Football Gambling 101:
Have you ever seen those 1×2 odds, but you never really understood how it works? Don’t worry, we’ll help you with our special guide.
The first step is to understand the basics of betting odds.
Football betting odds: how it works
The odds are numbers that determine how much you can win by betting on a specific match result. The 1×2 system has odds for different potential outcomes.
Let’s use a real-life example to make things easier.
In the upcoming midweek, on Wednesday, October 12th, Barcelona will face Inter Milan in their domains. These are the current average market odds in the 1×2 betting markets for this UEFA Champions League game.
Odds for the victory of Barcelona, the hosts: 1.43 (selection ‘1’)
Odds for the match draw: 5.03 (Selection ‘X’)
Odds for the victory of Inter Milan, the visitors 7.32 (Selection ‘2’)
Before we understand why the odds are so different, let’s simulate the potential winnings in a hypothetical scenario.
Let’s suppose that 3 friends have beach $100 on different outcomes.
Jack has bet $100 on the victory of the hosts, Barcelona @1.43
Joe has bet $100 on the match draw @5.03
Jasmine has bet $100 on the victory of the visitors, Inter Milan @7.32
The potential winning of each one of them would be determined by the following calculations:
Jack: $100 * 1.43 = $143
Joe: $100 * 5.03 = $503
Jessica: $100 * 7.32 = $732
Probabilities, betting odds, and sports results
Even though each friend has bet the same amount of money, 100 USD, on each different possibility in the 1×2 market, their potential prizes are very different.
The football betting prizes are calculated based on the perception of the market: events that are less likely to happen ‘deserve’ better payments because the risk is bigger.
Some betting odds can be very impressive. In 2016, when Leicester lifted the English Premier League trophy, the odds for this event were 5001.0!
So a $100 bet on Leicester’s triumph in the 2015/2016 EPL season would have paid a prize of half a million dollars!
Soccer betting odds fluctuation: the market moves…
The football betting markets share a lot of similarities with stock markets, as the odds fluctuate according to several factors that can affect the probability of an event happening.
News about injuries, results of other matches, and even the weather can influence the betting odds of a game before it kicks off. During the game, as time passes, probabilities also change, and the goals scored also affect the chances of an outcome happening.
So, for example, if Barcelona scores a goal in the first half, the odds for the ‘1’ selection will still be available, but at much smaller odds.
Secondary betting markets: the world of soccer betting
There’s a myriad of markets to explore: Asian Handicap, bets on the number of goals (over/under goals), corner kick betting, yellow and red card betting, Draw no Bet (DNB), bets on what team will win a trophy (outright markets), live betting markets, correct score betting, and more.
Keep an eye on our home page for the next chapters of our series of betting guides!