Odds serve to indicate the sum that will be paid by the bookmaker if a bet wins. These odds show what a bookmaker thinks is the probability of a particular outcome. However, this comes with the con that not all bookmakers provide equal odds. Actually, bookmakers have different assessments and determine different values. When you use odds to compare and place bets with the bookmaker offering high probability odds, you may earn more than 12% higher winnings.
One thing that is important for you to do is to ensure that you place a bet on the best odds every time. There is a simple solution for this, meaning you may spend a little more time creating multiple accounts in different bookmakers. This is the way comparing odds has a real impact. After opening many accounts with different bookmakers, users will have the opportunity to use the best prices as soon as they appear. As a result, placing the best bets will be a painless process, plus it would contribute to earning bigger profits as time goes by.
To start comparing odds in order to get more information about a bet, simply follow the 5 steps mentioned below.
Why is the comparison of odds important?
The process of comparing the odds of different bookmakers can take time; on the other hand, this can make a huge difference in terms of the amount of money you may earn through sports betting. By no means is this meant to give a false idea that you will easily win money from sports betting, but rather to point out the fact that placing a bet with higher odds on a regular basis could make a considerable difference throughout time.
You will realize that the comparison of odds will be a great way to maximize the profit from your bet, and here you may find more than just excellent betting tips, competitive odds comparison tools, as well as the most recent betting news. There are also independent reviews of the best legitimate, regulated, and authorized sportsbooks along with exclusive bonuses that will help you decide where to place your bets.
1. Subtract the rake
Clearly, all online bookmakers save a different percentage of your bet amount for themselves, which is known as the rake. The rake of some bookmakers is as low as 1-2%; on the other hand, some government-owned betting companies are as high as 15-17%. Therefore, in order to get a better understanding of a bookmaker’s actual view on a match, you need to subtract the percentage of the rake from the odds and make a comparison between them on an equal basis. By doing this, you will observe a totally different picture compared to the one you would see on a regular odds comparison website.
2. Exclude the betting exchange
Well, you see, this is an obvious option. Betting exchange odds have the ability to skew the average, therefore it should be removed prior to counting the bookmaker’s opinion on a bet. The reason for this is not the fact that their commission percentage does not exist. They receive about 5% of the winnings but do not include the commission in the starting odds. It is the case that the betting exchange serves as a platform that allows two or more punters to match bets, and not as a bookmaker that offers particular odds. Therefore, if the amount of money placed on a bet is low, the odds of winning can be far different from those offered by other online bookmakers.
3. National betting companies’ isolation
Except for the international bookmakers, you will find different odds comparison websites that contain odds from national lottery companies, and some of these odds are not accessible to other countries. You may realize that these national bookmakers are beneficial for your research because their calculators have precise details about national league matches, thus making their odds-cutting technique more effective when compared to other leagues. At this point, consider isolating the national bookmaker’s odds if you want to bet a match from a particular league, and provide them with an extra point if the odds are slightly different from the global bookmaker’s websites.
4. Keep an eye on the bookmakers’ habits
Usually, online bookies nearly always keep the same opinion in every game. Being in a competitive global market, with things constantly changing at every moment, makes it difficult for one bookmaker to develop a different policy than the rest. Nevertheless, some bookmakers traditionally offer better odds for favorites while others reduce odds for favorites in order to give bigger prices for outsiders. Furthermore, there are those who are counting on odds for special bets, odds for minor leagues as well as odds for live betting.
5. Count your own average
This is a bit of an inconvenient option, as you need to do some extra work. Rather than focusing only on the average odds on odds comparison websites, it is recommended that you select a bookmaker which one of those most popular and determine your own average. The reason for this is the fact that in many cases, odds comparison websites compare around 60 to 80 different bookies. Plus, some bookies reflect actual websites and have odds that change based on the opinion of the bigger bookmaker. With these bookmakers, the average may get too distorted while making the bookmaker’s opinion of the match blurry.
To sum up, you should use the odds comparison website to see which online bookmaker offers the best odds for a specific bet you wish to place. However, you will not use odds comparison only to select a proper bookmaker. Indeed, an odds comparison website has to be at the top of your list before you place a bet, regardless of the fact that you have an account at a single online bookmaker with no intention to register at another one.
The odds offered along with their comparison do not only serve as a competitive tool between online bookmakers. Their purpose is to provide you with precise and concise information regarding the match as well as the global bookmaker’s opinion on the bet concerned. Moreover, having such information can be extremely useful and can lead you to profitable decisions, as long as you know how to read and unravel it.