Sports Betting Expert
Last Updated on 29/09/2022
Fact checked by: Melissa Roy
Ever wondered how to read sports betting odds? In the guide, we’ll show you how easy it really is to read odds, and how you can use this knowledge to your advantage.
If you can verify the authenticity of the bookmaker you select and are well versed with the sport you’re betting on, in terms of knowing how to read betting odds well, then you’re all set to have a thoroughly enjoyable virtual gambling experience. All of which means you’ll need to have reading odds explained.
If you’re a sports enthusiast with a knack for laying bets on your favorite team, then sports betting online and make money is the ideal destination for you to enhance the excitement of the game along with the chance of bagging a handsome reward at the end . There are several online bookmaker sites offering attractive betting options and a plethora of games to choose from. The trick is to be cautious while choosing a betting website with authentic permissions since in Canada, while online sports betting is legally permitted, there are certain limitations you need to bear in mind. From horse racing to NFL and Premier Leagues, live betting on sports and winning real money is a flourishing practice in Canada. For many, this magnifies the excitement of the match, and as long as the website you’re wagering on is a legitimate one, this is an entirely accepted hobby to have as long as you’ve had reading odds explained.
All of our recommended betting sites will offer a rich selection of sports betting options and they cultivate intuitive betting practices of the players with the help of their highly skilled bookies. Sportsbooks bring punters of Canada an array of gaming options, ranging from horse races , football, and tennis matches, as well as virtual games like CounterStrike and Overwatch. All of which means that you’ll need to know how to read betting odds for these options.
If you want to know how to read betting odds, you’ll need reading odds explained. Simply put, odds refer to sets of numbers that indicate the likelihood of a particular event to occur. However, in the gambling glossary , odds have a different connotation.
Instead of implying the probability of an event taking place, odds provide a ratio to the amount of the bet to the payout offered if the player places the correct bet.
The trick to winning a sports bet lies in reading the odds correctly.
Now that you know that odds are the ratio of your potential win from a given bet, let’s try understanding how bookmakers calculate a sports betting odds. Bear in mind that online bookmakers , much like in the cases of land-based casinos, keep aside a commission while placing the odds. Let’s have reading odds explained with an example. For instance, if the probability of wins to losses is 1: 1, the bookmakers will project it as 0.9: 1. It is vital to understand how to read betting odds in order to realistically estimate the scale of risk that a punter can take while laying the wager.
While online betting websites expand the scope of games and bets players can lay, since punters are no longer restricted geographically, there is a certain challenge that online sportsbook poses for the players. Typically, odds are projected in three different ways, ie, decimal odds, fractional odds, and American odds. It can help to know how to read betting odds in each of these systems well since different players from different regions are likely to subscribe to a different pattern of odds in betting.
Decimal codes are popularly known as European odds and are relatively easy to understand. In general, decimal odds are the figures that the players stand to win if they win a bet. A simple formula may calculate this. You may multiply the decimal odds of the particular game with the wager amount to find out the potential payout. To give an example for having reading odds explained, if you bet $ 100 on a match with odd 1.90, then your potential winning may be estimated at $ 900. This format of widely used best betting odds in Canada .
Fractional odds project the amount of a player is likely to win when compared to the amount you bet. In order to estimate the possible payout, the numerator represents the potential payout while the denominator stands for the amount wagered. So let’s look at how to read betting odds in fractions. For instance, if the fractional odds of a particular team in a tournament is 5/1, then it translates to the winning possibility of $ 5 for every $ 1 wagered if the team actually wins.
American odds is the most popular format of betting odds in the US and is often used in Canada as well. Unlike the decimal odds and fractional odds, this system uses symbols to indicate the winning possibilities, and the unit of reference is $ 100. How it works is if there is a minus sign in front of a particular figure, it means that the player needs to wager that amount in order to win $ 100 in the event that it is a successful bet. On the other hand, if there is a plus sign in front of another figure, then if the player wagers $ 100 and the team wins, then the winning amount corresponds to the amount depicted in the odds.
