The most important thing to understand when betting on sports is the odds. Odds are offered by the various sports betting sites and this will indicate to bettors what they will be paid out if they win a bet.
Australians should look out for sportsbooks that offer competitive odds and this may be a difficult task as there are many sportsbooks taking bets. Bettors should look around before deciding on a particular sportsbook as bettors who make bets using bad odds will find that they hardly ever have a successful bet.
Types of Odds
Australian bettors will first need to understand the different odds that are offered online in order to choose the best sportsbook. Most Australian sportsbooks will offer three types of odds, decimal, fractional and American. Knowing how each one works will give them the best value online bets. The more well-known sites will offer odds in all these formats so bettors can choose which one is more suitable.
Decimal odds have a decimal number which represents the amount that can be won for each $1 that is bet. An example is if a sportsbook publishes 2.6 odds bettors will be paid out $2.6 for every $1 they bet. If bettors would like to convert decimal into a fraction equivalent they must subtract one which means that if there are odds of 4.0 in the decimal format the fractional format will be 3/1.
Fractional odds are similar in that these odds also show how much money a bettor will be paid out for every $1 that is bet. Australian sports betting sites that use the fractional format will show the decimal amount of ½ as 0.5. Bettors must multiply the amount they are going to bet with the odds to see what the payout will be.
American odds are easy to work with and with this format the sportsbook will have their odds as positive or negative numbers. If the odds are negative bettors will have to bet the amount shown to win $100. An example of this would be if the odds shown are -250 bettors will have to place a bet of $250 to win $100. If the odds are positive the number will show bettors how much they can win for every $100 they bet. A good tip for Australian bettors to remember is that sportsbooks will offer positive odds on the underdog and negative odds for the favourite to win.
Tips for Finding the Best Odds
A good place for Australian bettors to start is by finding a good site online that will check all of the odds for various bets. There are a few out there, so bettors shouldn’t have a problem finding a good one. Other tips for Australians to consider is to bet on the underdog as they will usually have better odds and a small win on the underdog is better than a big loss if betting on the favourite.
Bettors should also look out for competitors who are on an even skill level as these odds are usually quite good as either team has a good chance of winning. Events where are tie is a possibility will almost always have the best odds such as Soccer. Bettors should consider betting on smaller events or competitions as the sportsbook doesn’t usually do much research when determining the odds for these and bettors can take advantage of this.
Find the most competitive odds online is one of the most important factors when placing bets on any type of sport.