Being able to read and calculate football betting odds is the first step in football betting. This useful beginner-level guide explains how betting odds work and how they can be interpreted.
If you’re just starting out with football betting, you need to understand how odds are calculated and read. Just so you don’t drown in all the resource material that’s out there, we’ve put together a handy guide to get you started.
Sports Betting is Simpler than it Looks
To understand how sports betting works, you first need to understand how football betting odds work. Odds simply determine the likelihood of an outcome, whether good or bad. Higher odds mean that your payout will be higher, but the chance of you winning is lower. This can be the case when you’re backing the underdog or the team that isn’t favoured to win.
On the other hand, if the team you pick is much stronger than their opponent, the chances that they win are higher. So the odds are low, but you have a higher chance of winning although the payout may be lower.
How Betting Odds Work
The reason that bookmakers have set up the system like this is so that they can have uniform payouts no matter what the outcome. A stronger team is by default expected to win, and the system copes with that by making the payout lower in that case.
Understanding Fractional Odds
Reading fractional odds easily will help you identify a good bet. If the odds are 1/1, that simply means you’ll get the same amount back in addition to what you put in. Effectively, you will get twice your bet amount if you win. Now, if the odds are 1/2, you’ll get back your original amount as well as half of your original amount – that’s to say, 1.5 times your original amount with a win.
Some bookies and betting sites use decimal odds as well, but the principles remain the same. At the end of the day, the best way to get going is to get started. Go ahead and pick your football betting odds today!