Most important reasons to compare odds
There are many important reasons for doing a bookmaker odds comparison when placing wagers, including the following;
To improve your chances of winning
Odds tell you how much you can earn back, as they can tell you what your profit margins will look like. It is a crucial step to know what your payout at the end of the bet will approximately be and whether the wager is worth it. Once you as a bettor start a bookmaker odds comparison, you can realise the difference it makes to your betting strategy.
Speed of updates of the odds
The odds of the betting market are very dynamic and keep changing quickly. You should be abreast of the current odds to have an edge and improve your chances of winning. At Betting.co.uk, we track the speed at which the odds are generated and prepare our bookmaker odds comparison accordingly.
To understand the game and teams
A bookmaker odds comparison not only helps you predict how much you will win back but also how the teams are going to perform according to the audience. In particular games, there are underdogs and favourites – a concept you can get a grip of once you start understanding the odds. For example, when the odds of a team winning are low, the payout is low. This means that the team might be considered an underdog, or the audience might have less confidence in the team winning. So, this helps you understand the team and the players better too.
Online vs. Offline: Chasing the best odds
The concept of betting was, of course, developed in the offline mode, with bettors personally placing the bets, which later evolved into telephone bets and now online bets. Nowadays, a lot of the population prefer to bet online. They have access to websites and bookmakers online, and can save time and hassle by going to online shops.
However, there are pros and cons for both online and offline betting. Following are some reasons why we consider online betting to be better;
1. It saves time
Wagering might be something you do often, but it is usually something you do on the side. To avoid spending too much time dressing up and travelling to physical casinos or bookmakers and standing in lines with crowds, it is better to save time and bet online.
Betting online saves you the time of looking for the best betting odds UK when you go from one place to the other. Besides, it also saves you the costs that you incur when you travel to these bookmakers: costs that might accumulate if you bet regularly.
2. You can utilise bookmakers odds comparison
Technology gives you an opportunity to compare bookmakers online instead of going to individual shops and finding out relevant details. There are about 700 bookmakers in the UK alone today. Getting details about odds, their promotions and commissions can be done with ease online. You can also compare the odds offered by different bookmakers and then choose the best odds for your betting interests.
3. Get insight with online forums
A lot of online websites have discussion forums where you can connect with like-minded people. Talking and engaging with other customers at bookmakers can help you understand their strategies and thought processes, and give you a chance to improve yours as well. This is particularly easy when you do it online, instead of physically meeting fellow bettors and socialising offline.
4. You become more tech-savvy
Very few young men and women would agree they prefer going to physical shops rather than online shopping. Then why not online betting? It allows you to leverage the latest technology and get every piece of information right to your fingertips along with the best betting odds UK, supported by authentic gambling practices.
The history of betting odds
Odds indicate the likelihood of an event to take place and with reference to gambling, they indicate the ratio of the amounts placed on a particular bet. While the earliest history of odds can be traced back to the first gamblers, the concept of odds has evolved greatly.
For example, in the case of a football game, the odds would indicate the chances of a certain team winning. If you know the likelihood of them winning, you can also decide how much money you should put in to get a return and the level of risk involved. It can also be said that betting odds are just a numerical representation of the likelihood of a win. Comparing online betting odds is essential for a bettor. This is an efficient way to increase your chances of winning, and sometimes also predict a win.
Comparing betting odds might look intimidating at first. It might confuse you and complicate your betting journey, but over time, you will realise that it is the most crucial step in the betting process. We can help you interpret odds, compare them, and also use them efficiently to increase your chances of winning a bet, and get more money back.
There are three common representation forms of odds. These are fractional, decimal and American. Here are more details on the different types of odds;
Though this is a slightly more complicated form of odds, it is the most widely used one too. It was traditionally used in the UK and is still relatively more common in the UK and Ireland.
In this form of representation, a slash “/” or hyphen “-” are used. So, if someone wants to say the odds are six to 1, it will be written as 6/1 or 6-1. It can also be understood as the ratio between your profit and the amount you put in. So, in this case, you get a £6 advantage for every £1 you put in, meaning your total payout will be £7.
For a simple calculation of your payout, you can add the numerator and denominator, and multiply it with the amount of money you are putting in. So, in this case, there is a 1/7 or 14.3% chance of winning. However, if the odds are 2/1, then there is a 1/3 chance of winning. This represents a higher chance of you winning the bet.
The decimal form of representation is gaining more popularity now. It is the format most commonly used in contintental Europe. This is mostly because of its easy comprehension: even with a quick glance, it is easy to read and interpret. It shows the total payout, so a bettor does not need to calculate the profits separately.
In this case, the amount you get back when you stake £1 is represented. The calculation is easier because you only need to multiply your stake with the decimal odds. So for example, the odds of a team winning are 3.00, and you’ve put £80 in – you can simply multiply the two, meaning your total payout will be £240. This includes both your initial stake and your profit. Thus, the higher the decimal number, the higher your payout.
This is a slightly more complicated representation of odds and is generally used in the US. It is more common for games like basketball. The odds are represented with a positive (+) or a negative (-) sign. A positive number indicates the amount you win back for every £100 you put in.
