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Some inexperienced bettors have a misconception about betting sites and how they set their odds. Some people think the situation is the bettor versus the bookmaker. This is not the case. Betting sites try to set their odds so that they can make a little bit of money on each sporting event, no matter the result of the event. They do this by trying to balance the potential payouts on all sides for a given event. We can use a cricket match as an example:
Money will be bet on the two outcomes, the Home Win and the Away Win. Only one outcome will need to be paid out to winning bettors. The goal for the betting site is to ensure that the amount of money laid on the losing outcome can more than cover the payouts for the winning outcome. Any money left over after the winning bets have been paid will count as bookmaker revenue.
This small leftover amount is what the betting site uses to run its business, hopefully some of that will be profit, but there are many costs to running their business. In the end, know that for every event, there are winning bettors and losing bettors, betting sites just hope to make a small percentage on the overall amount bet for facilitating their service.
All the sportsbooks on New Zealand Sports Betting offer competitive odds. If you
just like to play, any of these sites will provide you with solid odds. However,
if you are serious about sports betting and being profitable in the long-
No one gets every bet correct, no one. In the end, the margins for being profitable at sports betting can be very tight. You certainly need to win more bets than you lose to remain profitable over time. However, as outlined above, each betting company sets their own odds in order to make money on every event, no matter what the outcome might be. When you play through just one betting site, you will have to accept what could be much lower odds compared to the best odds on the market.
As such, odds can vary significantly between sportsbooks. On single match bets, you can see a 3% to 10% range in potential payouts. When you compare odds for your bets of interest, you can ensure that when you win, you get the most for your stake money.
Combination and System betting (aka Multiples) is an area that can see a great divergence in the available odds between betting sites.
With these types of bets, odds get multiplied together. Here is an example for you: Imagine you have a combo bet with four cricket matches. You play with a good betting site, but for these 4 matches, there is another sportsbook that is offering on average a 2.5% odds premium on each of these outcomes.
When you calculate the difference in potential payouts on this small combo bet, you would be missing out on a premium of more than 10% by playing with your existing bookmaker.
The more event selections you make, the higher these premiums can be. For combination and multiples betting, the range in potential payouts between the highest and lowest paying bookmakers can be 10% to 50%. If you are interested in remaining profitable over time, it certainly makes sense to compare odds and ensure that when you win, you win the most that the market will offer to you.
Another type of bet where significant premiums can be gained by comparing odds comes with outright winner betting markets. In other words, the country that might win the FiFA World Cup, or which club might win the NRL come the end of the season.
Every team in a given competition will have odds associated with them as long as they are alive in the tournament, or still mathematically able to win the competition. As you go further down the list and the odds get higher, away from the favourites, you have a better chance for variation in the odds between bookmakers.
So if you like outright winner betting markets and you don’t really bet on the heaviest favourites, you can compare the outright winner odds and often get a premium of 10% to as much as 50%.
Don’t leave these potential payouts on the table. Compare your odds before you bet.
Issues of New Zealand Betting
BetVictor is known widely in the UK for having the most competitive football odds. If football is to be the sport on which you will focus more than any other, BetVictor must be at the top of your list. They of course cover all other sports very well with many betting markets. Read the BetVictor New Zealand review.
Pinnacle Sports is a reduced-
Unibet, headquartered in Stockholm, provides some amazing coverage of sports betting, especially with their coverage of niche sports. If you like a breadth of sports, Unibet must be considered heavily. Read the Unibet New Zealand review.
William Hill is one of the oldest names in sports betting, established in 1934 and currently traded on the London Stock Exchange. William Hill covers all sports well, but soccer, cricket, rugby and horse racing are definitely their focus. So if these are your passions, take note. Read the full William Hill New Zealand review here.
888Sport is one of the oldest names in online sports betting, in business since 1997 and traded on the LSE, they provides extensive betting market coverage for each sport. 888Sport also accepts the widest array of banking methods of any sportsbook provider in the world. Read the full 888Sport New Zealand review here.