Two popular sports in the UK are football and horseracing. For these two sports events, many UK bookmakers are offering different sports betting odds and betting options. Besides having inside information, manipulation of the match, knowledge of probability and knowing who are involve in the game to increase the chance of winning, Knowing the best odds offering is of key importance to bettors who want to maximize their potential winnings and to make correct value bet.
Since Bookmakers are not gamblers but are in the business of making a profit, they see to it that the odds can attract bettors from both sides of a bet. The odds change as the kick-off become closer and as more bets are coming. As news about the team become public knowledge, it influences bettors’ choice as well as the odds; the odds become “fluid,” confirming or changing opinion about the outcome of the match in question. Regardless of the outcome of the match, bookmakers adjust the odds using their own calculation to ensure a profit.
How do bettors know the best odds offering since bookmakers do not use the true odds of various sports events? Since odds offering of various bookmakers’ sites vary, bettors can compare to get the best odds. However, the amount of bet and public opinion influence bookmakers’ odds offers. The odds that they offer are not a true reflection of the chances of winning or losing. Another way to find out the true value of a bet is to shop around for the best odds offering and calculate the overround, which is the bookmaker’s profit. The higher the overround margin, the lower is the chance of winning for bettors.
Unless bettors are privy to inside information crucial to the outcome of a sports event, the only way to increase winning chance is to compute odds, implied probability, overround and compare the odds offered by various bookmakers to find the best value for a bet.