The topic of whether analyzing a match or just betting on it without much thought is so debatable that even Korean researchers decided to conduct an experiment. They studied around 1.9million bets placed on a Korean betting site. After the experiment, they found out that, 44.4% of the people won by predicting the outcome and 42.2% of the people won by merely looking at the score.
According to the researchers, they came up with the following conclusion:
You should think globally
Being more specific about a game outcome can lead to tripping. You are bound to think outside the box which is not healthy in sports betting. For example, you’ll start thinking about the players’ form, state of the pitch and other unforeseen eventualities.
By taking a global look at the game, you are more likely to narrow down your view on the essential factors. Therefore it is not advisable to think too specifically about a game when betting.
Odds explained
For maximum profit and a seamless interaction with the betting world, it is essential to understand odds and how they work. In this part of the article, will look at the types of odds you are more likely to encounter in the sports betting market.
- Decimal odds
It is the most used type of odds in the betting market. Although picking pace in the recent years, decimal odds have been in use in Europe and Australia. But with the growing online betting, more continents are embracing it. They only show the punter what they will win.
- Team A2.38
If you were to place a $100 bet on this team, you are expected to win $238. Even though they seem hard to crack at first glance, with time you get used to them. You get to calculate what each odd will give you in return without much mathematics. Due to its convenience, it is becoming popular among betting companies.
- American odds
These are odds are mostly used in the United States. They work differently compared to the decimal and fraction odds. They are also referred to as the moneyline odds. Here is an example:
- Team A+3
- Team B-3
If place a bet on team A, you will only win if the team wins by more than three points. However, placing a bet on team B would guarantee a win, if they don’t lose by more than three points. Team A is the favorite while team B is the underdog. The latest NFL odds fall under this category.
- Fractional odds
Fractional odds are also referred to as traditional odds or British odds. This is because they are popular in the UK markets. They show the punter their possible win compared to their bet amount. Let’s use an example for easy understanding:
- Team A 5/2
If you placed a bet of $50 on team A, you would possibly win $125. The fractional odd type lets you do the quick and easy math to calculate your possible win.
Bottom line
The three types of odds are the most used in almost all betting markets. All are easy to understand and use. A point to note, do not indulge in too much analysis before placing a bet. It lowers your chances of winning.
Reference
- (n.d.). How to Pick a Winner: A Psychological Trick to Improve the Odds. Retrieved from https://www.spring.org.uk/2013/05/how-to-pick-a-winner-a-psychological-trick-to-improve-the-odds.php
