Betting odds are the very cornerstone of sports betting and placing money upon any particular result taking place. When it comes to the relationship between a punter and a bookmaker, what a punter is essentially trying to do is find betting odds which he or she believes represents value for money, especially considering the money they stand to lose. For this reason, it is important that punters have at least a basic understanding of betting odds.
There are generally three different ways of displaying betting odds but when it comes to Australian online betting, decimal odds are by far the most common. When considering betting on an NRL match for example, you may see the betting odds shown in a way such as this:
In this example, Brisbane are the bookmaker's favourite to win as they have shorter odds. If you want to know how much you stand to win by betting on Brisbane, you simply multiply the odds by your bet amount, say $10, to see what your returns will be. I.e. 1.57 x 10 = 15.70. This means that by sticking $10 on Brisbane to win, you will receive $15.70 back, making a profit of $5.70. It is important to remember that your returns include your original bet.
For reference, the old fashion style of betting odds still used in some countries is fractional and would display 1.57 as 4/7. In the USA, moneyline odds are used and these odds would be -175. Some websites have the option of changing to these different types of betting odds, however Australian bookmakers and punters tend to use decimal.
Many people like to combine betting odds into multi-bets in order to improve their overall potential returns. As with regular bets, most Australian bookmaker websites have betting slips which will do the mathematics for you, however calculating multi-bet odds is not too tricky. If you have one match winner at 1.90 and another at 2.20, you simply multiply the two to get your multi-bet odds - 1.90 x 2.20 = 4.18.
Although the major bookmakers do not tend to have too much difference between them when it comes to betting odds, there are still some times when it is worth looking around for the best odds; perhaps if you are looking to place large bet. The bookmakers below are known for having very good overall betting odds, and many punters have more than one bookmaker account so they can get the best betting odds available.
Sportsbet is a very well-established Australian bookmaker which has generally good betting odds and often has promotions offering even better ones.
The betting odds available at Centrebet are also very competitive and again, on the big events, special offers can make bets even more rewarding.
Luxbet has an extensive array of different sports and racing events to bet on and their betting odds are often very generous.
IASbet is certainly known for very good betting odds with small margins, meaning better potential returns for punters.