Legality of bookmakers
In many countries, the activity of gambling establishments is prohibited. This may be punishable by law. But there are legal workarounds that many bookmakers use. In countries such as India, Bangladesh, and New Zealand, laws do not prohibit the activities of foreign online gambling establishments. That is why most reliable and popular bookmakers are licensed by foreign governments. However, there are some areas, cities, or states where the activities of gambling establishments are completely prohibited. Before you start playing, make sure that it is allowed in your area of residence.
What are the odds?
Now many people around the world have become fans of online gambling establishments. Over the past 5 years, there have been too many of them on the market. Clients must take into account many factors in order to be successful. One of the key points is understanding sports betting odds. But what are the odds? Let’s find out!
Sports betting odds are the numbers that bookmakers offer for each match. Thanks to this number, you can understand the probability of the outcome of the match and your future profit. Odds apply to any sporting event, be it football, cricket, or horse racing. At the beginning of your journey, you may not understand what it is. But after reading a few articles, including ours, we’re sure you’ll figure it out.
Probability
Another term you will come across when studying odds is probability. Probability is the chance that an event will occur. Bookmakers may display different percentages. The higher the percentage, the higher the probability of the outcome of the event.
Let’s explain in simple terms. Imagine that you have tossed a coin. In one case, an eagle will fall out, and in the other, tails. Thus, the probability of getting heads is one chance out of two, that is, in the form of odds, it will be 1:1. So the probability of the outcome of the event is 50%. This is how the probability is calculated in bookmakers.
Types of odds
There are several types of sports betting odds offered by bookmakers. Which type the bookmaker will use often depends on the country of origin. Below we will talk about American, fractional, and decimal odds.
American odds
This is one of the popular types of odds that bookmakers use. You will see the number with a plus or minus sign. This means that if the team has no chance of winning, then there will be a minus. But if the team has every chance to win, then there will be a plus.
Let’s take an example. Imagine that you bet on the Mumbai Indians team. When you open the spreadsheet, you will see +140 next to the team name. This means that you will win $140 if you wager $100. If the team has -140 dollars, then you need to bet 140 dollars to get winnings of 100 dollars.
That is, the formula will be as follows: (actual bet / bet on American odds) * win on American odds.
Fractional odds
This method is also popular, especially in European countries. Most often in the table, you will see 4/3, 5/1, and so on. This is the fraction. The top number tells you what your winnings will be, and the bottom number tells you how much you have to bet. Let’s take an example. Let’s say you decide to bet $100. If you used odds of 5/1, then you will win $500 and another $100 for your bet.
Also sometimes the numbers are reversed, for example, 1/7, 2/5, and so on. In this case, it means that you need to bet 700 dollars to win 100. It is clear that this is not very profitable for the players.
Decimal odds
This is probably the most popular type of odds, of all that we have mentioned. This is due to the fact that it is easy to understand and calculate. The odds are what you get for every dollar wagered. For example, you bet 100 dollars, and the coefficient in the table is 3.5. This means that if you win, you will receive $350.
You can also see in advance what the probability of a positive outcome for you is. This can be done using the following formula: 1/Decimal odds. So, let’s say the coefficient is 3.5. Then we do this 1/3.5=28.5%.
Live betting odds
If you are a thrill seeker and like to take risks, then you should try live betting odds. How do they differ from ordinary ones and what is it? These are the odds on which you can wager during the game. Depending on the situation at the moment of the game, whether it gets worse or better, the chances may rise or fall.
You can choose live betting odds for the most popular athletic events, such as the Indian Premier League, Twenty20, and other regional or worldwide contests. LeoVegas, Bet365, 22Bet, Betway, and other bookies offer the finest live betting odds.
Live betting odds have their benefits and drawbacks, and by taking the risk on your own, you can succeed and gain a lot of money. You make the decision.
The best sites for today’s betting odds
After you have studied all the information about the odds, you will probably want to apply the knowledge to practice. However, for this, you need to choose a good gambling establishment. For beginners and those who do not want to choose a bookmaker on their own, we have prepared a small list. All gambling establishments that provide good services, high odds, and excellent betting markets are reflected here. Thanks to these platforms, you will be able to achieve success:
How to choose the best site?
In order for you to be confident in your game and succeed, you need to choose the appropriate bookmaker. Below we will talk about the rules that we use when determining a good gambling establishment:
- Reliability and safety. To complete this paragraph, you need to check if your gambling establishment is licensed. You can do this by opening the official website and scrolling down the page. It’s usually listed there. Also make sure that the bookmaker uses encryption methods and also offers an account verification process.
- Large selection of sports activities. If you want to have a good time, develop your skills and make a profit, then you should choose a bookmaker that is full of different sports. This applies not only to popular sports but also to the presence of those that you may not even know about. It is welcome if the bookmaker offers bets on popular international and regional matches.
- Availability of bonuses. To make your game more enjoyable and keep you motivated, bookmakers offer various rewards. Make sure the gambling establishment you choose offers at least a welcome bonus.
- Wide range of betting markets and competitive odds. You should have a choice in everything from the type of sport and sporting event to what exactly you will bet on. Also, pay attention to the coefficients, and calculate the probability of a positive outcome. If it is low for any odds, then the bookmaker has no desire for you to win.
- Common payment methods. Each client will want to receive their winnings. But if a bookmaker offers banking options that are unknown or unavailable in your country, then you should not even start playing there. Choose a place where at least popular electronic wallets are available, as well as a bank transfer.
- Availability of support service. If you have problems, then you will need to get help. Of course, we all want to get support from a professional. Therefore, pay attention to what methods are available for contacting the support service, how long the response time is, and in which languages it functions.
Thanks to these rules, you can do your own research and choose a decent gambling establishment. You can also read sites reviews about various bookmakers, where professionals have unbiasedly evaluated the platforms.
FAQ
- Can I place bets outside of the official site?
Of course yes! Now the best bookmakers have access to many platforms. These include mobile applications and mobile versions of the site. You can easily place a bet on IPL or other sports events through your smartphone, which belongs to the IOS or Android operating system.
- What kind of today’s betting odds is best?
We advise you to use decimal odds, especially if you are a beginner. This will help you easily calculate not only the number of your winnings but also the probability of a positive outcome.
- What sports do the odds apply to?
It doesn’t matter if you like football, cricket, horse racing or darts. There will be certain chances for all sports.