For the sake of simplicity, £100 is used as a base. So, if the odds are +300, this means there’s a lower probability of the team winning. You will have to risk £100 to win £300. If the team wins, you get back £400. However, if there is a negative sign, say -350, this is generally for teams that have a higher chance of winning. You will need to bet £350 to win £100. If the team wins, you will get back £450.
It is important for you to understand, read and interpret the above-mentioned representations of odds. It is very basic mathematics but can take you a long way in your betting journey.
How are odds being calculated?
Odds reflect the chances of an event taking place, as well as your potential winnings from a bet. This makes carrying ou a bookmaker odds comparison really important. Bookmakers will use different methods of calculating these odds too, depending on the game and teams.
Bookmakers odds UK tells you more about the different odds that they have to offer. The bookmakers have to determine odds according to the teams that are playing, how many outcomes are possible, and what are the chances are of winning. They depend on the form of the team and players, the past performances and other statistics. They also keep track of the happenings of the team – for example, a roster change, a coaching change or even an injured player. The best bookmakers odds can give you an idea of how to compare odds yourself.
It is essential for bookmakers to consider all of these factors and then publish the best betting odds UK punters can find. You will notice that the odds published by different bookmakers are usually close to one another, even if they are not the same. This means that most of the bookmakers usually take the same factors into account – but some give better payouts than the others. This is where comparing odds comes into use.
Odds betting strategies
There are different odds betting strategies that you can try to implement according to the kind of bettor you are and the best betting odds UK available. Some beginners try and test different strategies until they find the one that works best for them.
There are many popular betting strategies and among the most popular are the arbitrage betting strategy and matched betting strategy. These betting strategies have particular situations when they can be used. However, they ensure success and some amount of profit if done correctly. It is best for beginners to understand them, but they might not be able to implement them as soon as they start betting.
Here are the top betting strategies that you should bear in mind when placing wagers:
Arbitrage betting strategy
Also known as arb betting strategy, this is an old way to get some money back. In this case, the bettor leverages a pricing discrepancy in the markets. If you follow this strategy, you will be placing multiple bets on the same game. This helps you make sure every outcome is covered. If you do it right, your overall profits can be significant.
If you are an experienced bettor, you will know different betting sites might have different odds against the same player in the same game which you can find with a bookmaker odds comparison. So, suppose there are two teams – team A and team B. In two different places, the odds of team A winning could be 1.55 and 1.57 respectively. Similarly, the odds of team B winning are 2.5 and 2.7. Such a small difference at different betting sites is very common. This is something you can take advantage of as a bettor.
So, you can bet on team A at one site and Team B on the other site to get the most competitive odds. Whenever the game is over, you get back money from the site where you bet on the winner. With this strategy, you definitely get some money back, even if the amount is not too high.
Matched betting strategy
Another popular betting strategy is the matched betting strategy. In this strategy, you take advantage of your betting site’s promotions. A common promotion is an extra bet. You can get a bonus bet of the same amount when you place a bet. So, for example, if you place a bet worth £50, you will be entitled to a bonus bet of the same amount.
Now, matched betting strategy is when you can take advantage of this free bet. This is a relatively easy form of betting where you don’t need to have an in-depth knowledge of the teams or the sport. This strategy, like the previous one, does not necessarily give you high returns but it does guarantee your money back. Just make sure to pay attention to the promotional terms and conditions to ensure the deal you are getting is fair.
The most popular betting markets
The betting market is gaining more popularity by the day. This is because it has become very easily accessible – on phones and laptops. Another reason for its popularity is because people have also started paying more attention to sports and other current happenings around the world.
With knowledge and research of the best betting odds UK, betting can be a good way to prove yourself and earn more money. You don’t need to depend on luck when you are confident about your calculations. The global sports betting market is said to reach almost $155.49 billion by 2024. This indicates the huge number of people, especially younger generations, that are into sports betting.
Here are some of the most popular markets across the betting industry;
The popularity of betting online is growing across the world, with more countries passing legislation to legalise and regulate online casinos and sportsbooks.
With so many different interests, bettors may be looking for everything from the best betting odds for cricket, snooker betting odds UK, the best betting odds for tennis, basketball odds comparisons, golf betting odds UK, the best betting odds for Formula 1, Esports betting odds UK, UFC odds comparisons and bookmaker odds for MMA. However, among the most popular sports is football.
Football has fans all over the world, even if the sport is not very widely played in every country. This means it’s crucial to stay updated with football odds comparison, as such a huge sporting market can change very quickly and include huge variation across leagues and games. Other sports like baseball and rugby are also extremely popular across the world, so stay up-to-date with the baseball and rugby odds comparisons. These sports might be a little more complicated to understand.
The UK, which has over 700 bookmakers, also considers horse race betting as popular. This is more because of the traditional British culture, where it was done mostly by the elite classes. Now though, you can find the best betting odds for horse racing betting at a variety of online sportsbooks.
Another popular betting market is politics. There are lots of controversial happenings around the world that people look forward to or are apprehensive about. Initially, this used to be an illegal activity, but many regions across the world are legalising this form of betting. In this case, the punters usually have limited options to choose from. If you find politics exciting, this may be an ideal betting market for you.
