At face value, online sports betting may have its daunting factors for any newcomers. One of the biggest, most overwhelming factors for beginners is probably the sheer number of odds that they will see.
Without at least a little knowledge of what it all means, it could look like a bunch of gibberish on the screen. Most bookmakers like those recommended by Legalbet.UK try to grab your attention and throw markets and promotions at you to try and purposely engage.
There is a need to cut through the noise and be able to focus on what you want.
Starting Small
There’s no point jumping into the deep end of online betting and just clicking random bets that are being promoted. You don’t want to go swimming around in a sea of markets and odds that you don’t have a grasp of. That’s not sensible betting.
Starting small is the best way to get a grip on betting markets as a beginner. You need to gently wade into things. Figuring that as you already want to place a bet, you probably have a favourite sport and league, be it in rugby, football, horse racing or greyhound racing. Stick to the sport/competition that you know.
How to Read Odds
How to read betting odds is the first skill that needs to be acquired. Don’t worry, there’s no need to have it all in your head. Use an online betting calculator and odds conversion tool. Those are very easy to find with a quick internet search.
All odds that you see at a bookmaker represent an implied probability. If it’s Even Money (1/1) then the outcome has an implied probability of 50% of happening. If the odds are shorter at 4/6 for example (winning £4 for every £6 staked) is an implied probability of 60%, so a strong market option.
Something like a 5/1 pick in a greyhound race is going to bring you down to a roughly 17% implied probability. Just getting a good grasp of what the odds that you see on the screen mean, is going to go a long way to you being able to spot value opportunities.
What Is Betting About?
The simple way to think about betting is value odds and probability. Those are the two key factors and what you are working towards is being able to spot value bets. Those are opportunities, say in a greyhound race, where you think a dog has been underestimated by a bookmaker.
They may be at 3/1 odds (25% implied probability), but according to your research that should be more like a 2/1 chance (roughly 33%). So the odds that you see in the market are longer than what you think they should be, so that’s a value bet.
Research and Stats
There’s no getting around the elephant in the room – stats need to be looked at. They are part and parcel of sports betting. They will help you to understand the basics of markets and the odds that you are looking at.
Looking at horse racing form, for example, is going to allow you to see why a particular horse is a favourite. But by digging into the stats, you may be able to pick out factors that will afford you the chance to take on the bookies.
It doesn’t matter if it’s football, racing or greyhounds, you need stats. You need insights. Free sports betting tips are a valuable resource of information as well.
Is There an Easiest Market in Betting?
The easiest betting market is just picking a win single on the outcome of a football match or a greyhound race. It’s just collating as much information as you can to lead you to make a pick on who is going to win an event.
Just because it is the easiest to play, doesn’t mean it’s the best value market. You will want to branch out into different sports betting markets to try and strengthen your position against bookmakers.
It could be exploring doubles or adventurous Lucky 15 bets, each-way long-odds picks or a forecast on a race. The options are endless. If you want to find a bookmaker to place any of these bets, browse Legalbet.UK which offers lists of reliable and licenced bookies. Do things your way, manage your bankroll and take the time to learn the basics.
