Sports betting is the act of putting money on an outcome of a game or event, turning spectators into stakeholders. It can be incredibly fun and exciting, but it’s important to remember that you are risking your hard-earned money, and the more you bet, the higher your risk. Luckily, there are some ways you can lower your risk by understanding how odds work and how to bet smartly.
Odds are the numerical representation of a certain event’s likelihood, and they tell you 1) how likely it is that you will win a bet and 2) what your payout will be. The higher the odds, the less likely you are to win and the lower your expected return will be. This is why odds are the foundation of sports betting, and it’s crucial to understand them.
Using this calculator, you can see the potential value of your bet based on the bet amount and the odds. The odds are presented in decimal form, meaning you can multiply them by your bet amount to determine the dollar amount you will receive if the bet wins.
The calculator will also help you calculate the total points for a specific game or match. This type of bet is popular with bettors, as it doesn’t hinge on which team wins or loses; instead, you are wagering on the combined number of points scored by both teams. If you bet on the Over, for example, and the game ends with more than 210.5 points, you win. On the other hand, if the game is a defensive slugfest and the total ends with 42 or fewer points, you will lose your bet.
Another way to bet smartly is to stick with sports you are familiar with from a rules perspective and follow them closely regarding news. If you know that a team has a new player, or that a coach is experimenting with a different strategy, it can alter the way you approach a matchup. This will allow you to adjust your bets accordingly and increase your chances of making money.
If you’re looking for even more information, we recommend checking out ZenSports, the first mobile peer to peer sports betting marketplace. ZenSports allows anyone to create and accept bets worldwide without the need for a centralized bookmaker.
Whether you’re a fan of time-honored classics or emerging sensations, you can use our calculator to find the best odds for your bet. And remember, it’s always a good idea to keep track of your bets (a standard spreadsheet works fine) and to stick with bets you can afford to lose. We also recommend limiting your parlays to no more than three events. The more bets you combine, the higher your risk and expectations. By keeping your bets to a minimum and prioritizing superior teams, you can maximize your profits. Good luck!