Most of the betting world has now gone online, but there are still offline shops which have their own fan following. According to professional bettors, offline shops revive the essence of betting as a recreational activity and can give you a chance to surround yourself with people who are into it as well.
Odds comparison FAQ
Here is a handy summary of the most commonly asked questions when it comes to bookmaker odds comparison;
Will my chances of winning really increase if I compare odds?
Yes, performing a bookmaker odds comparison before placing bets, as comparing odds increase your chances of making well-informed decisions and winning too. Nothing in betting is ever guaranteed to happen, of course, there is always risk involved.
Is online betting better than offline betting?
You can save time, money and effort if you bet online. Besides, there might also be a difference between the online and offline odds that you can easily find from a bookmaker odds comparison.
Why should I not bet with my standard bookie?
First of all, you might miss out on different promotions that different bookies have to offer. Moreover, you won’t be able to implement different strategies like the matched betting strategy if you don’t want to try different bookies.
How can I find a good bookmaker?
A good bookmaker can be tricky to find. Betting.co.uk helps you find a suitable bookmaker for your preferences through our honest reviews and comparisons. A good bookmaker should be legal, licensed, transparent and have different payment options for you, in addition to offering vast betting options and suitable odds.
Why should I rely on your odds comparison?
We have a team of experts and professionals who have been consistently helping punters. With relevant experiences and attention to detail, we can help you hone your betting strategies, increasing your chances of winning your bets. Our bookmakers odds UK comparisons are completely transparent to help you understand and become more independent with your betting styles.
Are odds really that different?
Yes! A bookmaker odds comparison is very important to save money while betting and to find the best betting odds UK. Even though there might be a small variation between betting site odds, they might still make a huge difference. You might understand better once you start placing bets, but it is essential to calculate your overall savings when you compare odds.
Other tips for betting odds comparison
To help you get started with ease, here are a few more tips to bear in mind when placing wagers;
1. Best online betting odds
This stresses the importance of comparing odds once again. There are different sites and some are more popular than others. Some sites are more popular for specific sports too, offering the best betting odds UK for those particular sports. Getting a comprehensive overview of all betting odds available is extremely important.
2. Reviews for different sites
Some sites might not be honest and might have hidden costs, which is something you want to avoid. With online betting, you can check reviews and engage with users of these sites online to know if they are good or not. As a beginner, especially, it is best to stay away from bookmakers with doubtful reputations.
3. Free bets
It might be useful and more profitable if you try different betting sites and take advantage of their promotions like free bets. This not only earns you guaranteed money but also ensures you don’t face losses. These welcome offers are available for a lot of sports and are very common. This is how you can implement the matched betting strategy. Not only are these popular for sports bettings, but also political bettings.
4. Do your research
No matter what strategy you are trying to implement, or which kind of bets you are trying to place, it is important you do your research, especially on the best betting odds UK Even though some strategies don’t need you to have knowledge about the sport or the teams, it is best if you have the basics of the game in your mind, to keep yourself away from making silly errors.
5. Betting tips
It might be fruitful for you to read our betting tips online, and get expert betting tips from our professionals. Sometimes, they have brilliant strategies which you can use and win more money back. However, for every strategy, there has to be some calculations and measurements you have to take care of. Once these are done, you increase your chances of winning. Comparing odds to find the best betting odds UK is the most effective way of ensuring a higher rate of success in the betting world.
Important terms before you start betting
Betting doesn’t have to be complicated but if you’re not familiar with the language, you may find it tricky to get started. Here we’ll define some common phrases you will come across when placing bets;
The likelihood of a team winning, and the payout you will get if you bet on this team. There are different representations of odds in different countries. These are fractional, decimal and American. They are only different representations of the same value. Bookmakers or bookies determine and offer odds for different games. There are different bookmakers who use different methods to tell you what the chances of a team winning are. As a punter, you will place your bets with these bookmakers and then win back whatever odds they had offered.
These are the teams that are said to be the stronger team in a game. They usually have higher chances of winning, so the odds or the payout you get is generally lower. If there is a huge difference between the odds of two teams in a game, this indicates how much stronger the favourite team is considered to be.
Underdog is the team in the game which is considered to be relatively weaker. So, they have higher odds, or a higher payout if you bet on them and win.
The importance of sports betting odds comparison is well-known in the betting industry. Betting is a game of numbers and so, if you are good with numbers, you can minimise your risks and maximise your profits. It is an excellent way to multiply your money in no time. Moreover, there are specific terms and concepts you have to be aware of before you start.
Odds play a vital role in any bet that is placed, as they indicate the chance of an outcome happening and the profit you stand to gain if you win your bet. By comparing the odds offered by different online bookmakers, you can choose the best bookmaker to place bets with, where you have a higher chance of winning.
Different representations of odds might make it difficult for you to interpret at first, but once you understand the different representations, odds comparison becomes easier. With Betting.co.uk, you can go from a betting novice to a pro in no time, with the help of our guides, tips and strategies.