Most important reasons to compare the best basketball odds for today
One of the questions that we’re most frequently asked here at TheGruelingTruth.com is if it really is important to compare sports betting odds at all. The answer, of course, is absolutely yes! Why? Because the bookmaker with the best basketball odds for today might not necessarily have the best basketball odds tomorrow.
Think about it, when shopping for just about anything else, you don’t simply go back to one store for everything because it was the cheapest place the first time around. Shopping around for the best possible value is an important life skill in a more broad sense. However, it’s perhaps more important when it comes to betting odds than anything else.
Why, you ask? Because even just a seemingly small difference in odds can actually have a drastic effect on how much you stand to win should your bet come up. You also might be surprised to find that betting odds really can differ quite drastically between bookmakers.
How do bookmakers determine their basketball betting odds?
While there are slightly different elements that go into creating the betting odds for various different sports, the standard formula that bookmakers use for creating all sports odds remains very much the same across the board. That is to say, the way in which bookmakers go about creating their soccer betting odds for today is exactly the same as the way they go about it when creating their basketball betting odds.
When setting odds, every bookmaker’s aim is to balance making the betting line look attractive enough to customers with the realistic probability of the outcome coming to pass and protecting their profits. The bookmaker usually does this by calculating the realistic probability of the outcome and then subtracting a 5% margin to protect their profits. So the real odds are always a little lower than those being offered (if the real odds are +200, the bookie will usually offer them at around +190, for example).
Just because the house always wins, doesn’t mean you can’t too!
The bookmaker’s aim is to protect their own interests and profits, but that doesn’t necessarily mean they are trying to make you lose. After all, if nobody ever won on their betting lines, the gambling industry wouldn’t be anywhere nearly as successful as it is, right?
Why do basketball betting odds vary between bookmakers?
You might think that because bookies use the same method to calculate their betting odds, and that because the lines they’re looking at are all the same, that there wouldn’t be a big fluctuation between the odds offered by each bookmaker. However, that’s absolutely not the case. To best explain why, we need to look at the concept of the “overround”, which is the term that refers to how bookmakers protect their profits by balancing all of the possible outcomes on each line.
If you have any experience with boxing betting odds, or sports betting in general, you’ll have noticed that the odds will always change in the run-up to the event. It’s most commonly thought that the main factor that influences the odds is a change in circumstances that could directly influence the specific basketball game in question (injuries etc.). However, what actually more commonly causes the odds to fluctuate is bookies trying to protect their exposure on each line to balance their profits. For example, in the run-up to a game, they will want to make the lines that are less exposed on appear more attractive while making the lines that are over-exposed on look less appealing.
For better or for worse, there is no one single odds format that’s universally used. Depending on personal preference, and where you are betting from, you’ll find that there are a few different ways in which your basketball odds for today are displayed.
There are three principal betting odds formats that are the most popular and commonly used across the gambling world today. Namely these are decimal, fractional, and American odds. Our experts have provided you with a detailed, yet simple-to-follow, explanation of all of the above for you below.
Decimal odds explained – the most logical
Decimal odds is the most commonly used format in Australia, New Zealand, Canada, and mainland Europe. It’s an easy-to-read format, with the odds being represented as a decimal point ratio, for example – 2.1.
How exactly do they work when it comes to basketball betting odds? Let’s take a look using an example…
If you have the Lakers to beat the 76ers at odds of 2.1 and you want to place $100 on it, you can calculate your potential returns by multiplying the stake by the odds: $100 x 2.1 = $210. Just remember to note that this figure is your total returns, in order to calculate how much of that is profit, simply subtract your stake: $210 – $100 = $110 profit.
If you want to calculate the implied probability of the outcome you’re backing from coming to pass as a percentage, you can do so fairly simply. Just divide one by the odds, then multiply that answer by 100. If we continue to use the above example, this works out at: (1 ÷ 2.1) x 100 = 47.6%.
Fractional odds – a horse racing favorite
In the US, you are very unlikely to see your basketball odds for today displayed as a fraction. However, fractional odds are popular within the horse racing community and is still the standardized format in the UK and Ireland. You’ll therefore find fractional odds used more frequently within our cricket odds comparison.
Fractional odds consist of two numbers divided by a fractional line. The number on the left shows your winnings, while the right-hand number shows your stake. To use a simple example, with odds of 2/1, you would stand to win a $2 profit for every $2 you stake. With these such numbers, fractional odds can be very easy to work with, however, they can quickly get complex when dealing with more complex odds – for example, 43/7.
Figuring out if you are backing an underdog or a favorite is quite easy. A 50/50 winner would be represented by fractional odds of 1/1. Therefore with a favorite, the right-hand number would be greater, while with underdogs the number on the left will be greater.
