You’ll get the best odds by comparing odds at different online sports betting sites. Then place a wager with that sportsbook, which offers the best odds for the side you want to bet.
The odds are crucial in sports betting because they represent the prices on a market and because of that it is very important to get the best possible odds.
Get the best odds or get the odds with lowest margins?
Getting the best odds for a particular side and betting with a sportsbook, that offers low margin odds are two different things in a single bet on a particular game. Many times you’ll get the best betting odds on your picked side with a sportsbook, that doesn’t have great odds.
What is considered the best betting odds when you place a wager?
The best odds are those odds, which will give you the best profit. Simply as that. Let’s take an example of betting on sports Team A and Team B to win the game.
If you want to place a wager on Team A, you will look to get the best price. So, if you have 5 sportsbooks accounts and if you want to bet on Team A and the odds are:
- Bookmaker 1 (bet on Team A): +130 (possible profit for $100 risked = +$130)
- Bookmaker 2 (bet on Team A): +145 (possible profit for $100 risked = +$145)
- Bookmaker 3 (bet on Team A): +132 (possible profit for $100 risked = +$132)
- Bookmaker 4 (bet on Team A): +138 (possible profit for $100 risked = +$138)
- Bookmaker 5 (bet on Team A): +128 (possible profit for $100 risked = +$128)
You will bet on the 2nd sportsbook because you will get the biggest return for the “same thing”. It can be any online betting site for this single game and a single outcome.
Which bookies have the best odds?
Bookies with the lowest margins (juice, vig, vigorish, over round) have on average the best odds. These bookies give the best odds because take smaller commissions compared to other sportsbooks. Most of the time, they can afford to give best odds, when they have good liquidity and a lot of action, so their profit is still good with lower commissions, but from more players.
What is a bookie margin?
Bookie margin is the commission bookmakers take every time a sports bettor place a wager. This is a bookmakers edge, that is incorporated into the odds and because of that sports bettors always pay “unfair” prices. The bigger the margins, the bigger commission and a profit for bookmakers.
How is bookmakers’ margin calculated?
To calculate how big is a bookmakers’ margin you must look at how big is the difference between actual odds, which are always unfair, and the odds if they would be fair. The easiest way to calculate margins is to turn the odds into the percentages, sum them and see how much far is from 100%.
Bookmakers’ margin calculated on a real example:
Let’s say we have two teams with a winning probability of 50% vs 50%.
Fair odds would be +100 vs +100 (2.00 vs 2.00). Right?
But of course, you don’t see this. Bookmakers will offer you -105 vs -105 or -110 vs -110 or something like that, depends on how big the margin is:
- TEAM A: -105 (1.952) turn into the percentages = 1/1.952 = 0.512295082
- TEAM B: -105 (1.952) turn into the percentages = 1/1.952 = 0.512295082
- 0.512295082 + 0.512295082 = 1.024590164 = 102.46%
The difference: 102.46% – 100% = 2.46%
Bookmakers’ margin is 2.46%. The bigger this number the worse for you.
Real sports betting example of getting the best odds
- Analyze game and estimate the odds we think should be fair
- Select a value-based our projected odds and online betting market prices
- Find a bookmaker that offers lightly better price for a side we want to bet
Here is the table with the odds and margins, plus my projected lines for this game.
- A bookmaker with the lowest margins: Bet at Betonline (1.97%)
- Getting the best odds if you bet on Astros: Bet at Betus
- Getting the best odds if you bet on Orioles: Bet at Bovada
Getting the best odds and betting with a bookmaker that offers the odds with the lowest margins is not the same. If you have only one bookmaker’s account, then the logical choice is a bookmaker with the lowest margins.
But to maximize profits and constantly get the best odds, you’ll need to sign up with multiple sportsbook accounts and then simply compare the prices on the betting market.