Mathematical Betting on the Odds
The odds are the key to what I would call mathematical betting. Mathematics doesn’t factor in any emotion or opinion, it provides a sequence of numbers which will either be true or will be proven untrue. To simply read the odds and predict based on them requires little to no betting skill, and in fact one doesn’t have to be familiar with the teams, the league, or even the sport to bet.
Factional Betting Odds Example;
Liverpool (6/11) v (10/3) West Ham (7) West Ham is a 7-1 underdog against Liverpool
A wager of £1 offers a return of £7.
Newcastle (10/3) v (13/5) Arsenal (1) Arsenal is at even odds
A wager of £1 offers a return of £2.
Conclusion on “Mathematical Betting”
Mathematical betting is the easiest way to ease yourself into the betting world. Without any real knowledge of the sport, the players or the teams, it’s pretty easy to know that Liverpool is nearly guaranteed to win, while Arsenal is simply the odds on favourite. In my opinion, the new bettor should bet a game like Arsenal v Newcastle, since the odds see a modest pay off for a reasonable bet.
This type of betting is the easiest to justify at the pub as well, since once your buddies know you’re a mathematical better they ease up (a bit) on the taunts when your bet doesn’t pay off. Betting the odds is the safest way to enjoy betting, and to get your buddies to ease off your back when Arsenal lays an egg. (Hey man, the line said it was a safe bet).
I would leave “research betting” to the experienced gambler. The experienced gambler is someone looking to beat the odds in any way possible, usually by trying to grab the “inside scoop” on why a team may or may not perform well. Odds makers factor in a variety of variables, but the “research gambler” will do everything in their power to find the one variable they haven’t considered.
In my opinion, this is where friendly betting crosses the line into one of two roads: addiction or profession. The amount of time and effort spent researching playing histories, pitch conditions, player trades, injuries and even travel times are all factors that the “research gambler” tries to find when considering a bet. These are the guys who will sit through an entire game either taunting you with their knowledge, or screaming at the T.V with some obscure stat or reason why they can’t believe their pick is losing.
I would avoid this type of betting as a new gambler, simply because it involves too much too quickly and is like quicksand for people with addictive personalities. Trying to understand everything about the game is smart before you consider a bet, but over analysis leads to stress, anxiety and potential addiction. If you are to become a “research gambler” let it happen naturally overtime due to your interest in the game. Let your knowledge pile up through experience and enjoyment, not by late-night hours googling and Wikipedia-ing next Saturday’s match up to find out who on Liverpool is experiencing irritable bowel syndrome to give you the betting edge.
Gut check/Emotional Betting
As sports fans, we know it’s better not to bet than to bet against your boys. Especially in Premier League, if you declare yourself a Man U supporter be prepared to die a Man U supporter. Not only do you lose valuable guy cred by betting against your team, you also show your colours as a guy whose loyalty can be bought and sold. Emotional betting is probably the single largest source of loss in sports betting…who can resist the taunts when your team is up against the odds? Emotional betting is best in small doses with friends, so at least you know where your money is and hopefully they buy the next round.
Gut check betting can be more acceptable in a formal or online gambling setting; part of the thrill of gambling can be going out on a limb on a feeling you can’t quite explain or justify, and the feeling of winning one of these gutsy bets is euphoric. This type of betting is very common in tournament style play, since the odds are really only predictions. Your pick for your favourite team can be a very exciting way to bet, but this method is best reserved for games and teams you enjoy and support, rather than as guess work.
The Epic Conclusion
The purpose of this article isn’t to build you into the perfect betting machine, but hopefully the explanation of reading odds and converting those odds into smart betting decisions has been valuable. In the long run, betting and gambling is a personal choice to be undertaken with your own individual mindset and philosophies behind it. Premier league betting, Champions League betting or FA Cup betting can all follow the same pattern, but look here at Bet-on-football.co.uk for future insight and detailed analysis of upcoming football events.