Fixed Odds Betting Strategy
For any beginner, understanding fixed odds betting plays a crucial role in achieving success in sports wagering. It is because it is the traditional and most popular form of betting that utilizes odds in the simplest form, spanning various sports and markets. But what exactly is it, and how does it work?
This strategy takes a deep dive into the concept of fixed odds in sports betting, exploring everything a punter needs to know. The key points we will cover include:
- What is fixed odds betting?
- Which bookmakers offer the best fixed odds?
- Strategies to use in fixed odds wagering
- Fixed odds betting in professional sports.
What Is Fixed Odds Betting?
One of the best parts of fixed odds in football betting and other sports is that it reflects punters’ potential payout on any given stake, unlike in tote betting. Also, it is available across virtually all sports, sportsbooks, and betting markets.
This betting system operates on two fundamental principles: odds and probability. Fixed betting odds reflect the implied probability of an outcome occurring in an event. For example, a market that offers a 2.0 decimal odds to punters implies that the bookmakers believe that the outcome has a 50% (i.e., 100/2) probability of happening.
Fixed Odds Bet Examples
Now that we have seen fixed odds betting explained, let’s check out a practical example. Let’s say there is an upcoming English Premier League match between Manchester City and Chelsea. Each sportsbook will assess and assign odds to different outcomes in the game. Now, let’s assume that a sportsbook offered the following odds on the 1X2 betting market for the game.
|Manchester City vs. Chelsea||2.50||3.74||2.84|
Based on your assessment, let’s say you believe Manchester City will win the match and back them with a $100 stake. It means that your potential payout should Manchester City win the game stands at $250 (i.e., $100 x 2.5), resulting in a profit of $150.
So, let’s assume that leading up to the game, some big news drops, shifting Manchester City’s odds to 2.10. With fixed odds betting, a punter’s potential payout is set once their wager is locked in. It means that the new drop in price to 2.10 won’t influence your wager placed at 2.5 odds in any way, and you will still get a $250 payout if your prediction proves correct.
That said, fixed betting odds can be assessed in three ways that show the probability of an outcome’s occurrence. These include odds against, even money, and odds on.
Odds Against Bets
Odds against bets refer to wagers where the potential profit is typically higher than the amount staked. Such odds are usually assigned to outcomes that sportsbooks deem less likely, meaning that their probability of not occurring is higher than that of occurring.
Ultimately, the odds against a bet are riskier than other wagers but offer more significant returns.
Even Money Bets
Even money bets are wagers where the profit is the same as the stake amount you bet with. Here, the implied probability of the outcome happening is perceived by sportsbooks to be 50/50, which results in an equal profit. The odds here are typically expressed as 1/1 in fractional, 2.00 in decimal, and +100 or -100 in moneyline fixed odds betting rules formats.
Odds on Bets
Odds on bets are those where the profits are lesser than the stake amount. These bets are typically on outcomes where the probability of occurrence is considerably higher than that of them not occurring.
When Should I Take Fixed Odds?
To achieve success long-term with fixed odds gambling, careful consideration is required before placing any bet, especially regarding timing. There are two optimal times to consider taking fixed odds for a wager in most sporting events: when the market first opens and the last few minutes before the event starts.
When the market first opens:When sportsbooks cover a particular market, they sometimes get a few things wrong regarding the outcomes or at least fail to anticipate something. In such cases, the implied probability (as calculated from the bookmaker’s odds) of an outcome happening can be lower than it is. It allows sharp bettors to find a value bet in fixed odds bet markets before the bookies change up the odds to reflect the actual market state.
When the market is about to close:In sporting events like horse racing, there are usually situations where punters can find value bets close to the start of a race. Before the start of such races, punters may see specific horse odds prices begin to tumble, suggesting that punters in the know are making meaningful moves. In such situations, sharp bettors can find fixed odds wager markets with good winning chances.
Fractional to Decimal: Format of Fixed Odds
Another essential detail of fixed odds in sports betting is that they come in three main formats: fractional, decimal, and moneyline. These formats merely change the appearance of the betting odds and do not affect the implied probability or potential payout. Plus, you can easily convert them from one format to another. Now, let’s examine how each form works.
