Explaining Odds

Explaining Odds

Odds are a very important thing to take into consideration when engaging in sports related betting. Most probably already have a good idea of how odds work, but for those who don’t, this article will provide a quick explanation.

Odds refer to the numbers that appear beside sports betting options, such as 1/10. In the case of 1/10 two very important things are communicated to the bet maker. The first is that the payout, if the bet is successful, would be a substantial amount. If the bet placed were $10, the payout would be a very good $100. In the world of sports bet making, this is an excellent payback amount. Consider that a bet of $100 would return $1,000, and so on.

But this brings us to the second very important thing that is communicated by the odds 1/10. The bookmaker, obviously, is not in the habit of giving away large sums of money. At least not without dude consideration and careful thought. So, it should also be kept in mind that the odds 1/10 also communicate the likelihood of the bet being successful. In the case of 1/10 odds, the bet is not perceived as a high probability, hence why the bookmaker is willing to offer such good payouts.

Risk Versus Reward

The above explanation is the very core of sports betting, and what makes it such an interesting form of entertainment. The bookmaker assigns odds based on an idea of a how an event or match will turn out. But, of course, the bookmaker is not psychic, and can do so only on statistics and available information. If the bookmaker sees a team as unlikely to win, but the team is, in fact, due for a comeback, it can be a great opportunity to put down a big put and cash in. The bet maker is also not psychic, however, and hence a game of risk versus reward is created.

Changing Odds

Odds can and will change unexpectedly, which is an unavoidable reality of the world of Australian sports betting, which is highly unpredictable. If a team’s star player is suddenly taken out of the match, it cannot be expected that the bookmaker will keep previously assigned odds. The bookmaker will, of course, have to adjust the odds to suit this new development.

However, it is very important to keep in mind that bets placed on the team, up until that point, will pay out according to the previous odds, at the time the bet was placed. This can be both a blessing and a curse, and is often a point of much controversy. But, once again, the sports world being as unpredictable as it is, there is no fairer way for the bookmaker to do business.

Conclusion

This should give a newcomer to the world of sports betting an insight into the nature of odds, and how they are important to placing bets. There is a great deal more detailed information on odds freely available online. Either way, be sure to always bet smart and research decisions carefully before putting down and cash.