If you want to be successful in sports betting, then you’re going to need to know as much information as possible. Like anything else, knowledge is power. This information can pertain to gathering stats, weather conditions, injury reports and more. However, there is one aspect of sports betting that you must completely understand before you move into any detailed aspects of the game. You must understand the odds. For example, do you know the difference between short odds and long odds? If not, then you will soon be informed.
Short odds basically pertains to favorites. For instance, it Team A if playing Team B and Team A is 150/100, this means that you must risk £150 in order to win £100. In this case, Team A is likely to win, which is why you must risk more money in order to win the bet. Short odds are the most commonly played type of bet in sports betting. The reason for this is because most gamblers like to go with the team that they think will win, even if it means risking more money. Does that mean this is the correct strategy? Absolutely not, which we look into more below.
Long odds basically pertains to the underdog. For instance, if Team A is playing Team B and Team A is 100/150, this means that you will be risking £100 to win £150. The reason you’re getting such good odds is because Team A isn’t likely to win the match.
You might be wondering what professional gamblers like to do. In most cases, they don’t stick to favorites or underdogs; they stick to a certain sport and learn every team as best as possible. That said, there are many professional gamblers who make a living by betting strictly on underdogs. In sports, the unexpected happens time and time again. Despite that being the case, human nature still leads people to betting on favorites more than underdogs. This is especially the case when people are chasing their losses. They will risk a lot of money on a “sure thing.” Then when that “sure thing” doesn’t happen, they’re down a fortune. If you want to bet wise, then it’s best to put the odds in your favor. By staying away from large favorites, you will never get slammed by excess risk. By sticking with smart long odds bets, you will keep your risk minimized while maximizing your gains.