People often place bets after doing a quick internet search and maybe seeing that one team is favoured to win over the other, and then place their bets as per the bookies odds. These odds often remain a mystery to the average Joe better, and understanding the odds and how to use them can greatly increase the likely hood of winning bigger purses.
Here we explain some of the terms used when betting on Soccer and what the odds are and mean.
An Explanation of Odds:
People often confuse Odds and probability and many consider them the same thing.
Probability is an actual number between 0 and 1, with 0 = 0% and 1 =100%. 0% means the event will never happen and 100% is that the event will definitely happen.
Odds are used to show the ratio of probability of an event happening or not.
When rolling a dice, the probability of rolling a six is 16.66%. As the dice has six sides, you have a one on six chance of rolling a six, and in odds this is 5/1.
Figuring out the odds of a soccer match and then placing a profitable bet can be taxing, so try out a different type of betting and use some of the online slots Canada has to offer.
Soccer betting terms:
Accumulator bet – this is one bet that links two or more wagers and creates one whole bet, and therefore you need all individual bets to win in order for the accumulator to win
Arbitage bet – this is placing bets at multiple bookmakers to try ensure a win, whichever way the match goes. So you place a bet on team A to win and then another bet at a different bookmaker on team B to win.
Banker Bet – this is placing a bet on a favourite who is basically guaranteed to win, so some winnings can be expected. These wins are usually obvious, so the bet would not bring in a huge profit
Closing line – this refers to the betting line right before the bookmaker sets their odds for that match
Fixed Odds bet – this means that you place a bet on predetermined odds, and therefore you will know your profit expectations on winning when you place the bet. The odds may fluctuate but your possible returns will remain unchanged.
Inplay Bet – this is placing bets while the game is currently in play, bets can be placed on who get the goal or who gets a corner
Off board – this is a match that was previously available for bets but has been removed as match fixing may be suspected
Single bet – this is placing one bet on a single event, and with your educated guess you earn a profit. So the bet outcome depends on just one single event
Spread bet – This lets bettors to back their match predication against the spread (scoring range) of the bookmakers. You can bet that the winner will win by less than 10 points over their rival – if your pick wins by 8 points – you have won the bet.
Value bets – this is when bettors think they have found a bookmaker who has miscalculated the odds and that by placing a wager on that match the profits could be large