When it comes to betting, odds can vary extensively between bookmakers. There’s a lot of different types of odds, and it is the odds that you will want to look at in order to determine how to get the most winnings. Value of odds is an important concept, but a lot of people don’t understand it. However, if you’re looking to make money from betting, it is vital that you should learn. Once you have learnt this, you can look for where you can find the best betting odds, and fully understand how much you could win.

Different Types of Odds

The best way to determine if you’re getting the best odds is to know exactly how to read them. There are a number of different formats that different sites use when it comes to odds, including decimal odds, fractional odds and American odds. Some sites will allow you to view the odds in the format you’re familiar with, but other sites will be fixed in how they format their odds, so knowing how to read all of them is important. Whether you’re looking for the best online odds for the new NBA season, or for the next football match, each site will have a different way of displaying their odds.

Decimal odds stands for the money you want to win per £1.00 you wager. For example if a site shows 2.6 odds, this means that you can get £2.60 for every £1.00 that you wager. Although this is generally used on American sites, it is not uncommon to be found on other sites. If you’re more familiar with fractional odds, you can work out the fractional equivalent: for example 4.0 = 3/1. American odds however, like decimal odds are also an easy format to read, and will list the odds as a positive or negative number. For instance, if a site shows -250 as odds, you will have to bet £250 to earn £100. If it shows a positive sign, it shows the sum you can win for every hundred pounds that you wager (or on an American site, dollars.)  Doing the maths and learning how to convert them all into the format that you are comfortable with, will help you to determine if you’re getting the best odds.

Shop For The Best Odds

There are a few influential factors that you can consider when it comes to finding the best odds. Some sites specialise in the best odds for certain sports so shopping around is always a great idea. Also, you’re quite likely to find the best odds if you look for the underdogs. Although you need to be careful and choose the underdog when they genuinely have a good chance of winning, the odds for an underdog are always going to end up giving you bigger returns than the favourite would – even if you bet big on the favourite. Well-matched competitors also offer some good odds, because the likelihood of one winning is actually quite slim. Odds are generally the same or similar when competitions are closely matched, meaning you’ll get quite good odds for either side. This is also important when it comes to the possibility of ties, and competitions that are not very big.

There’s plenty of ways to look for the best odds, but knowing how to understand and read the values of the odds will always put you one step ahead. After that, you should make sure to use your knowledge and experience to make the right choice and choose the winner!