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Betting Odds Explained – A Beginners Guide

How Betting Odds Work AustraliaBetting odds are numbers used by sportsbooks to show the probability of an outcome happening. Sports betting involves odds, these are what punters use to calculate their winnings. Moreover, they make wagering on sports a rewarding activity. If you are new to wagering, you should learn how betting works. The betting odds are not that difficult to understand but you have to know the basics first. You will also find out who sets the odds and what probability is all about.

After you know exactly what betting odds entail, you’ll soon be making wagers on different sports. This in-depth guide will introduce you to the basic level of what are odds. They play an essential part in the wagering process. There really is no point of wagering if the betting odds are not available. You’ll be glad to know that the best sports betting sites are on this page, scroll down and see what is on offer!

Sports Betting Sites with the Best Odds 2020

Find the best betting odds at the sports betting sites listed below:
5Top Australian Sports Betting Sites 2019
  1. Neds
    Top Rated Sport Betting Site
    Neds Sportsbook
  2. Unibet
    unibet Sportsbook
  3. Thelotter Sportsbook
    Thelotter Sportsbook Sportsbook
  4. 10Bet Sport
    TitanBet Sportsbook
    5 Sportsbook

What Are Sports Betting Odds?

We give you the basic concept of odds in our guide below:

  • Basically, odds tell punters how much they are likely to win if their bet is successful
  • Bets are displayed in decimal, fraction or American format
  • Sportsbooks write odds next to the player or team involved in a specific game
Sports Betting Odds Guide Australia

What is Probability?

Firstly, if recreational bettors plan to wager on sports for fun, then losing money shouldn’t be a problem. Also, you should be a responsible gambler. If betting for fun is what you are interested in, then consider the following:

  • Budget – plan a budget on how much you are willing to lose. Once you have decided on how much you want to spend, then don’t change your mind. Wagering on sports won’t be fun when you spend too much and lose.
  • Single Bets – never put too much money on a single bet and limit the number of wagers that you place. You need to choose carefully which bet to go with. You can try out live betting which is an exciting move to bet on sports.
  • Different Bets – Try out different bets and see what happens. This can add some excitement to your experience.
  • Choose a sport – it only makes sense to concentrate on sports you love watching. This way, you will likely make sound betting choices.
  • Key Strategy – it’s essential to learn the basic strategy. However, extra knowledge can improve your chances of winning greatly.
  • Results – the outcome of a sports event shouldn’t be something you shouldn’t stress about. Keep in mind that you are betting for fun so never make the betting results a big deal.

We advise players to include bankroll management and staking plans.

Check Out Other Sports Betting Guides