Sports betting odds

What is an odd?

When it comes to sports betting, an odds is a figure or number, integer or decimal, used as a fixed index to calculate a probability. These odds, which cannot be less than 1 on the French market, are associated with a given bet and represent the probability of an event occurring.

Thus, the closer the odds are to 1, the more likely the associated event will occur. The set odds will be used to calculate the potential win of the bet: simply multiply the odds by the amount of the bet to see the possible future win. When we talk about betting on the victory of a team for example, in reality the bettor is going to bet on the odds of the bet "Victory of X". Logically, the higher the odds of the bet, the higher the potential payout, but the less likely the bet is to win.

To sum up:

• Potential winnings = Stake Amount x Odds

• Probability of winning your bet = 1 ÷ Odds x 100

How are the odds calculated?

There are many elements that come into play when setting odds in sports betting. The odds mechanism is set by bookmakers and/or specific software. Bookmakers are individuals who work for different sports betting sites and are responsible for setting and then updating the value of an odds based on their knowledge and information. Software does the same thing but automatically.

In order to calculate an odds, it is necessary to take into account multiple parameters such as past results, current ranking, track record, present and absent players, reputation, etc. Depending on the type of competition or sport, the elements taken into account to establish a rating may vary. Thus, some parameters will be more important than others. While many sites rely on people who are specialists in a particular field, they also use software that analyses the data and automatically calculates the probabilities of an upcoming event.

If the odds vary from one site to another, it is mainly due to the human aspect of calculating these odds. The variations of the odds will then depend on the potential evolution of the different parameters taken into account, the volume of the bets or the live event. In order to maximise your potential profits, it can be very interesting to compare the different odds for the same event in order to select the most advantageous one for your bet.

What are the different types of odds?

Fixed odds

Fixed odds are the most common. When you place your bet, the odds displayed at the time of registration will be taken into account to define your potential win. Whether it is for a simple bet such as the victory of a team, the number of goals scored, the name of a striker... or for a more complex bet (handicap, double chance, etc.), your future winnings cannot be modified even if the odds change over time. The fixed odds system, adopted by the vast majority of sports betting sites, is obviously more advantageous for the operator, especially if the majority of players lose. The player therefore bets against the bookmaker. However, it is possible to combine different bets and therefore different odds to increase the potential winnings thanks to higher overall odds.

Boosted odds

In order to attract punters, different operators regularly offer boosted odds, i.e. higher than normal odds for a greater potential payout. Operators select certain popular bets and boost the associated odds as a marketing move. This can be a single bet, but more often than not, these boosted odds are applied to a combination bet. Once you have made your selection, the final odds of the combination bet will be boosted for a potential payout that can sometimes be doubled without a boost. The boosted odds are therefore logically the most advantageous for the player.

Mutual odds

Finally, we should mention the odds for pari-mutuel betting, which are calculated only on the basis of the volume of bets placed by the players. These are mainly present in the field of horse racing. The odds displayed at the time of placing the bet are only an indication, as the real odds applied to your bet will be those recorded just before the start of the event. The bettor therefore only knows the amount of his potential winnings at the end of the event. All the bets placed are redistributed to the winning players and the operator only takes a commission on the total amount of the bets.

On which sites can you bet on sports?

To bet on the different sports competitions, Lucky7Bonus has selected for you our partner sites where it is possible to place sports bets:

• Gamdom

• Sportsbet.io