Betting always involves an element of risk. However, serious bettors have devised ways to try and lower those risks and gain an edge in order to become profitable in the longer term. One way they do this is to attempt to beat the bookmakers’ odds. But what does “beating the odds” mean and is it really possible?
Sports Betting
In sports betting, odds are simply the likelihood of a particular outcome. Betting odds can be expressed in different ways, such as decimal, fractional and moneyline (or American). However the odds are expressed, bettors need to weigh up the value of the bet and the potential returns based on the odds on offer.
Beating the odds simply means achieving a desirable outcome relative to the chances of success, maximising returns and minimising losses. Examples of how bettors strive to beat the odds include:
- Arbitrage: This involves hedging a bet by wagering on all possible results, so it will always pay off, even if winnings are reduced, due to betting on the losing outcome.
- Value betting: With this more advanced strategy, bettors look for something with a higher probability of winning than the odds suggest.
- Research: As well as understanding the factors that influence a game or match, bettors shop around among online bookmakers to find the optimal odds.
Ultimately, beating the odds in online sports betting involves a combination of knowledge, research and, of course, luck.
Casino Games
While odds are usually talked about in terms of sports betting, they also come into play with certain casino games. An obvious example is poker. Watch poker on television and you will see percentages displayed on the screen during the game. These indicate each player’s chance of winning a given hand.
Experienced players calculate the probability of each hand winning, based on factors including their hand, number of potential outs (winning cards), and what their opponents are likely to hold, based on betting patterns. Understanding poker odds and related pot odds are important in staying ahead and minimising losses. Players also beat the odds by becoming selective in the hands they play and the amount of money they commit to the pot, while playing aggressively when the hand has a high chance of winning.
Another example where odds are relevant in an online casino is the Lightning Dice game. This is a simple live casino game that involves betting on the total sum of three dice. While some players look for Lightning Dice cheats and ways to beat the odds, the game comes down to probability. The probability of the dice totalling between 3 and 18 is 0.5%, while a sum of 10 or 11 has a probability of 12.5%. Experienced players beat the odds by learning how to bet strategically based on these probabilities as well as factoring in previous winning numbers.
Overall, in casino play, it comes down to strategic betting and understanding the odds in order to make intelligent decisions. However, in sports betting, there are ways for experienced bettors to technically beat the odds and tip the chances of winning in their favour, if they are willing to do their research and take some risks.
