All about betting odds
If you are new at NEO.bet or to sports betting anyway, there are a few things to know before you get started and to place successful bets. You can maximize your profits by knowing a lot about players, team or tactics, but also odds can give you a few hints how to place profitable bets. This is why you need to know everything about betting odds and their meaning. You can step up your game by knowing what betting odds mean. Knowing every little snippet about sports betting odds and what they can tell you about the perfect betting slip, will help you to become a betting champion.
Betting odds explained
The first thing you need to know is that betting odds may differ if you take a look at various betting markets and bookmakers. Also, the bet with the lower odd is more likely to fulfill the bet you put on your betting slip than the bet with the higher odds. A short betting odds definition: the American odds format is an odds format in which the profit is specified on the basis of a bet with a base value of 100. This means if the odds are given with a minus, you have to bet this amount to win 100 dollars. If there is a plus, you win the corresponding amount for a 100 dollar bet.
For example:
- +123 means that you have to bet 100$ to win 123$ (including your wager, a total of 223$)
- -156 means that you have to bet 156$ to win 100$ (total 256$ including the wager)
odds and probability
Now, you may ask what the odds can tell you about the probability to win a bet. When the odds are set, the probability of an event such as victory or draw is always assessed. If you are trying a betting odds interpretation, this means: the smaller the amount is that you have to deploy, the higher is the probability of winning the bet. It is just that easy, the most likely event has the lowest odds. The odds are constantly changing during a game, though. The odds history of live bets always depends on the outcome of a match, but other factors, such as the injury of an important player or a place reference, also influence the development of the odds. When you placed a live bet on a game and something happens that benefits one team, the live odds are changing to its favour. Because then, this team is more likely to win the game. You see, you can make a lot of profit by using your knowledge of the odds. This tactic works out best while watching a game and following your gut feeling for the right moment.
The importance of betting odds
If you want to know who sets the betting odds, let us tell you that the betting ratio is mathematically related to the probability of an event arriving. It provides information about how the bookmaker, in this case NEO.bet, evaluates a game. What you as a player need to know is that the odds show you your maximum profit. You can also evaluate if a bet is worth the risk. The lower the odds, the higher the chance to win. The higher the odds, the greater the risk. All betting options offered at NEO.bet have betting odds. Various factors, such as the recent encounters between the two teams, injuries and suspensions, or the current form of a team, are decisive for how high or low the odds are. You should keep that in mind while planning your next betting slip.
American odds vs. European odds
The American format is surely the most common notation method for sports betting in the United States and Canada. We already told you how you can convert to the American odds. But there are several other formats you need to know to become an expert. For example, in Europe a different kind of format of odds is used. They are working with decimal odds. This format is a simple representation of the potential payout of a bet, including the wager. If you would like to know how much profit you can gain from a bet you just have to multiply the amount you want to bet by the decimal rate offered.
For example:
1,20 means that the payout in the case of winning is 1,20 x 100$ = 120$
Check out your possibilities with all your new knowledge about odds!