Even although many people enjoy a flutter, few understand enough about what they’re doing to win at online betting in the long term.
Casual sports gamblers will often gamble on their favorite team, or bet on who they think is the better team, without considering various other important factors.
In this article, we’ll go through a few of the things you need to know if you want to beat the bookies and become a winning online bettor.
Online sports betting benefits for all of you
The number one mistake that losing sports gamblers make is not properly considering the odds which they’re being provided. When deciding on their gambles, they simply try to work out who is going to win, and then bet on that team regardless of the odds on offer. The majority of player doesn’t understand the concept of ‘value’ when it comes to sports online betting Malaysia and don’t pay enough attention to getting the best benefits.
Let’s take an instance: Say Spain is playing Scotland in Soccer; many players will think ‘Oh Spain is going to win this game easily, I’ll bet on them. Scotland has no hope’. This shouldn’t be how you look at things. Gambling on Scotland could be a great idea. Imagine you could get 50/1 on Scotland winning, would you consider it a good gamble then? What is about 1000/1? Of course you would probably have a little gamble on Scotland then, since the odds represent better value. Every match-up has odds that represent the real opportunities of the event happening, and if you can get better odds than this, then you’re making a gamble which will make you money in the long run. In our instance, you might expect Scotland to beat Spain maybe 1 time out of 10, meaning if you get odds greater than 9/1, you should make the gamble.
The concept of making the gamble which represents good value, and not simply gambling on who you think is going to win is one of the most challenging concepts for amateur sports bettors to accept.
Finding good value of online betting
Hence now that you know you need to find bets that represent value, how do you go about finding good value of online betting site? The first step is to convert the odds on offer into implied probability. If you’re being provided 2/1, easily put the bottom number over the sum of the top and bottom numbers and convert this to a proportion to get the implied probability. So, 1/3 = 33.3%. Taking another instance, 7/4 would convert to 4/11 = 36.3%.
If you think the probability of the event you’re gambling on exceeds that which is implied by the odds, then you have a good value gamble and should put some money on it. Let’s say you think that there’s a 60% opportunity that the Giants will beat the Patriots, and the odds on offer are evens (1/1; implied probability 50%), then for every dollar you gamble on the game, you can expect to make 20c profit on average.