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For those just starting out. Sports betting is all about betting against bookmakers. It is quite different from betting against other people the way most people do. It is also different from pools betting. Bookmakers are betting companies that provide the platform for betting activities. They also provide the prices and expected winnings on each football match.
All you need to do is to determine the outcome of a particular match or a series of matches. You don’t need to predict the exact score line. Though there are bets where you can predict the exact score line. The price per match will be determined by how hard or difficult it is. The easier the match, the lesser the potential returns. The harder the match, the higher the potential returns.
Let use soccer (football) for illustration:
Assuming TEAM-A on top of the league table wants to play TEAM-B who are at the bottom and out of form at home, we all know there is a very high likelihood that TEAM-A would win if in good form plus all the advantages to their side. The money you are expected to win if you bet TEAM-A will beat TEAM-B will be very small in fact.
On the other hand, if you say TEAM-B will beat TEAM-A, then the expected monetary returns would be high. It will be high as well if you say it will end in a draw.
Okay. Let’s move on.
Predicting that TEAM-B, the under-dog will beat TEAM-A, the odds could be 4/1. That means that if you bet with $1 you will win $4 plus your initial $1 which makes your total earnings $5. I’ve used US dollars above as an example. Most bookies operate in Pound Sterling, dollars and Euro. So if you want to bet on it, what would you do? Start analyzing and seeing possibilities.TEAM-A to win at 2/7 simply means to win $2 you have to play with $7. You need to ask yourself is it worth risking $7 to win $2? Or will you back the weaker TEAM-B to win at 4/1? You only need to put in $1 to win an extra $4. But will TEAM-B beat the stronger TEAM-A at home? The greater the risk the greater the potential returns, the lesser the risk the lesser the potential returns. That is where your football mind and knowledge is needed.
Let’s Understand Prices/Odds more using real soccer teams for example.
Take a look at this match in the fixture and price. Lets say Chelsea F.C. to beat Manchester City at home is priced at 2/5. That is you bet with $5 to win $2. That is a total expected returns of $7.
(Always remember that the figure at the end is what you stake with and the one in front is what you will win)
The match is 11/4 for a draw and 6/1 for an away win for Manchester City. It means 1/1. You play with $1; you win an additional $1. You play with $100 you win an additional $100.
Other Kinds of Odds…
Not all odds are written in fractions. As in not written like 3/1, 1/5, 4/9 and so on. Some odds are written in decimals like 1.35, 2.42 etc. If you see 2.42, it simply means if you bet with one dollar, you will earn return of 2.42 dollars. Whatever figure is shown, it means that it is what will be returned if you place $1. So you can calculate your expected earnings according to what you want to bet on.
There are also the American Odds presented in form -110,+220,etc. The Decimal odds seem to be by far the easiest to calculate. The bookies (bookmakers) can determine what kind of odds they will be using. Actually some bookmakers allow you to choose the odd type that suits you. Whatever Odd you use the result is the Same. However, chose only Odd type you are comfortable with.
There are many types of bet provided by Sport books to suit your needs. The basic bet types are the 1X2 (three outcomes, Home Draw Away), the 12 (only two outcomes, Win or lose), the 1X, 2X (Win or Draw), Not Draw. Other extended betting types are Number of goals, Half/Full Time result, Odd/Even number of goals, Asian Handicap, Live or in-play betting option, exact score line, etc. While sports like boxing, tennis, etc have fewer basic betting options, soccer has the most betting option.