To become successful in online sports betting, it is important to master the basics of betting odds and how they work. To beginners, odds may appear like strange numbers, displayed on the bookmaker’s website to confuse punters. If you feel this way, read this article on Understanding the Odds: A Beginner’s Guide to Online Sports Betting in Nigeria.
Odds no matter how they are displayed, are what tell you the possible outcomes of an event, and how much money you’ll make on each bet. So, it is vital to get all the accurate information you can about odds before you start wagering on sports bets online.
If you are ready to get into the complex world of online betting there are certain important basic principles you must understand. This beginner’s guide to online sports betting in Nigeria will explain how odds work. This is essential because you need to master the likelihood of an event happening and what you could win if your predictions about it are right.
Article content:
1. What are sports betting odds?
2. What you should know about odds
3. How odds are displayed in online sports betting in Nigeria
4. Importance of sports betting odds in online sports betting in Nigeria
5. The quick guide to online sports betting in Nigeria
What Are Sports Betting Odds?
Sports betting odds are a bookmaker’s way of interpreting the possible outcomes of an event. This is why odds on the same event can vary slightly from one online sports betting site to another. Time and specific occurrences can affect odds too because bookmakers have the right to adjust their odds at any time.
Betting includes assessing the dynamics of an event and predicting the possible outcomes. This may seem simple for beginners who are familiar with the game, but betting with bookies requires more than mere knowledge of the game.
What You Should Know About Odds?
Odds represent the probability of an event, but they do not show the true likelihood of an outcome in an event. They are mainly based on information available to the public.
Therefore, experienced bettors find the cost of each bet by using implied probability to determine the bookmaker’s margin. Hence, comparing odds on various betting sites in Nigeria can help when you want to wager on an event.
How Odds Are Displayed In Online Sports Betting In Nigeria
Odds are shown in different formats, based on the bookmaker’s country. But, these odds all mean the same thing, So, don’t worry if you sign up on a new sports betting site and the odds are presented differently. Below are three main formats odds can be displayed in.
Decimal Odds
Some betting sites display odds in decimals. But, you can choose how you want your odds displayed. Decimal odds are commonly found on betting exchanges. It is the easiest format to work out.
This is the formula:
- (odds x stake) – stake = winnings.
- (4.0 x ₦1000) -₦1000 = ₦3000.
Fractional Odds
The Fractional Odds format was created in Europe, but bookies in other places can offer them as an alternative format. Besides being shown in fractions, these others do not include the returned stakes. They only show the winnings.
Fractionals are also more complex to calculate, mainly for beginners. This is an example given below.
- ((Stake / denominator) x numerator) + stake
- ((₦1000/2) x 7) + ₦1000 = ₦4500.
Moneyline / American Odds
Moneyline odds are mainly used by U.S. bookies and they shouldn’t be confused with Moneyline betting. This format is the simplest as it shows how much a bettor needs to wager to win a particular amount. Moneyline odds are used in football betting including in other sports.
Related: Why Choose Sports Betting As A Hobby?
Importance Of Sports Betting Odds In Online Sports Betting In Nigeria
Odds are a big part of online sports betting in Nigeria. Understanding how they work and their importance ensures you place better wagers and know how much you will make from stakes. Below we’ve explained two reasons why betting odds are important.
1. Probability
Betting odds represent the likelihood of an event happening. For instance, how likely is it that dice will land on a particular number? That is what gambling is all about.
At any point, you see two numbers demarcated by a slash, for example, 10/1, the professional term is “fractional odds”. From this, you can know how likely an event is to occur using a calculation.
This can be explained using letters instead of numbers – so 4/1 becomes A/B. This is the computation: Probability: (%) = B/(A+B).
- 9/1 can be determined as 1/(9+1) = 0.10 – a 10% chance of the event occurring.
- 4/1 can be determined as 1/(4+1) = 0.20 – a 20% chance of the event occurring.
2. Odds Help You Workout Your Earnings
Odds equip you to know how much money you’ll win if you place a wager. Going by the example we gave above, where numbers replace letters, it means that for every B that you stake, you will A plus the return of the amount you bet – which is your stake.
- 1/1 for each £1 you wager, you win £1.
- 1/4 for each £4 you wager, you win £1.
The Quick Guide To Online Sports Betting In Nigeria
Online sports betting in Nigeria is easy. When you’ve done it a few times, you should be able to understand how it works and start betting without needing any guidance. Below, is a quick guide you can come back to if you need clarification.
1. Selecting A Bookmaker
To wager online, you’ll need a bookmaker or a betting site. If you already registered with a betting site, that is good, but if you haven’t you can check out Helabet. Our site is beginner friendly and we have competitive odds that rival what you see in the market.
But, generally speaking, when selecting a bookie things to look for include – quality sportsbook, diverse betting options, lucrative welcome package, good customer service, bonuses and promotions, and fantastic betting features.
2. Understand Sports Bets
There are different types of sports bets, but the most commonly used ones are moneyline bets, point spread bets, and over/under bets. A moneyline bet is an easy wager on which side will win a specific match.
Point spread bets are more complex because they entail betting on whether a team will win by a selected number of points or lose by less than a certain number of points.
Over/under bets AKA total bets, involves betting on if the total number of points scored in a game will be over/under a particular number.
Other sports bets are proposition bets (prop bets), where you wager on specific events within a match, like which player will score the first touchdown in a football game.
Parlay bets involve combining two bets or more into a single wager, the promise of a larger payout.
3. Funding Your Betting Account
When you’ve registered with your preferred bookmaker, the next thing to do would be to fund your betting account.
Depositing money into Nigerian betting accounts is simple, as most sites allow you to fund your account in Naira and accept debit cards.
Other deposit methods include direct bank deposits, the use of payment gateways like Quickteller and OPay, and USSD transfer. Sites like MatchPlug support multiple payment methods like Skrill, M-Pesa, Debit Card, etc. So, you may check them out too.
4. Bankroll Management
Bankroll management is one of the most important aspects of sports betting. It means deciding how much money you’re willing to lose to wagers and setting aside a particular amount for betting purposes.
It is a rule of thumb that you should not use more than 5% of your entire bankroll on any single bet and gradually increase this amount as your bankroll grows.
Looking around for the best odds and utilizing online sportsbooks’ promotions and bonuses is important too.
By following these simple principles, you can increase your chances of success and minimize the risk of losing money.
5. Placing A Bet
Before you bet on any sports event, you must do proper research and analysis. This would mean that you examine the teams or athletes in the event, their previous performances, and other factors which may affect the game’s outcome.
You could also evaluate the betting market and odds offered by various sportsbooks to determine the one with the best value.
One important rule to keep in mind is to not let your judgment be clouded by emotions.
While it is tempting to wager on your preferred team or player, it may not always be the best decision. Ensure that you focus on the facts and statistics when you do your analysis.
6. Making Wagers
After researching and analyzing, the next thing would be to make a wager. To do this, you can create an account with a sportsbook.
Select a reputable sportsbook with an excellent track record and user reviews. Next, decide the type of bet you want to make. Every sports bet comes with its set of rules and payout format; so, learn about the basics before placing your bets.