|Format of Fixed Odds||Description|
|Fractional||The fractional odds format expresses the potential profits a punter will gain from a bet relative to the amount of stake as fractions. For example, a 3/1 (i.e., 3:1 or 3 to 1) fractional odds means that a punter will receive $3 in profit for every $1 stake, while a 1/3 (i.e., 1:3 or 1 to 3) means that you will receive a $1 profit for every $3 wager. So, if you are betting $100 on a 3/1 odds, you will win $300 plus the $100 stake (i.e., $400 in payout) if your bet is accurate.|
|Decimal||Decimal odds format directly indicates the total payout a punter can get for their stake on any betting market. It expresses itself in decimal numbers, which is the decimal value of the fractional odds plus one. For example, a 4.0 decimal odds (i.e., 3/1 in fractional) means that a punter will receive a $4 payout for every $1 wager, which translates to a $3 profit plus the $1 stake.|
|Moneyline||The moneyline format, also popularly known as the American odds, works quite differently from the fractional and decimal forms. Moneyline expresses its odds in two ways: positive and negative integers. The positive moneyline odds figure shows the profit a punter will get on a $100 wager. For example, a +150 moneyline will yield $150 for a $100 stake, and a +400 will also payout $400 for a $100 wager. Conversely, the negative moneyline odds express how much you must wager to get a $100 profit. For example, a -150 moneyline will need a $150 stake to yield $100 in profits, and a -400 moneyline odds will also need $400 stakes to return a $100 profit. But the +100 and -100 are the even money odds.|
Which Bookmaker Offers the Best Fixed Odds?
As the traditional form of wagering, most sports betting sites utilize the fixed odds gambling form on their platforms. It means you will find fixed betting odds on virtually any sportsbook you visit. However, the odds that each site provides on the same markets often vary from one platform to another in terms of competitiveness.
Some of the bookmakers that offer the best odds for fixed betting include the following:
Aside from having some of the most competitive odds that offer bigger value to punters, these sites are also known to be legit and have a good reputation on the market. They cover a wide range of sports and sporting events, featuring numerous betting markets for punters. These sportsbooks also have fast and convenient payment methods, excellent customer support service, and other desirable features.
Fixed Price Betting on Exchanges
If you are unfamiliar with betting exchanges, you should note that they typically run with fixed betting odds. However, wagering on betting exchanges works differently from regular sportsbooks. With a betting exchange, you are not betting against the bookmaker. Instead, the platform allows you to bet against other punters. It means that the punters, not the bookmakers, determine the fixed odds here. However, once the bet is placed, its odds remain unchanged until the outcome emerges.
Fixed Odds Strategies
It’s important to note that all forms of sports betting, including fixed odds gambling, are inherently risky and unpredictable. However, several strategies experienced punters use to improve their chances of winning and become successful in the long run.
That said, let’s explore some of the most practical fixed-odds betting tips.
Search for Value Early on
The odds offered by sports betting sites change from time to time leading up to an event, depending on various factors. That is why sharp bettors usually grab betting lines as soon as they are released, as the odds then tend to be more attractive and have more value—spotting value bets early on increases a punter’s chance of making a long-term profit in the fixed odds market.
Use Bonuses to Your Advantage
Bonus and promotional offers have become a staple feature in the gambling industry. As a result, most fixed odds bookmakers offer bonuses to their new and existing players. For example, a bookie may offer a 100% matched free bet on your first deposit on its platform, giving you an extra $100 plus a $100 deposit. These bonuses can typically boost a punter’s bankroll, allowing them to place more wagers at lesser risks. It increases their chances of winning bets in the long run. So, it would help if you considered taking advantage of free bets and other sports bonuses when placing a fixed odds bet online.
Hedge Your Bets in Applicable Scenarios
Hedging is an effective strategy that reduces a punter’s risk in fixed odds betting, especially in situations where you are unsure of the outcome of an event. Hedging involves placing bets on the opposite result of a previously placed wager to guarantee a profit or minimize losses. A fixed odds wager can only be hedged in certain situations where the fluctuating odds move in a punter’s favour.
For example, let’s say you placed a $100 bet on the New York Giants to beat the Kansas City Chiefs during an NFL game day at 20/1 odds (i.e., a $2000 potential profit). However, some major news dropped later, causing the odds on both teams to shift, with the Kansas City Chiefs moving to 1/1. The new price won’t affect your already-placed fixed odds cash bet, but you can also place a new wager of $1000 (i.e., a $2,000 payout) on the Chiefs to guarantee a profit, regardless of who wins the game. If the Giants win, you are left with $1,000 in profit (i.e., a $2,000 – $1,000 lost stake on the Chiefs). And if the Chiefs win, you get $900 in profit (i.e., $1,000 – $100 lost stake on the Giants).
Generally, research plays a significant and critical role in achieving success in sports betting. So, it’s essential to consider various relevant factors regarding a sporting event before predicting its outcome. It can include the team form, head-to-head records, home/away performance, injuries, etc. Conducting thorough research and analysis will significantly increase a punter’s chance of making accurate predictions.
Finding Competitive Odds
Another vital detail about fixed betting odds is that the prices offered on the same event typically vary from one sportsbook to another. As a result, some sites offer much higher prices than others to punters. So, before placing your bet, it’s best to find the most competitive odds to maximize your potential payout.
Proper bankroll management is another essential tip to consider when engaging in fixed-odds gambling. Regardless of your betting experience, it’s crucial always to set aside a portion of funds you can afford to lose for your bankroll and set budgets for each gambling session. This practice will help mitigate the potential of a significant loss and promote healthy gambling habits. When done correctly, bankroll management can also help punters strategically grow their gambling capital.
