First and foremost, the basic terminology of sports betting must be clarified: what are odds, how are odds calculated and how do you interpret them, how do you create an account with the betting company … The list of questions about sports betting seems endless.
How Are Odds Calculated?
When you place a bet you are actually trying to predict the outcome of a particular game or tournament. Nowadays betting companies offer a seemingly endless variety of options that you can bet on. The selection ranges from predicting the winner to betting on who will have the most corners in a game.
The odds of your bet show the probability of your bet (from the perspective of the betting provider). The higher the odds or your stake, the more money you can win. The simplified formula: odds of your bet x money stake = potential profit.
The Odds Are Converted Into Probabilities As Follows:
1 divided by the rate = probability of occurrence
Example: So an odds of 2.00 actually means that the bookmaker gives the event a 50% chance (→ 1 / 2.00 = ½ = 0.5 = 50%). With a rate of 4.00 the probability of occurrence is significantly lower, with only 25% (→ 1 / 4.00 = ¼ = 0.25 = 25%). So you can easily calculate how likely the bookmaker will keep your bet.
But don’t forget that bets with a 95% probability (= odds 1.05) can go wrong and bets with a probability of 5% (= odds 20.00) can also occur.
Create An Account – Online Betting
In order to participate in sports betting you must be at least 18 years old and create a registered account with a bookmaker. Creating an account is quick and easy. Most betting providers even welcome you with a bonus offer when you sign up so that you reduce the risk of losing your own money with your first bets.
Interpreting Odds Correctly – High & Low Odds
For every game or competition, there is a multitude of possible outcomes that you can bet on. A betting provider decides on the amount of the odds based on its assessment of the probability of this result occurring.
If your bet selection has low odds, it means that the bookmaker gives you a good chance that this result will actually occur and that you will win your bet.
If the odds for your targeted bet are high, it means that the bookmaker considers the chance of this result to occur to be rather low. The provider grants you a low probability of winning but rewards your courage to take risks with a correspondingly high potential profit.
Sports Betting – World Of Possibilities
When you have created an account you can explore the almost endless betting possibilities. The most popular bets are usually bets on the winner of a game or competition.
Let’s say you want to bet on the end result of a game. Then you can choose between three options:
- Home win
- Away win
For games or sports where there is no tie, you can choose from two options:
- Home win
- Away win
Tips For Successful Sports Betting
Find out about a match before it starts to increase your chances of winning. Read the latest news about the teams, such as questionable stakes by players due to injuries or suspensions or the latest results of the teams. Browsing through it helps you a lot to get an up-to-date impression of the teams, which is essential for long-term success. You also get a better feel for how the bookmaker sets their odds and whether it is worth betting on the game or not.
To Act With Caution
One of the main reasons for the popularity of online betting portals is certainly the area-wide availability of the services and the large variety of bets. The account is quick and easy to set up, you can place a bet directly and now from anywhere. But in order to be a successful tipster, we recommend that you bet carefully and thoughtfully. It is important to avoid impulsive actions when betting and to weigh the available odds on different events – and only bet if the risk is worth it!
For example, is it worthwhile to bet on a team with odds 1.20 or do you prefer to look again for better alternatives?
Compare Betting Odds
When you have found a game that you want to bet on, it is always good to take your time comparing the odds of the different betting providers in order to get the most out of it. The odds differ in most cases between the different bookmakers. If you are willing to invest the extra time, you will usually find even better odds than the ones you originally wanted to bet on. However, you shouldn’t expect too much: the differences are usually not too big, because the betting providers use similar factors for the calculation.
A sense of responsibility is particularly important when betting online. In order to become a successful bettor, you have to be able to control your finances, especially your expenses. A term that should definitely be dealt with in this regard is money management. We’ll explain in more detail what this is all about in another article.
The aim of money management is to minimize the risk of sticking to your betting strategy over the long term and to slowly increase the stakes through increased capital.
- Take a critical look at your current financial situation. Only bet as much as you can lose. Your private life shouldn’t suffer from betting
- Minimize the risk of loss – bet on games and competitions that you are familiar with
- No “all or nothing” – place a maximum of 10% of your betting capital on one bet.