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What are betting odds and how to read them?
When it comes to betting odds, it’s important to have a grasp on what they are and what they really mean before you start betting. The use of betting odds is a technique to express what a bookie predicts the outcome will be on a certain match, event, or game.
They will also show the prospective payout, or how much money you need to bet in order to win a certain sum. The odds will identify the wagers that give the most value. Understanding the odds will help you make better wagering choices.
Different kinds of odds
Sports betting bookmakers can use different kinds of odds for the markets to bet on. Thes are American, decimal, and fractional odds.
American odds – When odds appear as three-digit numbers with a minus or a plus in front of them, these are known as American odds. For example -125 and +250. The plus and the minus indicate which one is the favorite and which one is the underdog. Negative numbers are the odds on the favorite. It shows how much a gambler has to bet to win $100. Positive numbers are used for the underdog and refer to how a bet of $100 would payout.
Decimal odds – The easiest odds to bet on and calculate a potential payout is the decimal odds. For example in a football match, multiply the wager by the decimal odds set for the team of choice. Favorites have low numbers and underdogs have higher numbers. Australian bookmakers use decimal odds, sometimes called European odds or International odds, for sports betting.
Fractional odds – These odds can look a bit strange and can be like 1/3 or 9/5. When speaking about them you would say “one to three” or “nine to five”. Just like with decimal odds, multiply the fractional odds with the money you have wagered to show the potential winning.
What is a push?
Anyone that is thinking about laying a wager on a game or an event needs to know what a push is. It will not affect the odds in any way but the payout. A push is simply a tie. This is not something that will occur when betting on the money line. If the sport allows a tie as an outcome in a game it will be available to bet on. A push will give the money back and does not count as a win or a loss.
Australian Sports betting markets
In online casino sports betting in Australia, there are numerous options available to gamblers who want to wager on sports. Here are all the most popular betting markets that you should be aware of.
Moneyline
The moneyline is the most iconic kind of wager in the world of sports betting. Betting on the winner of a game in Rugby Union, soccer, or another sport using a moneyline is a simple wager. Take the moneyline scenario of Team A (+145) vs Team B (-145) as an example.
The +145 moneyline odds mean that if you put $100 on A and they win the game, you will get $145 in return for your wager. Eventually, you will get a grand total payout of $245. On the other hand, in order to win $100 betting on team B, you will need to stake $145. This will give you a total possible payoff of $245.
The lines that have a plus sign next to them will inform you how much money you would win if you placed a bet of $100. Whereas, the amount that must be wagered in order to turn $100 into a winner is shown by the odds displayed with a negative sign.
Spread Betting
Most sporting events are believed to have a favorite. Therefore the spread is the bookies’ approach to leveling the playing field. To win a wager against the spread, the favourite team must cover the spread by winning by more than the amount set by the bookmaker.
Take, for instance, the spread for a game between the Melbourne Storm and the Sydney Roosters. It favors the Storm by a score of -6.5. Let’s say the bettor places a wager on Storm. If the Storm wins by seven points or more, the bettor wins and gets a payment according to the odds for that wager.
Let’s now reverse the wager from the Storm to the Roosters. If the Roosters lose by six points or fewer, the bettor wins and gets a reward according to the odds for that wager.
Parlay Betting
By allowing the placement of wagers on different games and outcomes at once, parlays let you spice things up a bit. When you are certain about more than one selection, these “multi bets” provide greater chances to raise your winnings.
Placing several wagers into a single wager is known as a parlay. However, it’s difficult to get all of your picks in a perfect parlay as all legs of the bet must win for a successful bet. But, if you do, the payout may be huge.
Consider a scenario in which you want to parlay three Rugby League matches. Let’s look at an example of a parlay bet.
- Team A -155
- Team B +550
- Team C -215
Betting AU$10 on each team individually, you will earn AU$16.45, AU$65,00, and AU$14.65 respectively. However, if you decide to create a parlay bet, you would win an impressive AU$146,66. This provides a higher return than the return you will get when combining all three separate wagers.
