How Betting Odds Work in 5 Minutes

As a rookie punter looking to make some bucks on football betting or any sport, you need to understand how betting odds work!

Remember, the bookie or betting exchange is in business to make a profit just the same way you also want to win.

Why do the odds change? How can you increase your chance of winning? Which betting platform is better?

You’ll find a fuller answer if you can follow this video. Honestly, the video is the solution…

How Betting Odds Work:

Betting odds means two things. First, they refer to the chance of any particular outcome occurring. The higher the odds, the lower the chance you stand to win. By implication, lower odds produce a greater chance of winning.

Second, odds represent the way punters can calculate the operator’s payout on the amount you stake on a bet relative to the amount you win. Higher odds produce higher payout outcome while lower odds result in lower payouts. Generally, there is a 100% chance of win, loss, or draw.

In a tennis match involving a top-ranked player and another ranked 200th, the wager on the 1st ranked player winning is lower while the odds on the opponent winning will be higher.

What Odds Formats Do the Operators offer?

Whether it is with the bookmakers or betting exchange, there are three different formats of odds available. It is advisable to get familiar with any of the three models.

They are:

• Moneyline odds: this comes in the form of positive (like +120) and negative (+300) figures
• Decimal odds: comes like 4.5 and 0.5 figures
• Fractional odds: written in the form of fraction 3/11 and 4/11

You want to know how each of the formats works…the video has all the answers.

Which is better: Bookmaker or Betting Exchange?

You can’t say precisely; your preference is needed here. It’s about the pricing, payout, cashout after commission. Typically, while the bookies offer multiple odds, the betting exchange platform is limited in terms of odds.

But hey, betting is about what brings better ROI, and the exchange platform offers relatively better payout after commission.

Check out the video to see the margin.

If you cash out on the exchange platform, you only pay commission on your winning bet, and your cashout is higher. However, if you cash out on the bookies at the same commission rate, your cashout is lower.

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