Author:
David Genge
Last Updated:
June 30, 2022
Experiences:
Sports Betting Guru
Experiences:
Sports Betting Guru
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Table of Content
- The most important reasons to compare baseball odds – Profitability!
- How do bookmakers determine their baseball odds? – Understanding their process
- Most popular odds formats explained – American, fractional and decimal
- How to calculate the expected value – And why it’s necessary
- How to Calculate Expected Value
- Why loyalty doesn’t always pay – Multiple bookmakers are the key!
- Other factors to consider when comparing odds – Great odds aren’t the entire package
- Odds comparison vs live betting – The tricky part
- Conclusion – Shop around for the best baseball odds in town
- Baseball odds FAQ
The most important reasons to compare baseball odds – Profitability!
While some people may be of the misconception that taking time to compare bookmaker odds is not worth the effort, this is completely untrue. In fact, comparing baseball odds is essential for any avid punter who wants to make a profit when placing their bets. Therefore, it’s imperative that you compare the odds before placing your wages.
The good news is that it’s a fact that you will make more money when comparing baseball odds statistics. Additionally, you can raise your winnings as well by comparing odds. So one thing you’ll also notice about odds is that they tend to increase and decrease consistently before placing your wagers. So make it a point to check your baseball odds and see which sportsbook has better odds frequently.
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How do bookmakers determine their baseball odds? – Understanding their process
Bookmakers basically take in proportionate amounts of wagers in any given market, be it baseball, basketball, football, etc. The purpose of varying odds for any given event is to determine the true probability of any given outcome. In this case, outcome refers to any possible results that may cause a bookie to pay out, be it because of an away win, home win, or draw.
It is oddsmakers that determine the odds used by bookies. Various factors are used, so an oddsmaker explained in simple terms means an expert who takes into account things like statistics, prior form, expert opinions, and historical precedents, together with any number of other factors that could impact the outcome of an event. The odds are then created using complex algorithms using all of the above-mentioned factors. The betting lines you see on your sportsbook are the result, and they will always allow the bookmaker to make a profit regardless of the outcome of an event.
Why do odds vary between bookmakers?
Additionally, sportsbooks will need to take into proportional amounts of wagers in the markets. Ultimately, they have to get in some profit irrespective of the outcome. So what this means is that if the betting market has generated lopsided wagering, then it’s highly likely that the other side of the bet is offered at a discount. Ultimately, by increasing or decreasing the points spreads or money lines, for example, they will either encourage or deter a bet towards one side. This balances out the possible outcome of the results in their favor.
Overround can be best described as the practice of factoring in the profit margin that bookmakers layout. This is displayed as a percentage in most cases. The level of overround varies between different bookmakers and also differs when focusing on specific events and markets.
Most popular odds formats explained – American, fractional and decimal
Odds are displayed in different formats across bookmaker platforms. These formats vary but ultimately function in the same way and serve exactly the same purpose. You can always use a betting odds converter to switch between odds formats, but it’s wise to have a basic understanding of each type as well. So let’s take a closer look at them.
How to calculate the expected value – And why it’s necessary
If you’ve heard about expected value sports betting but don’t fully understand what it means, then you’re not alone. Because many people don’t understand what expected value is and how it applies to their sports betting experience and profits, they basically don’t bother to apply it to their wagers. So in this section, we’re going to explain exactly what expected value is and why it’s quite a significant factor when it comes to your return on investment.
Perhaps the simplest way we can put it is that expected value is a way to measure the probability gap between the sportsbook and a bettor’s expectations.
How to Calculate Expected Value
The formula for calculating Expected Value is not rocket science – simply multiply your probability of winning with the amount you could win per bet, and subtract the probability of losing multiplied by the amount lost per bet:
(Probability of Winning) x (Amount Won per Bet) – (Probability of Losing) x (Amount Lost per Bet)
So the entire point of expected value or weighing your wagers via expected value is that it gives punters a sharp advantage over other bettors and is one of the few edges that you can take against a bookmaker. Admittedly, one of the most common mistakes made by beginner punters is that they tend to scramble to the board at the last minute to look at the baseball odds on a Sunday morning, hoping to pick a winner.
However, on the other hand, more seasoned punters who are familiar with expected value look for lines that oddsmakers give to every game as early as possible. By giving yourself enough time to figure out the odds, you’ll be able to determine whether that bet is either overvalued or undervalued. The best baseball bettors make it a priority to find value earlier on in the week.
Other tips for increasing your return on investment aside from shopping around for the best baseball odds include:
- Not betting on your favorite team.
- Not betting on everyone’s favorite team.
- Not betting on everyone’s favorite league.
Additionally, watching out for home favorites and staying away from heavy favorites is recommended. When in doubt, the best bet is usually no bet.
Why loyalty doesn’t always pay – Multiple bookmakers are the key!
People tend to shop around for pretty much everything, including food, clothing, cars, and appliances. But when it comes to sports betting, the same principle is very rarely applied. However, by shopping around, you can find enhanced odds offers and better betting lines, meaning you can risk less, and win more. So here are some other advantages of shopping around and using multiple bookmakers:
Expanding your knowledge of bookmakers
By understanding how odds work, you’ll see that you can make your sports betting more profitable by shopping around. You’ll also understand the importance of research and studying odds and lines before you place any bets.
Bonuses and promotions
By signing up and creating accounts on several different bookmaker sites, you’ll be able to cash in on more bonuses and promotions, including special deals, and ultimately increase your bankroll.
Other factors to consider when comparing odds – Great odds aren’t the entire package
While shopping for the best baseball odds is all good and well and is also a significant part of the process; there are other aspects that should be taken into consideration when shopping around for the best baseball odds.
For one, consider bonus offers from bookmakers. It could be that placing a wager at slightly less valuable odds with a sportsbook that offers a fantastic bonus is still worth your while because of the value of the bonus.
Additionally, if you place a wager on an important game with great hockey odds, but somehow it doesn’t go through, you’ll need to get in contact with another person on the other end immediately. This is where competent 24/7 customer service comes into play and is crucial to your overall betting experience.
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Odds comparison vs live betting – The tricky part
Live betting is more than just an adventure; in fact, it’s like an adventure to an unknown destination, and while it’s full of amazing opportunities, there certainly could be extreme danger lurking as well. This basically means that you can either make a fortune or lose your entire bankroll quicker than you can say “Jack Robinson.” However, there are a few tips to win using the live betting strategy.
Cover pre-match bets: The early cash-out feature is one that many established bookmakers offer and can be used as a weapon to make your bankroll safer. So if you placed a bet and the odds are coming against you, then you can simply close your bet by cashing out early and still end up with profit irrespective of the outcome of the final score.
Halftime: In live betting, halftime is your friend. While there is no “halftime,” so to speak, in baseball, there is a break for both players and fans to relax, and this is your opportunity to pin down good baseball odds.
Conclusion – Shop around for the best baseball odds in town
Shopping around for the best baseball odds is highly advised since it allows you to maximize profits and minimize your liability on defeats. Make the best use of any tools available, using a betting odds calculator, for example, will show you the potential profit for any given bet quickly and without the need to waste time calculating it yourself. Opening multiple accounts is also highly recommended, although it can tend to be challenging.
By doing this, you’ll have the opportunity to explore and take advantage of bonus offers and expand your knowledge of how bookmakers work. The good news is that our team at Betting.net has put together reviews, guides, and resources to help you on your adventure to find the best odds and place your bets with the best bookmaker destinations online.
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