Prop Bets
Betting on propositions is a fun and exciting way to diversify your betting repertoire beyond the standard betting markets you might already be acquainted with. You may gamble on things other than just the result of games, adding a new dimension to the often routine activity of placing sports bets.
For instance, you may place a prop bet on the player who serves up the most aces in the women’s singles event at the Australian Open. Each player’s chances to serve an ace will be calculated using their own statistics, as well as those of their opponents and any other relevant variables.
Bettors may also put bets on the performance of individual players in the Australian Football League (AFL). For instance, a bettor may place a wager on the number of goals that a certain player will score, the number of disposals that the player will have, or the number of marks that the player will take throughout a game.
Futures Betting
As the name indicates, futures enable gamblers to predict the winners of forthcoming championships or games before the participating teams have even been chosen. The odds on futures bets are often greater than those on straight bets, resulting in potentially larger payouts.
Predicting the winner of a particular competition or championship, such as the Australian Open in tennis or the Melbourne Cup in horse racing, is one of the most common futures bets on the Australian market.
Over/Under Betting
In over/under wagers, you are not taking sides. Neither the winner nor the margin of victory matters to you. All that matters to you is the final score of the game. Bookies will predict how many points will be scored in the game, and you may bet on whether the actual total points scored will go above or under that projection.
Take an Australian Football League (AFL) game where the over/under is set at 70 by the sportsbook as an example. The total points scored will be either over or under 70 and bettors may choose to gamble on either the over or the under.
Let’s imagine you put an under bet and the ultimate score of all points scored is 70. Thus, you will win the wager and will get the reward according to the odds. In contrast, let’s assume that the ultimate result is 80 points. A gambler who put a wager on the over would have won the bet and would have received a payment proportional to the odds associated with that bet.
Live Betting
There are many different kinds of sports betting available at online casinos in Australia. Each has its own features and benefits. Some of the most common ways to bet are moneyline betting, futures, and on props. But in-play betting might be the most innovative way to bet on sports at an online casino.
In-play betting, which is also known as “live betting,” allows people to bet on sports games as they are happening. This means that players can bet on the outcome of a game or on a specific thing that will happen during the game. These specific things may include the next goal, corner, or free kick. In-play betting allows players to respond to changes in the game in real time. This gives them unique excitement and involvement that they can’t get from betting pre-game.
Highlighting features in sports betting at online casinos in Australia
Across the globe, sports betting is popular, and Australia is no exception. Internet casinos in Australia currently provide a variety of sports betting alternatives, including live betting, mobile applications, and classic sports betting. Also, these online casinos provide a number of elements to improve the betting experience.
Let’s address some of these features to give you a better understanding.
Sports Betting Casino Bonuses
Online casinos often provide sports betting casino bonuses to bettors. As users place bets, these incentives provide them with more value. They eventually become useful tools for both novice and seasoned gamblers as a result. Besides, sports betting casino bonuses come in a wide variety and each one has its own special advantages.
The deposit match bonus is one popular kind of sports betting casino bonus.The casino will match the deposit up to a certain percentage, for example, 100% up to $1,000. The free bet bonus is another kind of sports betting casino bonus. Besides that, casino sports betting promotions may also take the form of cashback deals, in which the casino reimburses customers for a portion of their losses in extra money.
Sports Betting Payment Options
Payment methods for sports betting are a crucial component of the online betting user experience. A variety of payment alternatives are available at Australian online casinos to satisfy the requirements and interests of various users.
The most often used payment option for sports betting is credit and debit cards. Also, Neteller, PayPal, and Skrill are just a few of the e-wallet services that gamblers are increasingly turning to conduct their financial transactions. Lastly, Bitcoin and other cryptocurrencies are more recent payment methods for sports betting. They provide security, speed, and anonymity.
Sports Betting Loyalty Programs
Loyalty schemes for sports betting are a common element in the Australian online casino market. By providing different prizes and perks, these systems aim to encourage participants to keep placing bets on sporting events. The more a player wagers, the more loyalty points they accumulate, which can then be exchanged for benefits like free bets, better odds, cashback offers, and other special advantages.
