Approximately 40% of British punters bet on football, according to a report published on the Telegraph. In light of that information, it’s in your best interest to learn about football betting odds, bet types, leagues and tournaments.
Of course, football isn’t the only sport you can wager on in the UK. Some people specialize in boxing, tennis, basketball, cricket or eSports betting. All the same, this guide delves in the world of betting odds with a focus on football betting. Let’s dive right in.
What are Betting Odds?
Betting odds show you the probability of an outcome. It could be the probability of England defeating Spain in a friendly match. It could be the chance of Harry Kane scoring a hat-trick in the game or Spain winning 2-1.
Many betting websites set their odds through fractions of decimal points. If Manchester United have odds of 3/1 to defeat Westham at home, it means you win £3 for every £1 you gamble. Bookies also return your initial bet amount.
The same match could be expressed through decimal odds. The Reds will have odds of 3.0, meaning you win £3 if you bet £1. Many betting apps allow you to switch between decimal and fractional odds as you please.
That said, this page at bestbettingsites.co.uk explains more about the three major types of odds: Decimals, fractional and American odds. Furthermore, it uses examples to help you learn about implied probabilities and your potential profits while betting with different odds.
Picking the Right Betting Odds
The beauty of betting on football is that it features tons of betting markets. Below are some of the outcomes you can wager on:
- Match Winner
- Correct Score
- Goal Totals
- Both Teams to Score
- Proposition Bets
Many inexperienced punters focus on match winners. You can’t really blame them: picking a team to win is much easier than betting on handicaps.
However, the best odds aren’t always found in match winners. And that’s why it’s essential to be knowledgeable about numerous bet types. Precisely, you might get longer odds at a handicap bet type. But if you’re correct in your prediction, you’re bound to win more money.
With that in mind, bookmakers also differ when it comes to setting odds. Bookie A might give you odds of 2.20 for Liverpool to Defeat Tottenham at home (2.80). However, Bookie B might back the reds to win at odds 2.10 and the Spurs to win at odds 2.70.
As such, it helps to compare multiple betting websites before you place a bet. After that, you want to bet at the bookie with the best odds.
Sport Betting Glossary: Common Terms Explained
One of the reasons sports betting sounds difficult is due to its jargon. The terms sound too foreign to the average sports fan. However, they’re also simple to understand. Below are the most popular terms used by sports bettors in the UK.
- Match Bet
A match bet is a wager on a team to win. You win if a team you supported before the start of a game wins during a 90-minute match. If the game ends in a draw after 90 minutes but your favored side wins in extra time, you lose. You also lose if the team wins through post-match penalties.
- Bet Builders
If you haven’t taken a football bet in a while, this term might confuse you. That’s because bet building is a relatively new phrase. It describes a type of betting where you place multiple outcomes within the same match.
Let’s say Barcelona have a match against Juventus in the Champions League Finals. You think Barcelona will win. You also believe the match will win with fewer than three goals scored. What’s more, you believe Juventus will lead by half-time but lose in the second half.
You can build a betting slip consisting of a match winner, goal totals, the correct score and half-time, full-time winner. The benefit is that the odds will accumulate and your potential profits will magnify.
An accumulator bet is also about accumulating bet types. But you’re not limited to one match. You can accumulate four to 32 matches at most sportsbooks. The benefit: the odds are accumulated, thereby increasing your potential profits tremendously.
On the downside, you need to win all predictions to profit from an accumulator bet. Some bookies have offers, though. You can cashout some of your profits before all matches in your accumulator bet slip are played.
Arbitrage describes the technique of backing both teams in a match to win at different betting websites. Let’s use the example of the Los Angeles Lakers playing the New York Knicks. Games don’t end in draws in the NBA.
As such, there has to be a winner at the end of a match. Now imagine this, the Knicks have odds of 2/1 to win at one bookie. On the flip side, the Lakers have odds of 3/1 at a different bookie.
You can bet on the Knicks at Bookie A and the Lakers on Bookie B. You’ll incur a total cost of $2. If the Knicks win, you’ll win $2 and recover your initial $1 bet. If the Lakers win, you’ll walk away with $3 plus your initial $1 wager.
This refers to your betting capital or budget. Note: it’s different from a stake. Your stake is the cash you spend on a specific prediction. Your bankroll can be your budget for a day, week or month.
- Betting Bonus
A betting bonus is a free bet you can receiving for joining a new sportsbook or for completing your first real-money bet. Bookies have many types of bonuses, ranging from welcome to loyalty bonuses.
- In-Play Betting
Nowadays, you can bet on football and other matches after a game has already begun. This is called live or in-play betting. It’s exciting and potentially profitable. But it’s also risky and requires total concentration throughout the match. It also helps to watch the game live to know everything happening as you bet.