If you’re new to the world of sports betting then the first thing you need to get your head around are the J88 betting odds — also referred to as the “prices”.

Betting odds determine how much you’ll get paid if you win your bet. More importantly they represent the estimated chance of an event occurring. Treating odds as probabilities is the first big step into successful, profitable betting.

Here’s the 5 things you need to know about sports betting odds

Every Outcome Has A Chance

Some sporting outcomes may seem too far-fetched or implausible to ever really happen.

But cast your mind back to some of the biggest upsets in world sport. Has a result ever shocked or surprised you? Has there ever been an outcome that you never thought was possible until it happened?

Odds Imply The Probability Of An Outcome

The odds you bet at reflect, to varying degrees of accuracy, the real life chance of an outcome occurring.

• Low (“short”) prices mean the outcome is likely to occur.
• High (“long”) prices mean the outcome is unlikely to occur.

Odds Vary Between Betting Sites

Sports betting odds can vary significantly between different betting sites, so it’s important for bettors to be aware of this when placing their bets.

Betting exchanges usually offer the most competitive odds and greater value compared to bookmakers. However, to make sure you’re getting the best possible odds, consider using an odds comparison site. These sites allow you to compare the odds, so you can quickly and easily find the best available price for your chosen bet.

Bookmakers Specialise in Selling Odds

Bookmakers are here to profit from odds. Their aim is to accept bets at prices that’ll generate an income.

The Bookies’ business model is very similar to insurance. With insurance, the provider estimates each of their customers’ chances of making a claim over the coming year, and prices their premiums high enough to cover expected payouts.

The same principle applies to selling a bet. The Bookmakers manage their risk by selling odds with reduced payouts. Sure, some customers will win. But the losses of other customers will more than cover that.

Betting Exchange Odds Are The Most Accurate

At this point you could (and should) be wondering how you can avoid betting at low priced odds that’ll lose you money.

The easiest way to avoid accepting poor value odds is to head over to a betting exchange. As with any active market (where there are multiple participants), the prices are efficient. This means that betting exchange odds are, on average, accurate and fair.

That just about covers everything you need to know about sports betting odds. Armed with this knowledge you’ll be in a better position to pursue a profitable pathway in the world of online betting.