About betting odds and betting on less popular sports
Betting Odds FAQs
FAQs related to sports betting odds
Question: What’s meant by the ‘evens’ odds?!
Answer: The 1/1 fraction offered by all major bookmakers is normally referred to as an evens bet. What it means is that if you place a bet on any outcome with such odds, you stand to win exactly the same amount of money that you have bet. Its decimal equivalent is 2.00, and 50% is the implied probability of such odds - one of the reasons why these odds are also commonly referred to as 50-50.
Question: Why do odds set by the bookmakers fluctuate and what’s meant by vigorish?
Answer: A bookmaker would preferably like to have equal amount of action on both the for and against side of a certain possibility, in an ideal world. This is what is popularly referred to as ‘Green Book’ by the bookmakers and sports bettors. For instance, if couple of friends bet on the toss of a coin and are ready to place a £ 100 wager on the outcome, a bookmaker may normally provide odds of 45% on tails or heads. As anyone can guess, the actual odds on this scenario are 50% for either outcome (tails or heads). The difference of 5% between the actual odds and the odds provided by the bookmaker is referred to as the vigorish, juice or vig by the bookmakers. This is the percentage that makes bookmakers their money.
Now, if two people bet on the opposite outcomes – one on tails and the other on heads, it creates a win-win situation for the bookie, as he’s guaranteed 10% profit regardless of the eventual outcome. But, if both the bettors were to bet on heads, the bookmaker may possibly incur a £ 200 loss if the coin toss indeed produces heads. Obviously, there’s also a chance of bookmaker making a £ 200 profit if tails is flipped instead. It is basically to reduce their chances of loss that bookmakers fluctuate the offered odds. A bookmaker may provide reduced odds of 42% on the possibility of heads and a higher 48% on the possibility of tails, in order to balance its liabilities.
Question: How the bookmakers figure out odds?
Answer: Bookmakers take all sorts of facts and figures into account while deciding the odds for the concerned outcomes. House edge is considered first. Sum up the implied probability of all possible outcomes (offered by a bookmaker) of a certain fixture and you are never going to get a perfect 100% figure. Bookmakers keep in mind the number of people that may possibly bet on the home win and how they can optimise their profits without offering very low odds. As is the case with any business activity, competitors’ performance is also taken into account. There are plenty of websites where you can compare odds and see the prices being offered by the best online bookmakers. Apart from all such information, several side factors also impact the offered odds.
Question: Which bookmaker provides the best odds for football games?
Answer: It has been observed over the past several seasons that Bet365 is one of the best bookmakers when it comes to offering sports-bettor-friendly odds on the Premier League matches.