Betting involves reading the odds. If you can read with better accuracy the betting odds, you are more likely to win the bet. It is important to read the odds correctly so that the punters can understand how much money the bet deserves and whether the odd is correct indicator of the probable outcome or not. In a nutshell, the odd ratio is the offer made by bookies. With research and thorough checking, the bettors try to find if the offer is good and holds a value or not.
Odd ratio or fractional odds
Fractional odds or the odd ratio are straightforward and easy to understand. These are represented as 2/3, 4/1, 2/6, 13/7 and so on. To find the payout, the punters can multiply the fraction with the stake amount and then add it to the stake. For instance, if the odd is 2/4 and the bet amount is $100, the punter on winning the bet will earn the profit = (2/4)*100, which equals $50. So, $100 + $50 = $150 will be the payout.
The basis of assigning odds by bookmakers is to ensure that they shell out as less money as possible. Thus, by looking at the odds, one can find whether the team is a real favorite or only the bookie’s favorite. In case a favorite, the denominator of the odd ratio is a larger number. It means that for an odd 2/4, for example, a punter will win $2 for every $4 spent.
In American system of betting, the odds are assigned much before the start of the tournament. And, the denominator is kept 1 for all teams in futures.
When to use decimal odds
The decimal odds are found out simply by dividing the numerator by denominator in a fractional odd. In a 1/4 odd, the decimal value will be 0.25. A good bet is anywhere between 1 and 2, and offers a fair chance of winning it to the punter. The decimal odd offers easier way of calculating the return when the odds are not so simple to elaborate in fraction. For example, 25-20 is not so easy to calculate, but its decimal counterpart 1.2 is. So, the punters can know faster what value lies for them in a bet presented by decimal odds, when the fractional odds have numerator and denominator are two-digit or more.
Using odds to find break-even percentage
The odds tell the possibility of occurrence of event. So, if the odds are presented by a higher value, it means the returns will be received sooner. It is important, therefore, to be able to identify the value in the bet. You have to do the math at your end to find how soon the bet will offer the return. If the odd tells that time will be less than what your calculation tells, then that bet is a good bet and can be used for breaking even fast.
Some tournaments like men’s basketball tournament provide a view of the possibility of occurrence of event using the Slingshot model. This model offers how the upsets will take place in the later part of the game. Slingshot shows the percentage at which odds can be converted. If the findings from the model show that the odds are better yielding than what is offered by the bet, then the bettors can decide if the bet will contribute to reaching the break-even percentage or not.
Betting odds ratios – how to find value
Betting odds ratios can tell if there is a value in the bet. When the two arch rivals are facing each other in a match, both have similar chance of winning the game as per the odds. The odds are assigned by considering the previous meetings’ results in mind. But, this way of assigning odds have some drawbacks. First, the possibilities arising due to human error factor are not accounted for. Also, the odds are not the ultimate truth. These are mere indications and everything can happen in the field. So, when you want to find the value in a bet, you have to research deeply.
The outcomes of the research may show skewing of chances towards a particular team. How about that habit of team making upsets at the last minute and sweeping away the results? Studying teams from such humanly perspectives allow the punters to go beyond numbers and find the underlying value in the bet.
How to find bookies favorite by looking at the odds
The odds tell how the teams are perceived by the bookmakers. When any tournament starts, long before that the odds are assigned to the teams. In case of FIFA 2023, the team of France was given comparatively low odds because it has been a winner in the last edition. So, giving odds merely on this fact can create the possibility of a high value bet, because France has won world cup only twice. The punters can find possibility of winning in bet by studying various factors like field conditions, current form of team and players, formations in the field, players on bench and others.
Any team that is assigned a value in negative is the bookie favorite and the punters have to invest the negative odd value to win $100 in case of American Moneyline bet. So, if the odd reads -150, the bettor will invest $150 to win $100. The probability of win will be calculated as:
(150/250)*100 = 60%
It shows high probability of winning the bet that corresponds to the fact that stronger team or the favorite team has high chance of winning the match.
That is how, the odds ratio and different ways of presenting odds display the bookies’ thoughts on any bet.
To conclude,
The odds ratios tell a lot about the trend prevailing in the betting market. If any team is favorite, its odds are smaller. The punters can research on various points to understand the value in a bet or find if the bookie has picked the favorite correctly or not. The prediction sites like footballtipster.net can help understand the odds with added accuracy and provide tips on whether to back the bet or defy it. That is how you can master the betting odds ratios and chalk out a break-even strategy.