So let’s have reading odds explained. There are several factors to reading the odds in any sports betting activity. First and foremost, it helps to be aware of the role of a bookmaker while placing the bets. Bookmakers always include a commission, which is called a vig or an overround in the odds. Accordingly, irrespective of the fate of the wager, the bookmaker would be able to gain at least the commission value. So, one option players have is to gauge the percentage of the commission before betting on one team or the other in order to secure a higher chance of winning. This often becomes all the more complicated if the game involves more than one side, especially in the cases of horse racing or any of the Olympics games.
How bookmakers in Canada usually evaluate the odds would be by a simple addition method. In the case of multiple players, the bookmakers add up the decimal odds for each of the teams and then multiply them with 100. Additionally, if the odds are exceptionally in favor of a particular team or athlete, the bookmakers often try to evade their plausible loss by increasing the stakes on the winning odds. The players must be conscious of these fluctuations once the betting market is open in order to maximize their chances of winning. Knowing how to read betting odds is the best way to do this.
To make profitable bets, it is essential to be aware of a few factors. Firstly, the players must be mindful of how betting odds work and what are the different methods and strategies of betting odds applicable. Secondly, the kind of market in which the bets are being placed must be taken into consideration. Finally, there are various betting strategies that the punters can take recourse to in order to boost their winning possibilities.
There are typically two market scenarios that you as a punter must navigate in order to place a successful sports bet – high margin market and low margin market. The low margin market usually comprises sure bets , 1X2, head to head, and Asian Handicap. On the other hand, high margin markets often refer to mainstream and grand scale sporting events such as horse racing, and football, among others. Let’s have some common examples so that you have have reading odds explained.
In the cases of high margin markets, different outcomes are possible, especially in multiplayer games. This tips the scale in the favor of the punter and the bookmaker will try to incorporate a high margin in the odds to enhance their winnings, irrespective of the outcome of the bet.
Once you know how to read betting odds, you’ll want to put down some bets. Among the other factors which are of relevance to a sports bet, keeping a few techniques and strategies handy can always prove beneficial to players. The strategy that works for one player may not be the same as the other players, so it’s essential to try and test out different strategies before finding the most suitable one. Once that has been arrived at, players should ideally stick to that particular technique. It is also advisable to lay the wager only on those sports in which the player is genuinely interested and is conversant with all the rules and regulations.
Ultimately, a lot depends on luck in sports betting, so there isn’t quite a foolproof strategy that punters can take recourse too. However, two popular techniques have worked for several players across time, and it can be good to have reading odds explained for these options.
Now that you know how to read betting odds, you’ll want to try your luck. Wetten.com can show you the best online gambling website, with the best betting bonus and an impressive reputation amongst sports betting enthusiasts. Microgaming software like NetEnt, Playn’Go, and Yggdrasil that power many of our recommended casino sites make them extremely user-friendly and very easy for even the newcomers to log in and lay bets. Our favorite casinos will come with a vibrant flurry of as many as over 250 games like Keno, Slots, Baccarat, Roulette, and much more. They will provide you with more options to choose from than any other land-based casinos. Licensed by the Gaming Control Authority of Malta, our recommended bookmakers are also SSL-certified, which ensures the complete fairness of the gameplay and security.
Players betting on sports for real money may avail of supplementary bets on any good sportsbook. Adding variety to the plethora of table games, slot games like Blackjack, Baccarat, Roulette, Poker, and several innovative jackpots spins, our recommended bookmakers and casinos offer their patrons fascinating sports betting terms and options.
Our recommended bookmakers makes the whole sports betting experience thrilling and meaningful for their players. There are promotional matched betting offers that initiate the players into betting joyride. Their banking options are incredibly convenient, encompassing Visa and Mastercards, e-wallets like Skrill, Neteller, etc. This makes deposits and withdrawals hassle-free after you’ve had reading odds explained.
All of our recommended bookmakers hold all the necessary licenses and permissions for lawfully operating a sports book in Canada. With the most extensive sports options and generous jackpots, Wetten.com will help you find the ideal site for all sports punters.
So if you are looking for online betting sites in Canada , we’ll help you find one of the best sportsbooks with a diverse range of sports to choose from. There are regular offers and matching bets that further strengthen the betting streaks of the players.
Overall, registering with one of these sites can prove to be the best decision for all fans of sports betting in Canada. So register today to begin your online sports betting journey!