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What are football odds?
Want to get started with sports betting and to bet on football? Know that first and foremost there is a central element to the sports betting game that will be crucial for all your football bets - the odds offered by bookmakers. And so to the standout question: what are football odds?
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Firstly, we must understand what odds represent at sports betting sites and why they are important for your football betting tips. Encrypted values; these odds are indicated by the probability of an outcome to occur, especially in this case, during a football match. The lower the value of odds offered, the higher the probability of an outcome occurring, and vice versa.
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For example, if a bookmaker offers Champions League odds valued at 3/1 on the victory of Manchester United against PSG, it means that the English side are evidently not the favourites to win this duel. Likewise, if a Parisian victory is offered at odds of 9/4, it is clear that there is a higher probability of victory for the French side.
The values of football betting odds are instrumental in the decision to bet, as they allow the bettor to evaluate their potential winnings in the case of a successful bet. It is by multiplying these odds by the stake bet that allows the bettor to find the potential earnings to be pocketed if your football bet is validated.
As such, in the above example of a match between Manchester United and PSG, you stand to earn £30 in gross winnings on a £100 stake bet if the Mancunians are victorious (3/1 x £100 = £300). Easy, no? The two important things to remember are, therefore, that odds can determine the potential winnings of a bet, and that their values are directly proportional to the probabilities of a bet to be validated.
Why do we compare football odds?
From the moment that we introduce odds into the calculation of potential earnings in sports betting, it becomes easy to understand the importance on betting on the highest valued odds amongst the bookmakers offers on the market. We will further explain ourselves.
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Given that the number of football betting sites on the market is ever increasing, it is not uncommon to find different values of odds for the same bet amongst the various bookmakers on the market. This allows each bookmaker to differentiate themselves from their competitors and to attract new players to join their sportsbook. Again taking the example of Manchester United and PSG, we can easily demonstrate this fact:
We see that the first bookmaker (Bet365) offers a rating of 3/1 for a success of Manchester United, while the second (William Hill) offers another 16/5, all for the same bet. In this case, it would be better to bet with this second bookmaker on a Manchester United win, as the potential winnings are higher than the first in case of a winning bet:
- Bet365: Bet of £100 x Odds of 3/1 = £300 potential winnings
- William Hill : Bet of £100 X Odds of 16/5 = £320 potential winnings
For the same value of risk, on the same bet on the same meeting, we see a difference of £20 in winnings between these two bookmakers, which illustrates the importance of always consulting our odds comparator before placing your football bets. On a whole year of football betting, a difference of a few hundred pounds will no doubt be noticed.
Variations in Football Odds
Encrypted figures, directly proportional to probability, varied amongst betting sites - are you following so far? There are still more secrets of football odds to be revealed to us, including this final important aspect of odds found on famous sports betting sites - they can also vary in value in accordance to time and events. An important aspect to consider in your football betting strategy, let's go back to the example of Manchester United and PSG for the final time.
As we saw above, the proposed victory of Manchester United is valued at odds of 3/1, while odds on the bet 'PSG to Win' are valued at 16/5. It is in fact the case that these odds valued can change dramatically! There are a number of variables that can influence the value of these odds since, as we know, they are directly related to the probability of an outcome.
We will look at the example of the most common of these variables - the injury of several key players on the Parisian side. If three of PSG's best players have succumbed to injury in the days leading up to this fixture, the proposed odds for the Parisian’s victory will logically be increased (e.g. from 16/5 to 5/2), while those offered on a victory for the English side will fall (e.g. from 3/1 to 14/5). The same reasoning applies to an opposite scenario - if Manchester United's goalkeeper receives a suspension before the meeting, the odds proposed on victory for the Red Devils may be revised and increased by bookmakers, while the odds for the French side's victory will be slightly reduced. Logic.
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Beyond injuries or suspensions, a number of other elements related to the match may also have an impact on the odds offered by the bookmakers, such as what goes on behind closed doors at the club, a trainer being sacked by a club, statements made by the club’s president, or even the weather forecast for the night of the match. It's up to you to stay vigilant and bet at the right moment to take advantage of the best football odds. For that, do not hesitate to use your best asset - Wincomparator's odds comparison! You can find also Premier League odds for next season.