Do you want to try betting on your favourite football team? Yet, you don’t understand what are the football odds and how does it work.
In sportsbook betting in Singapore, you need to understand the difference between many football odds types. You must be able to read odds and understand what they mean in a sporting event. Moreover, you also need to calculate the potential winnings for different football bets. And once you have a hang of it, betting odds will help you work out how likely the outcomes of the event will happen. It will also help you in calculating your potential winnings.
Football Odds Explained: What are the football odds?
Before you wager on your favourite team, you must understand how odds work in football. Because if you do not learn how odds work, there is a big chance you will lose funds in the long run. In this article, we will help you learn more about football odds. Oftentimes, football odds are in fraction, decimal, and money lines.
What are the football odds? Basics of Football Betting Odds
Football betting odds use to show the amount that you will get after winning a bet. So, the higher the odds, then the bigger the payout you will get. Furthermore, the more probable the outcome, the lower the odds will be. That is why most gamblers refer to the odds as a price of a bet.
So, if you are going to bet in football, you need to accustom yourself to the fact that there are two types of odds – the odds against and the odds on.
Odds Against – it indicates the amount you can potentially take home is larger than the stake you made. So, keep in mind that when you are wagering odds against, your bet is more likely to turn into a losing one.
Odds On – it tells that the amount you can win is smaller than the stake you made. Odds on means that you need to run the risk of staking a bigger amount than the amount you might get.
Different Football Betting Odds Types
Fractional odds are one of the most commonly used in betting. And it often quotes the net total that you will get if you win. Fractional odds are also known as an even-money equivalent.
So, if the numerator is larger than the denominator, this would be considered as odds against. This means that your profit will be larger than the bet you made. But, if the denominator is larger than the numerator, this will be odds on. In other words, your stake will be much bigger than the profit you made.
Moneyline odds differ between the favourites and underdogs. If you are going to bet in the favourite, it is usually write-down with a “-” sign and indicates the amount you need to wager to win $100. And for underdogs, it is write down with the “+” sign. The positive number represents the amount you would win if you are going to risk $100. It is important to note that the negative sign indicates odds on. Whereas, the positive sign reflects odds against.
Decimal odds are the easiest to understand the type of betting odds. If you will look at decimal odds, the quoted figure will be the exact amount that you will get if ever you win. Decimal odds are also known as the most straightforward format among the three. This is since bettors can get the potential return they made by multiplying the stake they have made by the odds.
Popular Types of Bets on Football
- Match Bet
- Bet Builder
- Player Stats
- Asian Handicap Bet
- European Handicap Bet
- Half-time/ Full-time
- Double Chance
- Goalscorer Betting
- Over and Under Betting
- Draw No Bet
- In-play Betting
How do bookmakers set the odds?
Bookmakers are the ones who are in-charge in setting the odds and your profits. And because of this power, they also have the luxury of building in a house edge. In Sportsbook, you are hand-over with a choice of favourites win, draw, or an away win. Football odds also work differently between the favourites and underdogs. Each team will get an odds value according to their probability.
You will see multiple different outcomes in any given event in a different Sportsbook. Although they might be different from each other, it is only minimal and almost the same.
Before they calculate the odds, the bookmakers will start by setting their margin – like a commission. And then they will set the odds for different outcomes incorporating this commission. And this margin, referred to as the Vig/Ovverround, if then built into a bet.
After that, they will calculate the probability of each occurring outcome and subtract the margin. Let’s say: If the real probability of the game is 2/1, then the bookie will then subtract their 5% margin. Finally, the real odds results in 19/10.
The bookies calculate the real probabilities based on statistics, history, form, and opinions. And the more they gather data, the more likely the odds are going to reflect on the real probability.
For example, the bookmaker gives an odds of 10/11 on each team to kick off this Sunday. And if you are to place $50 on each team to win, it would cost you $100. And the greatest return here is $95.50 (equating to a $50 stake plus $45.50 winnings). Therefore, the margin is $100-$95.50=$4.5%.
To sum up: When the book is balanced, the bookmaker will make a $4.5 for every $100 bet.
Football Odds Vocabulary that you should be aware of
In sports betting, you should understand the language before you read odds. Here are some of the basic vocabulary of odds when betting.
Action – This refers to a bet or wager of any amount that you should make.
Bookie – This refers to the person who accepts bets and sets odds.
Chalk – This refers to the favourite team.
Hedging – This refers to the action of placing bets on the team with high odds and low odds to cut the loss.
Line – This refers to the current odds or points spreads on the game.
Wager – This refers to the money you need to pay, bet, or risk to an outcome or sporting event.
The Final Words: What are the football odds?
Now that you have learned how odds work in football, you are now prepared to start your sports betting journey. You are all set on how to pick out a good value bet to win real money.
Football Betting Odds FAQs
Bookmakers or bookies are the ones who calculates the football odds according to different criteria. And it may changes once the bookies update the odds during a sporting event.
Football betting odds are created by bookies to show to the likelihood of the outcome in a game. It also helps in determining how much profit a better can make when wagering on an event at the Sportsbook.
It can help you avoid making mistakes and bad decisions when wagering in sporting events.