For a lot of wagers on sporting events, you’ll see that different bookmakers offer different odds. For example, one might have a football team at +130 to win a match, while another might have the same team to win the same match at +120. To explain this, we expand on a statement made earlier.
When we said that odds reflect the likelihood of a particular outcome happening, it would have been more accurate to say that they reflect how likely a particular outcome will happen in the view of the bookmaker. Predicting how likely any outcome is in a sporting event isn’t an exact science, and it essentially comes down to a matter of opinion.
This is why the odds in sports betting are variable, because not all bookmakers will have exactly the same view on how likely a particular outcome is. Odds can also be affected by other factors, such as the amount of money a bookmaker has taken on a particular market. What this means is that the odds that a bookmaker sets for a wager aren’t always an accurate reflection of the true likelihood of the relevant outcome happening.
Therefore, it’s possible to put the odds in your favor when betting on sports. If you’re able to correctly predict the outcome of sporting events often enough, you can consistently turn a profit. It’s not easy, but if you can combine your sports knowledge with an understanding of certain key aspects of betting, it can definitely be done.
Odds are one of those key aspects, and you hopefully now understand how they work and why they vary. You should also understand why the use of odds is the main reason why bookmakers make money.
