Betting is a risky affair, but there are ways to minimise risks and increase profits. Here’s how to be smart while betting on football if you want to walk home with a fatter wallet and make the most of all the offers and new betfair promotions available to you.
- Learn about implied probability
Implied probability is the art of turning football betting odds into a percentage that includes the bookmaker’s margin. They are not true odds, but the implied probability can help you calculate the potential value of a stake. This number is always calculated based on what the bookmaker expects to happen in a match, and it can be the best indicator for placing an odd. For instance, the odd on a Manchester United – Liverpool game is 9/5. You turn this fraction into implied probability, and you’ll find that the bookmaker thinks Manchester United has a 37.5% chance of winning the game.
- Check the betting odds
If you want to draw a profit out of your betting, also check the betting odds. Technically, they represent the likelihood of an outcome. However, in football betting, they represent the potential winnings compared to the amount of your stake. For instance, if a particular wager has the betting odds of 50:1, it means you will win £50 for every £1 you bet. Since your stake will be returned, it means that you can walk home with £51 in your wallet. If you lose, though, you will only lose the amount of your stake, which is £1.
- Check the margins
Different kinds of bets have different margins, and this is another important thing to take into account before determining the value of your stake and the type of wager you want to make.
Simple bets have the lowest margins, which means they’ll bring you the least profit. However, they are also the most likely to win. If you’re a beginner, we recommend starting with smaller margin bets, but that is simpler to win than working your way to more complex strategies.
- Know your sport inside-out
It should go without saying – before betting on football, turn yourself into a football pro. Learn everything you can about the game, teams, and players. Start betting on smaller teams and less important games; this will allow you to place smaller stakes until you learn how football betting works. Besides paying attention to the actual players, also make sure you know who coaches each team and the reputation of each coach. Thorough knowledge of your sport means higher chances of winning the wagers.
- Avoid the temptation of odds-on prices
Odds-on is a frequent term in the betting world, meaning that the event is more likely to happen than it is not. An example of odds-on would be a wager on Manchester United vs. some small-town team that isn’t even in the league.
Winning an odds-on wager is fairly easy, but the profits are very low. More often than not, you’ll win less than your stake but will still lose the entire stake if the odds turn. For this reason, you should stay away from this type of bet.