We will explain to you how the odds work and how the bookmaker's margin works so that you can use the information to your advantage and find value bets.
We will also cover the importance of good bankroll management, as well as some sports betting tips and strategies you should keep in mind when creating your betting slips!
Introduction
This guide is intended for those who are new to the world of betting, but also for those who already have some experience and would like to deepen their knowledge.
The Basics of Sports Betting
Let's start at the beginning.
To be able to place sports bets you must have an account with an online bookmaker. . This is completely legal as long as you do it in one of the many licensed houses in Portugal – just like all the ones you find recommended in Aposta Legal!
If you are a fan of ease of access, there are houses that already have an App for mobile phones and that have the same functionalities as the website. You can check which ones are the best in our top sports betting apps.
Second, you must have a bank account that allows you to deposit money into your account at the bookmaker. As a rule, the payment method you use to deposit money is also the method used to make withdrawals.
By registering at a house you are eligible to receive a welcome bonus or a first deposit bonus. These promotions are offered by almost all the houses recommended by Aposta Legal.
The Basics of Sports Betting
Let's start at the beginning.
To be able to place sports bets you must have an account with an online bookmaker. . This is completely legal as long as you do it in one of the many licensed houses in Portugal – just like all the ones you find recommended in Aposta Legal!
If you are a fan of ease of access, there are houses that already have an App for mobile phones and that have the same functionalities as the website. You can check which ones are the best in our top sports betting apps.
Second, you must have a bank account that allows you to deposit money into your account at the bookmaker. As a rule, the payment method you use to deposit money is also the method used to make withdrawals.
By registering at a house you are eligible to receive a welcome bonus or a first deposit bonus. These promotions are offered by almost all the houses recommended by Aposta Legal.
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After completing these steps, you are ready to place your first bet. But before that, there are some concepts that you should keep in mind if you want to be a good bettor and outline a good sports betting strategy.
Odds – How do they work?
Whenever you bet on a given outcome – if you place bets on football, we will consider Benfica to win – you have a numerical odd associated with it.
The numerical value indirectly represents a probability – in this case, that Benfica will win.
There are several odds formats for sports betting. In Portugal, the decimal odd is used, which we will use in the explanations of this guide
How to Convert Odds to Odds?
We mentioned earlier that an odd represents a probability (although it may not seem so at first glance). Let's see how this works.
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This means that the bookmaker assigns a higher probability to Porto's victory, which is why the odds for the Dragons' victory are lower. In other words, the lower the risk, the lower the reward.
Although betting on a higher odd can bring greater returns, there is a reason why this odd is higher – the probability of this result happening is lower.
However, there is something that seems strange! If we add these probabilities together, we get 114% and not 100%. Don't worry, we guarantee you that we didn't make a mistake in the accounts. Read on to find out how the bookmaker's margin works.
How Do Bookmakers Set Odds?
As such, you have to have the income to stay on your feet. These returns are obtained through the odds, or, analyzing this in another way, through the probabilities attributed to the results of a game, which is why the sum of the previous probabilities gave 114%.
In order to better explain this point, we will approach the simplest possible example: the toss of a coin toss.
There are two possibilities – heads or tails – with an equal 50% probability. What would be the fair odds for both cases?
The Edge of the House
For bookmakers, assigning the right odds to a given outcome makes all the difference.
To arrive at the right odds value, the houses start by calculating the real probability of a certain outcome, that is, with the sum of the probabilities equal to 100% (as in the first table of the coin flip).
Then they change the odds to establish a profit margin. In situations where there is a clear favorite, that margin is distributed differently across the odds of that event.
As?
Let's take the example of an international game: England vs France.
Suppose: England plays at home and has been in excellent shape, unlike France who has lost their last 3 games. As such, England is clearly the favorite.
However, due to the fact that the majority of the house bettors are of English nationality, and the good form of the home team, the house anticipates that there will be a large volume of bets on the victory of England.
However, the percentage value that underwent the greatest change was that of England's victory (from 64.8% to 67.1%).
Since the house knows that the biggest volume of bets will be on England's victory, it lowers the England victory odds to lessen its risk of loss.
This margin “trick” is used by all houses for their own benefit. For this reason, it is very important to take into account the margins that different houses offer.
If this figure is more than 10% in popular leagues like the Premier League, it might be better to look for another, more generous home.
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