How to read football odds
Betting odds have a lot say about the likelihood of the event occurring. It is
therefore necessary to know what kind of odds are the best for betting based on
critical analysis.
What are betting odds?
Betting odds represent the probability that a certain even
is likely to happen. The most common type of odds are decimal odds used mostly
in Kenya and UK. The number of returns is calculated by multiplying your stake
by the decimal odds of the event. For example:
·
If the odds for arsenal to win are 2.87 and you
stake ksh 200, your returns will be:
Ksh 200 x 2.87 = ksh
574
Therefore, your profit will be calculated as follows:
Ksh 574(amount paid ) – ksh 200 (stake) = ksh 474 profit.
How bookmakers set their odds
Bookmakers are not there to make you rich but they mean real
business on their side. Before presenting the odds, they have to do their
expert analysis on the available data and using algorithms as well. They
consider the following in setting betting odds:
ü
Form of the team
ü
Injuries reported
ü
Home/away advantage
ü
Head-to-head statistics/previous meetings
ü
Weather conditions
After all the above-mentioned issues, they add margin which
means that whatever the outcome they will make profit on all the bets placed.
Odd changes
Those who have been in gambling for quite some time will
tell you for sure that odds really change. At times the odds of a particular
team to win a match might stand at 2.50 in the morning but later just few
minutes before kick off the odds drop to 1.25 and you ,might wonder why.
Towards kickoffs all the information is already out including formation and
players who are out on injuries. Putting all these critical information
together makes bookmakers to rush and lower the odds as the probability is
almost certain. Odds may change due to the following:
·
Team latest news about key players
·
If many people place a bet on one side
·
Competition between bookmakers
With such factors in place, placing a bet early guarantees
higher returns than placing closer to kickoff time.
Identify good odds
At times bookmakers underestimate team performance and tend
to give huge odds-on favorites team to win. If you have clear statistics and
data to confirm that the event is likely to happen then this is where you take
your chances. Always follow analysis not odds even bookmakers make mistakes.
How to read odds successfully
o
It is good to understand implied probability
based on analysis
o
Compare odds on different sites
o
Do not go for high or low odds without research.
o
Record your bets and analyze your performance
o
For a start, start with singles or few multi-bets
until you get confidence.
Conclusion
Understanding the odds is a very important skill and every
one who wants to make better decisions should have. Analyze and monitor the
truth about the odds and probability about the possible outcome. Finally:
ü Never
bet with emotions
ü Never
chase losses
ü Never
overlook statistics
ü Gamble
responsibly
ü Betting
should always be fun and never stressful
ü Learn
when to leave and get satisfied with small wins.
ü Never
stake everything even if, you are sure.