Sports Betting Apps
Online casino users in Australia are increasingly using sports betting applications to bet on sports from their comfort zone. These apps allow users to bet on sporting events from their mobile devices, making it easy to do so while on the go. Because mobile technology has improved, sports betting apps are already a common part of many players’ online casino experiences.
Sports Betting Casino Games
Bets on sporting events and other games do well in Australia’s thriving online gambling market. However, sporting events aren’t the main course of an online casino. Many legal online casinos give players access to a broad variety of casino games. Essentially, many of them come from industry giants like Microgaming, NetEnt, and Playtech. Pokies, blackjack, roulette, baccarat, live dealer games, and poker are popular games in Australian casinos.
Attentive Customer Support
Customer service is an important part of the Australian online casino business. To feel safe when betting online, players need to know they can get help quickly and easily if they run into problems or have questions about how online casinos work. Because of this, Australian online casinos have put a lot of focus on customer service to make it easy for players to get help and support when they need it.
Safety and Security
With online casino real money in Australia, security is of the highest importance. Gamers must have confidence in the security and safety of their money and personal information, as well as the impartiality and fairness of the games they are playing.
They use a number of safeguards to guarantee this degree of safety. The most valuable safeguard they use is encryption technology. This implies that all information exchanged between the player and the casino is encrypted to prevent personal and financial data falling into the wrong hands.
In addition to these safeguards, Australian government agencies also exercise gambling regulations. They provide licenses and regulate internet casinos in the country. This indicates that in order to keep their license, they must adhere to tight restrictions and guidelines. These rules include anything from fair play in games to different ways of responsible gambling.
User Experience
One very important aspect when choosing an online casino in Australia for sports betting is the user experience. All the above factors that have been mentioned are important, but also how the layout of the site, speed and, most important, what sports are being offered. If you as a bettor are interested in cricket, basketball, or netball and the sportsbook doesn’t offer them you will not have a great experience at the site.
Useful Tips When Betting
If you are a beginner when it comes to sports betting there are certain things you need to keep in mind. Let’s take a look at some of the most important things to look out for.
Don’t Place Emotional Bets
It might be easier said than done not to bet with your heart, but leaving out facts and analysing statistics will in the long run lead to problems. You need to stay focused and objective, even if it is your favourite team playing. Betting is based on facts, probability, statistic analysis, and of course a great deal of luck.
Have Good Bankroll Management
You should always be responsible when placing a bet and never gamble with more money than you have. Make sure you spend some time building up your bankroll and do not use essential money you can’t afford to lose. Play responsibly at all times and contact customer support if you feel you need help.
Don’t Chase Your Losses
One of the worst things you can do is try to win back your losses. Don’t try to make up for loses and it will only lead to mre problems. This applies to both sports betting and casino betting.
Know the Sport Before Placing a Bet
Media attention on certain tournaments can inspire newbies to bet on a sport they know nothing about. This is quite common when it comes to high-profile matches or events. All betting should be based on knowledge and you should take time to get to know a sport before betting on it.
Check Different Bookies For the Best Odds
Every sportsbook online is different and therefore the odds may vary. Even if you already have an account with an online casino in Australia, there is nothing wrong to go line shopping to try to find the best odds.
Checking around for the best odds on a game, match, or tournament you want to bet on will give you better chance to not only see if the odds are accurate. It may also give you a better payout.
Listen to Experts
Always check out what the experts are saying about a game. At the end of the day, this is their job and they have deep knowledge about not only the sport, but about teams, players, injuries, previous meetings, and much more. Ignoring what the experts say is a bad decision when it comes to betting. Do as much research as possible before placing a bet.
Choose Legal Bookies
While some bookies might not be legal, here at WhereGamble, we will only inform you of the best sportsbooks and casinos such as pokie net. Look out for reputable and reliable casinos with a valid licence before signing up to any sportsbook or casino.
See also:
FAQ – sports betting
Is it possible to place a wager on a sporting event using an Australian online casino?
Are there any limits on how much money I can wager on sports at Australian online casinos?
How can I deposit money into Australian online casinos and withdraw it when I win?
Can I use my mobile device to access sports betting at Australian online casinos?
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Editorial Team
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