Understanding Betting Odds
With online bet making becoming ever more popular in New Zealand, more and more new comers are being introduced to the scene of placing bets on sports. To a newcomer the systems used in spots bet making can at first seem a bit confusing and overwhelming, but once the basics are understood everything quickly becomes clearer. One of the most important parts of understanding bet making is odds, which apply to any sport that has betting options available.
But what are odds, and what exactly do they mean? Any sport that has betting options will display available odds prominently. They will appear as something like 1/10. There will be more than one option, however, perhaps with odds for the two opposing teams, assuming it s a sport where two teams are going head to head. So what does 1/0 mean, exactly, and what does it say about the likelihood of the bet succeeding, and the payouts that will be given f the bet does succeed at the best betting sites?
Low Betting Odds Versus High Betting Odds
1/10 is a high odds bet. First of all, the odds refer to the payouts that will be made if the bet is a success. In the case of 1/10 it means that for every one unit of currency places as a bet, ten will be paid back. So, for example, if a bet off $10 is made, $100 will be paid back. That’s good earnings on a bet, and very tempting. So should be go for these odds whenever we see them?
Let’s not forget that betting odds also refer to the chances of the bet succeeding. Bet making is based on risk versus reward, which means that the more money a bet is going to payout, the less the chances of it being successful. Odds of 1/10 mean that the bet is predicted to not be very likely to succeed. If the odds were low, such as 1/2, it would mean that the chances of the bet succeeding were much higher, but the payouts much lower. A bet of $10 on 1/2 odds would payout only $20.
Balancing Risk And Reward
The reason that New Zealanders love sports betting so much is that it is a game of balancing risk and reward. Simply looking at the odds, however, is not enough to make a good prediction. Knowing more about the sport, and having a deeper knowledge, is what makes a successful bet maker. A team with underdog odds placed on it does not necessarily mean that that team is going to lose. The odds given are based on the teams performance, but perhaps you have a hunch that the team is about to make a comeback. In this case, jumping on 1/10 odds may be the exact right course of action.
Remember that betting odds are decided by the bookmaker based on information he has. Understanding why odds have been chosen is key to making a good bet, so be sure to research teams and sports before placing bets. Also remember that many online groups and forums discuss sports, and it is a good idea to get involved and hear what others think.