Each event that takes place sees a book created that gives the odds of each competitor winning. Your aim in gambling is to win as much money as you can so that’s where odds comparison tools can really become important. After all nothing is more frustrating than placing a bet and then discovering that at the exact same time other higher prices were available.
For example, imagine you want to place a bet on Chelsea winning the Premier League. Each bookmaker will have their own opinion on who is going to win that event. Some may feel that Chelsea are going to win the league, while others might think they have a really chance but think Manchester City will be a major threat. One bookmaker therefore might offer Chelsea at even money while the other has them at 11-10. That’s only a small difference in the odds available but with high stakes that can amount to a big difference in the amount you can win.
Sometimes thought the odds can vary quite a bit from one bookmaker to another. For example one team might be 25-1 to win with one bookmaker and 33-1 to win with another.
1. Special Offers
Another important factor when it comes to the odds available are the special prices that can be offered by bookmakers. It’s a highly competitive business and just the offering of odds a point or two higher can result in the receiving of a great deal of business coming their way.
For example, if England have a football game, offering 5-1 on Wayne Rooney scoring the first goal when other bookmakers are generally offering 4-1 can bring in thousands of pounds of additional revenue. It probably also indicates that they don’t think Rooney is in form and won’t score, so it’s ok to offer that larger price.
2. What an Odds Comparison site shows
The typical Odds Comparison tool shows all the prices for each competitor in a matrix. All the competitors are on the left hand side with the bookmakers’ prices in columns along the top.
3. How To Use Odds Comparisons
So you want to place a bet on the US Masters golf tournament but want to ensure that you get the best possible odds for the player you fancy to win the tournament, which in this example is Phil Mickelson.
It’d take you all day to find out who has the best odds available so visiting an odds comparison site is the answer.
That site covers plenty of sports so you need to look for their golf section and then choose the US Masters tournament. Once you click on that event then you will have finally arrived at the odds comparison page that you require.
Remember there are several ways of displaying odds for an event. They can be in either a fractional format (for example 9-4), a decimal format (3.25) or American odds (+20). Don’t worry if the odds format that comes up isn’t your favourite because you can easily change it to your preferred format.
Now it’s the important task of finding the best odds for Phil Mickelson. Look down the left hand side for his name and then read along the line which gives the odds for Mickelson with each of the named bookmakers. You may see that there is a wide variety of prices available so that justifies your decision to take time finding out what the best odds are. Finally you see that the best odds for him are 16-1 at Corals. You then click on that odd and you will be directed straight to their website so you can place your bet.
4. Comparing Odds on Multiple Bets
So now you know how to find the best odds for a selection by using an odds comparison site. But what if you want to place an accumulator or any bet that involves multiple selections, for example, a treble (three selections)? Now you want to find the best odds for not one selection but three.
It’s not as difficult as it sounds because most odds comparison sites now allow you to put each selection in a bet basket. Say you want to place a win treble on Arsenal, Liverpool and Southampton winning each of their games at the weekend.
Place each of those teams into a bet basket. When all your selections have been added you are able to view your bet basket and see which bookmaker offers the best combined odds on all of your selections. This is a really important thing to do because when it comes to accumulators, the difference in odds can amount to a large difference between odds and subsequent winnings.
5. Using Exchange Prices When Comparing Odds
Some odds comparison sites can also compare the prices from betting exchanges. When you do this it’s important to take into account the fact some betting exchanges charge 5% commission. Some sites such as ValueChecker takes the commission into account on the odds matrix. This enables you to compare the correct exchange prices with the traditional prices that are being offered for the event. It is also possible to vary the commission rate if you pay less than 5%.
6. Odds Changes
As the day progresses the odds for every event will change. There will be some competitors that will be heavily backed and as a result their odds will fall dramatically, these are known as ‘steamers.’ For example, Phil Mickelson might get off to a good start in the US Masters and see his price fall to 8-1. Others won’t fare quite so well and will become less fancied to win their event and their odds will become larger. These are known as ‘drifters’, for example, Mickelson might get off to a bad start and his price drifts out to 25-1.
Then there are what is known as ‘sleepers.’ These are selections that have a much larger price at one bookmaker than the rest. This may occur because their experts don’t believe it has much chance of winning. Sometimes though, it can happen because one bookmaker has been slow to react to changes in the market.