Sports betting is defined as “the activity of predicting sports results and placing a wager on the outcome.”
Wikipedia.com states that “the frequency of sports bet upon varies by culture, with the vast majority of bets being placed on [European] football, American football, basketball, baseball, hockey, track cycling, auto racing, mixed martial arts, and boxing at both the amateur and professional levels.”
It is also crucial to note that sports betting, or gambling in any form, is a high-risk activity. Consequently, it is essential not to risk funds that you cannot afford to lose. And, it is equally important not to go overboard. It’s vital to know when to stop.
Part of mitigating the risk of losing large sums of money on wagers placed is to ensure that you know what criteria to look for when deciding whether it is worth placing a particular bet or not. Therefore, let’s consider a step-by-step guide on how to place successful bets
Choose a high-quality online sportsbook
This is the quintessential starting point. It is critical to open a sports betting account with a legitimate, bona fide sportsbook.
Secondly, it is equally important to be aware of the fact that bookmakers do not offer the same odds on a particular sporting event. Sportsbooks are in business to make a profit. The statement, the house always wins, rings true in this regard. Therefore, it is vital to make sure that your bookmaker’s odds are structured in such a way that gamblers have a chance of placing successful bets.
And thirdly, it is vital to ensure that the sportsbook offers a usable and user-friendly mobile app like the Betfair app, especially if you plan on using the mobile app as your primary betting platform.
Understand the different betting odds’ formats
Betting odds are notated in one of three formats. Therefore, it is essential to be able to interpret and read them. Therefore, by way of describing what these formats look like, let’s consider a quick example.
Let’s assume that you are interested in betting on the English football match between Manchester United and Manchester City. And your sportsbook has set the odds as follows:
Manchester United to win = 4/1
Manchester City to win = 3/5.
Manchester United to win = 5.0
Manchester City to win = 1.6
American or Moneyline odds
Manchester United to win = +400
Manchester City to win = -600
Know how to convert betting odds into implied probabilities
The most important part of sports betting is determining whether a particular bet is worth placing or not. And, one of the ways to work this out is to convert the betting odds into implied probabilities. Therefore, let’s look at our example again.
The fractional odds are as follows:
Manchester United to win = 4/1
Manchester City to win = 3/5
The probability of Manchester United winning = stake / total payout = 4/1 x 100% = 40%
The probability of Manchester City winning = stake / total payout = 3/5 x 100% = 60%
In conclusion, there is a 40% chance that Manchester United will beat City and a 60% chance that Manchester City will beat United.