Understanding,Betting,Odds,Eas sports Understanding Betting Odds in Easy Steps

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Understanding betting odds, is one of the keys to successful gambling. When betting, it's all about, odds, prices and markets, and it can be a little confusing for the beginner to grasp what is actually happening, when viewing a betting show for the first time.With this in mind, I will try to explain the basics of betting in easy to understand terms, in this short article.The MarketThe bookmakers (layers) are responsible for posting up the odds of each event as they see it, this is called forming a 'market'.When the market is posted, the favorite always has the shortest odds, because that is the one they expect to win.Take any sportsperson,  say, Tiger Woods, he is always installed as the event favorite, right?Yes, but why do you think this is?Well, he is made favorite by the bookies, because he is ranked number one in his sport.Think about it this way, the best ranked competitor in an event  is most likely to win it, based on previous form, so the bookies reduce their liability on what they see as a threat to their bank, by making him, favorite.If Tiger does the business the layers will be hit hard, so they price him up, at skinny odds to prevent the ordinary punter from making easy money. Remember it's the little guy who bets in small amounts, that hit the bookies hardest, because there are a lot of little guys, and it all adds up.  But then next day, Tiger is reported as 'carrying an injury', so he takes a 'walk' in the betting, and a new favorite takes his place. Tough if you took an early price, that cash will never see the light of day again, so chalk it up to the layers.Betting TrendsAs the punters (you and I) start betting on the market, certain trends will occur which may vindicate the bookies choice of market leader, or the bettors may make something else favorite by sheer weight of money.Likewise, an outsider's odds can tumble, after an 'avalanche' of cash from sources connected to the 'gamble', wade on in with their money at the track, and in situations like this, it can even end up favorite.This is called a 'steamer' or a major gamble, but a lot of the time they are misplaced and go astray, leaving the layers rubbing their hands with glee.That then, basically is the dynamics involved in understanding betting odds.So, if you strongly fancy a flutter, you first of all check the markets and shop around for the best price (odds). No point in taking 10/1 when your pick is available elsewhere at better prices.The secret is reading what the market is telling you, and making an informed gamble based on statistics and good old 'gut' instinct. Remember market drifters win too!The PricesThe layers offer two category of odds, these are;    * Odds Against    * Odds OnEvens (1/1) as the name implies is just that! You bet a tenner at 1/1 and it wins, you collect twenty. Your ten stake plus the layer's ten.Evens is also the lowest odds you can get in the 'Odds Against' category. Lower than evens becomes 'Odds On'.What is Odds On?This is the term used when the bookie is laying the selection to win. In other words they think it is a certainty to win, so it is marked accordingly in the market.In all 'odds on' betting, your stake is more than the layer's return on a winner for example odds of 4/6. You put on six to win four, or 1/3, you put on three to win one.You may think who would do such a bet, well, that's how the professionals make a living, by 'investing' big money for small returns. Now that, is really understanding betting odds.What is Odds Against?This is where the bookie offers a price against a selection winning.Odds against start at evens and works upwards, 1,000,000/1 is a million to one AGAINST, while 1/1,000,000 is a million to one ON, your selection winning.In horse racing only about thirty three percent of all favorites win, that's thirty three out of every hundred, not a great return on your investment if you are a favorite backer.Likewise for odds on favorites, the same percentage wins, even the 'Tiger' fails sometimes when odds on.But if you take the top two in the market, this figure rises to to near sixty five percent average winning, so it is worth developing a strategy that only involves first and second favorites.At the end of the day the layers will always come out on top, but understanding betting odds,, and the trends involved, tied to reading the form properly, will give punters a fighting chance of catching a big one every now and then.