Sports Betting Tip #5:
Know and Compare Sports Odds
Many people think that betting on sports is only about picking the winning team. While being on the right side is a big part of successful wagering, the odds you receive can affect both your win and loss margin. The odds on your bets might be different depending on the type of wager you place and the online sportsbook you use.
Wagers like parlays and teasers offer different rewards and risk – they also have very different prices. Also, some books adjust the juice on certain games and that will also have a direct effect on how much cash your wager is worth. Watch the lines, by shopping around at a variety of sportsbooks, and buy sharp prices.
Parlays, Money Lines, Teasers, Oh My!
There are many types of wagers bettors can make on sporting events. While money lines, parlays, and teasers are a few examples of exotic wagers, understanding the odds before you place the bets is important. Winning a four-team parlay is always sweet victory – but remember the higher odds or number of games risk that’s involved.
Bookmakers don’t offer sweet odds on exotic wagers just to be nice. They know that the more plays you hook together the more your chances of winning decreases. Parlay wages should be placed with lower amounts of money.
Sportsbooks also don’t offer teasers to be nice. Teasers offer the illusion that they are an easier bet to win because you get to move the point spread in your favour. The downside here is that books will charge bettors a higher juice on a losing teaser. Understand the odds and the return of investment on these wagering options and always shop around for the best prices. Losing high priced bets will hurt your bankroll and sometimes a “sure thing” can be fools gold.
Juice and Point Spreads
A strategy that all oddsmakers use to even out their risk on any given game is increasing the amount of the juice instead of moving the line. This is something that often escapes online gamblers. A prospective bettor might first look at this as a gift because other bookies bumped the line. However, if you look at the amount that you can lose, the risk/reward ratio is better at the sportsbook that bumped the line – a winner pays the same – but a loser will cost more.
Line moves make it necessary to have multiple sportsbook accounts. The point spread is, after all, an opinion designed to even out the action on all possible outcome of a sports event. This creates a disparity from one betting website to another and opens a marketplace for the online sports bettor.
By having accounts at multiple sportsbooks, you can shop for the best odds and prices for your wager. This increases the odds on your payout while lowering the risk to your bankroll. Hunt around at our top recommended sportsbooks for your best lines and prices.