Odds are a numerical expression that represents the likelihood of an event occurring. In gambling and betting, odds allow the punter to calculate the amount of money they can win if their bet is successful. Odds are usually expressed as a ratio and can be either positive (in favor of the bettor) or negative (against the bettor).
Types of Odds
Odds can be presented in a variety of different ways. The most common types of odds are fractional, decimal, and American.
- Fractional Odds: Fractional odds are commonly used in the UK and Ireland, and are written as a fraction. For example, 4/1 odds would mean that for every £1 bet, the punter would win £4 if their bet is successful.
- Decimal Odds: Decimal odds are commonly used in continental Europe and are written as a decimal number. For example, 4.00 decimal odds would mean that for every £1 bet, the punter would win £4 if their bet is successful.
- American Odds: American odds are commonly used in the US and written as either a positive or negative number. For example, +400 American odds would mean that for every $100 bet, the punter would win $400 if their bet is successful. Conversely, -400 American odds would mean that for every $100 bet, the punter would need to stake $400 in order to win $100 if their bet is successful.
Factors that Influence Odds
Odds are influenced by a variety of factors such as the probability of an event occurring, the amount of money that has been bet on the event, and the opinion of the bookmaker.
Probability
The probability of an event occurring is the most important factor in determining the odds of a bet. The bookmaker will assess the probability of the event occurring and then adjust the odds accordingly. If the bookmaker believes the event is more likely to occur, the odds will be lower, and if the bookmaker believes the event is less likely to occur, the odds will be higher.
Amount of Money Bet
The amount of money that has been bet on the event can also influence the odds. If more money has been bet on the event, the odds will be shorter. This is because the bookmaker wants to protect their profit margin, so they will adjust the odds to ensure they make a profit regardless of the outcome of the event.
Bookmaker’s Opinion
The opinion of the bookmaker is also important when determining the odds. The bookmaker will assess the event and then assess their opinion on the outcome. This opinion can influence the odds as the bookmaker may adjust the odds to be more in favor of their opinion.
Do Odds Change During a Game?
Yes, odds can and do change during a game. This is due to the fact that odds are influenced by a variety of factors, and those factors can change during the course of a game. For example, the probability of an event occurring can change as the game progresses, and the amount of money that has been bet on the event can also change.
In-play Betting
In-play betting is when punters can place bets on an event while it is in progress. This type of betting has become hugely popular in recent years, and it is a great way to capitalize on changing odds during a game. As the game progresses, the odds may change due to the probability of the event occurring and the amount of money that has been bet on the event. This means that punters can take advantage of the changing odds by placing bets as the game progresses.
Bookmaker’s Opinion
As previously mentioned, the opinion of the bookmaker can also influence the odds. If the bookmaker changes their opinion on the outcome of the event, the odds will also change. For example, if the bookmaker initially believed that Team A was going to win, but then changed their opinion and believed that Team B was going to win, the odds would change accordingly.
How to Take Advantage of Changing Odds
In order to take advantage of changing odds, punters need to be aware of how the odds are changing during the game and be able to react quickly. Punters should take note of the odds at the start of the game, and then keep an eye on how the odds are changing as the game progresses. This will enable the punter to capitalize on any changing odds and potentially make a profit.
Conclusion
Odds can and do change during a game due to a variety of factors such as the probability of an event occurring, the amount of money that has been bet on the event, and the opinion of the bookmaker. Punters can take advantage of changing odds by keeping an eye on how the odds are changing during the game and reacting quickly to capitalize on any changes.