Fixed Odds Betting in Professional Sports
As mentioned, fixed odds betting is a traditional wager type that applies to virtually all sports. However, football is the most common sport with this form of wagering. Fixed odds in football betting work like we have explained — whatever odds the sportsbook offers when placing a bet remains fixed until the wagers settle.
Other professional sports where you can find fixed odds apply to betting include:
- Horse racing
- American football
- Virtually all other sports
So, regardless of which sport you are interested in, you will always find fixed odds cash bet wagers that you can place in pretty much any sportsbook and even betting exchanges.
Fixed Odds Applications
Regarding the types of bets you can place, fixed odds betting rules apply to almost every betting market you will find at sports betting sites. Whether you are interested in match results, totals, double chance, or any other wagering option, you will find fixed odds wagering opportunities you can explore online.
Fixed Odds Betting Alternatives
Before rounding up our fixed odds betting review, we should mention that while it is the traditional form of wagering, it is not the only option available to punters. There are a few other alternatives that you can explore online. Let’s check out a few of these below.
|Format of Fixed Odds||Description|
|Parimutuel betting||Also known as pool or tote betting, parimutuel is a form of betting that pools all individual wagers on an event into a pot, which later gets shared among the winners. It works in a similar way to the lottery —bettors back their desired bet, and their stake goes into a cumulative pool along with that of others. After the event is over, everyone whose prediction is correct will get a percentage of the overall prize pool. However, the payout of each winning bet is determined by the bet size and number of winning bets. This system of wagering is more common with horse racing and greyhound racing than other sports.|
|Best odds guaranteed betting||Best odds guaranteed, commonly referred to as BOG, is a type of betting option that ensures that a punter’s wager gets paid with the best odds at all times. It means that if a punter places a bet at an early price with shorter odds and the odds change and get bigger up to the starting price, the punter will be paid at the higher price. However, unlike fixed odds gambling, BOG is usually a part of the standard bonus promotions offered by sports betting sites online. Thankfully, the offer is available in many of the biggest sportsbooks today as part of their ongoing deals.|
|Starting price betting||The starting price betting option involves wagers utilizing the closing odds price at which an event starts. It means that regardless of the early price you place your bet or the rising and dropping fluctuations that happen after, your wager will only pay out based on the starting price just before the event begins. Like the fixed odds betting super tote, SP betting is more common in horse racing.|
To sum up our fixed odds sports betting essential guide, we must remind you that fixed odds betting is the conventional and most straightforward form of gambling available to punters today. It applies to virtually all sports and betting markets and is available on almost every sports betting site. Therefore, newbie bettors must understand how it works.
By understanding the basics and employing the strategic approaches discussed in this article, you can enhance your betting experience and increase your chances of making informed and successful fixed odds wagers. Remember, responsible gambling is essential; always bet within your means and avoid chasing losses.
Frequently Asked Questions
What is a fixed-odds bet?A fixed odds bet is a wager where the sportsbook predetermines the odds, which do not change once the bet gets placed, regardless of what fluctuations happen in the market. It also means you get to know what potential payout to expect from your wager should your prediction be accurate.
What are fixed odds in horse racing betting?In horse racing, fixed odds are the odds sportsbook offers on the outcome of racing events. These odds do not change once a punter places their bet, unlike parimutuel betting, where they fluctuate based on the total bets placed. When you bet on a horse at fixed odds, you know exactly how much you stand to win if your wager is successful.
What’s the difference between fixed odds and spread sports betting?There isn’t much difference between fixed odds and spread sports betting, as the former is a gambling form that the latter utilizes. Punters who engage in spread betting can efficiently utilize fixed odds for their wagers.
What is the difference between tote and fixed odds?Tote and fixed odds betting differ in how their odds work and how the payout is determined. With fixed odds, you get predetermined odds that dictate your potential payout and remain unchanged. Conversely, tote bets operate a pool betting system, where the odds and payouts are determined by a punter’s bet size, total bet pool, and number of winning bets.
How is a place bet payout calculated without fixed odds?Without fixed odds, punters can go with alternative betting options like tote, starting price, and best odds guaranteed betting. These options determine the odds and payout of a punter’s wager based on how they operate. For instance, everyone whose prediction is correct will get a percentage of the overall prize pool in the tote system, determined by the bet size and number of winning bets. The best odds guaranteed option ensures that a punter’s wager gets paid with the best odds. The starting price betting option will pay out a wager utilizing the closing odds price at which an event starts.
What sportsbook gives fixed odds on horse racing?As the most common and traditional form of wagering, fixed odds on horse racing are available on most sportsbooks online. Some of the most popular platforms include William Hill, Ladbrokes, Betfair, etc.