If sport is the heart of non GamStop sportsbooks, then the odds are arguably the soul. After all, betting odds are what it’s all about when you want to place sports bets. Almost all considerations are related to what the Odds actually is. But you will find out below how betting odds actually work, how they are calculated and which betting providers with the best odds are recommended.
How Betting Odds Work at Non GamStop Bookmakers?
If you look at it theoretically, betting odds are a tool for non GamStop bookmakers to assess the risk of a bet, such as CasinoWays. The odds represent a number that can vary greatly, but always shows the same thing: the probability of an event.
All betting odds are always subject to fluctuations, which has to do with how they work. The reason is that the betting providers not only take into account the probability of the event, but also how popular the respective options are among the tipsters.
If significantly more people bet on a win for team A than on a success for team B, then the non GamStop bookies react and lower the odds for team A. The betting odds for team B, however, are increased. In this way, the bookmaker tries to influence the betting behavior of its own customers in order to minimize the risk.
Betting Odds Explanation
Betting ultimately means evaluating the probability of a certain event. It is therefore important that you understand the presentation of odds carefully and their composition is very important. But there is much more to the betting odds of sports betting.
With a betting odds comparison you can find out which non GamStop bookies are best suited for your bet and where you should place it. There are several important things to consider when it comes to betting odds, which I will explain to you below. On the one hand, it is important to find the best odds for a bet and also to assess the risk.
That’s what life is all about and it’s the same with online sports betting. You have to know exactly when it is worth taking higher odds and when you would rather fall back on a smaller and safer betting odds. Therefore, an important first step is to be able to calculate the odds yourself – or at least estimate them.
Odds Calculation
Odds are about pure probability, which can be easily represented with a coin toss. There is always a scale from 0 to 1. 0 means that the desired result will definitely not occur and 1 means that it will definitely happen. For most bets the number is somewhere in between, but for a coin toss the sure result has a probability of 1.
Since the possible results have the number 2, the simple calculation results: 1: 2 = 0.5. This is also how the odds arise. Now the odds key comes into play, because the bookies turn “fair odds” into “real odds”. To do this, the bookie multiplies the resulting odds by, for example, 0.9. This means that he pays out 90% of the betting winnings, i.e. keeps 10 percent. This is how betting providers make a profit with sports betting.
Betting odds analysis and comparison
If you have understood the calculation of betting odds based on the odds key, then it will be no surprise to you that the odds for an event are very different. I’m always surprised when I scan the betting market and see such different betting odds from the bookies for the same event.
This is simply because the calculation of events in sports is not easy and has a lot to do with assessments in sports betting analysis. After all, you don’t know exactly where the probability lies between 0 and 1. However, you can always compare with your own assessments, which I would recommend.
This way you can assess the risk for yourself. Then the comparison of betting odds comes into play, which is also very important. In the best case scenario, you should have accounts with several betting providers where you can then check which bookie offers the best odds for your bet.
Tips for Comparing Odds of Non GamStop Betting Sites
I have already touched on the importance of comparing betting odds in sports betting. This is especially true if you bet professionally and want to have a long-term profit in your account. To ensure that this is successful, I have summarized three tips for you that can help you compare odds.
Tip 1: Take a Look at the Odds Key
It is not for nothing that I have just introduced you to three betting providers with very attractive odds levels. When comparing providers, the Odds key is always an important criterion. This can vary from event to event for the non GamStop bookies.
When it comes to the odds for football sports betting, the odds key can be different than for tips on tennis, which are offered according to the classic 2-way principle. If you know the odds key from bookmakers for different competitions such as the Bundesliga, then you can quickly and easily weigh up which bookies you should take a closer look at for which bets.
This gives you more time to accurately compare the best odds on the event you are interested in. You can usually find the betting provider’s odds key quite quickly by searching on the Internet. Otherwise, you can of course calculate this yourself, but this is much more complicated.
Tip 2: The Break-even Rate
Understanding betting odds is one of the most important factors in your success in sports betting. This also applies to comparing odds, because you ultimately have to know which betting odds are fair and attractive. When calculating betting odds, I have a good trick for you that revolves around the break-even odds.
You can calculate this by analyzing a game in detail and then evaluating the chances of winning. You then use the probability to calculate a fair rate for the risk you want to take. For example, if you come to the conclusion that the probability of a successful tip is 60%, then the break-even odds are 1.67 (including the bookmaker’s odds key).
With this rate you make neither profit nor loss. After your calculation, you should therefore look for odds for the event that are above the break-even rate. For example, a ratio of 1.7. This is called a playable odds that is attractive to you.
Conclusion
I was never particularly good at math, but calculating odds is still doable. Therefore, you should definitely understand and be able to calculate the betting odds in order to recognize and select fair and, above all, playable odds.
The odds comparison is of course also of utmost importance. I know this one is not loved by all tipsters as it is time consuming. But I can only recommend that you be very thorough, because this will save you money and allow you to make a long-term profit from sports betting.
