major ranking factors in our reviews. We believe that a bookie can’t be on the top if it doesn’t offer such a platform.
Live betting & Live text should go hand in hand, but unfortunately, you won’t find live streams on every betting site. The reason for that is that the technology and streams themselves are expensive. Even when a bookmaker has live streaming, it will only be available on selected events.
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