Overall, fractional odds are largely becoming viewed as being a slightly outdated odds format. However, thanks to their popularity with the betting purists in the UK, they are unlikely to completely disappear anytime soon.
American odds explained – the best basketball odds format
If you’re looking for basketball odds for today in the US, then this is the odds format that you are most likely to come across. This is probably the easiest odds format to read at a glance and consists of two types of numbers – positive and negative.
Underdogs will be represented by positive odds, the number of which tells you how much profit you would make with a $100 stake. For example, if you backed the 76ers to beat the Lakers at odds of +200, you would make a $200 profit on a $100 bet – with your total returns being $300: ( $200 profit + $100 stake = $300 total returns.
Favorites are represented by negative number odds. With negative odds, the number tells you how much you would have to stake in order to win $100. For example, if you backed the Lakers to beat the 76ers at odds of -150, you would need to stake $150 in order to yield a profit of $100. If you’re looking for the best golf odds with us here today, you’ll also most likely see them displayed in American odds format as well.
How to calculate the expected value in order to find the best basketball odds
When it comes to sports wagering, you want to use your basketball betting odds to find what’s called the expected value of your bet. The expected value helps you to find out how much you stand to win on average, cross-referenced with the chance of it actually coming to pass. The formula used to calculate the expected value cross-references your stake, your potential winnings and the probability of winning and losing all into account.
Or, if you’re looking for a more mathematical representation, it would be as follows: (probability of winning x potential winnings) – (probability of losing x potential losses).
Why is it important to calculate the expected value?
As we’ve mentioned throughout this article, searching for the best basketball odds is essentially a process of shopping around. When shopping around for anything, what you are ultimately looking for is to find better value for your money. Using the expected value is a way of going one step further, to guarantee that you find the best value possible.
Why loyalty doesn’t always pay with basketball odds for today
If you fly down to visit your grandma in Florida with American Airlines one year during the holidays, would you automatically use them again for your following visit? Or would you hop on to a comparison site and go with the airline offering the best price on the day of your desired journey?
It’s probably safe to imagine that the majority of you would go for the latter option, as it just makes the most sense for your wallet.
Well, the exact same logic should be applied when shopping around for basketball betting odds for today. Just like flight prices, betting odds fluctuate and change at quite a fast rate, meaning that it’s virtually impossible for one single site to offer the best basketball odds all of the time. As a result, by staying loyal to one single sportsbook, you are potentially missing out on hundreds, if not thousands of dollars in winnings.
That’s why you need our basketball odds comparison!
Fortunately, our basketball odds comparison is on hand to help you with the above. Our intelligent technology is able to pool together all of the best odds for your desired betting line from all of the top bookmakers available. With the results being as up to the minute as is physically possible, we can guarantee that we can help you find the best basketball odds for today in real-time.
Other factors to consider when comparing basketball betting odds
While the odds are undoubtedly the most important factor in determining the potential best value for your basketball betting lines, it’s not the only thing that you need to take into account. There are several other elements that can also influence the number of your potential winnings. We always recommend taking everything into account when comparing basketball betting odds.
Bonuses and VIP rewards
For example, every single online bookmaker available today offers some form of welcome bonus to help lure in new customers. This bonus could come in the form of a free bet, risk free bet or matched deposit bonus. In some cases, the value of a sportsbooks’ welcome bonus could be so good that you’re actually better off placing your desired bet with them, than with another bookie that is offering better odds.
Additionally, it’s also always worth checking what’s available to you as a VIP with certain sportsbooks. This is especially true for those sportsbooks which you are already signed up with, as you may be in line for an extra bonus or odds booster that may increase the value of the odds that are displayed on the site to the general public.
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Basketball odds comparison vs live betting
Now some of you may wonder how comparing basketball betting odds for today can be done with regards to live and in-play betting – and it’s a very valid question. Live betting involves placing your bets as the game is happening, and the value is often found by in-game factors determining the odds. While this can be a more valuable form of betting, it does make the comparison element tricky.
The best advice we can give you is to act quickly when play is stopped. The best time to do this with regards to finding the best basketball odds is at halftime – as the odds will stabilize for the duration of the break. You will get other shorter opportunities to do this, such as during time outs, and pauses for contested decisions. Basically, when the t-shirt cannon comes out, or the commercials come on you gotta pounce! Although the odds will be changing as a result for certain lines, you can also quickly shop around for the best basketball odds while free throws are being taken.
Basketball betting odds – the conclusion
Essentially, as is the case with every consumer experience, the main thing to take away from this article here today is that it’s important to shop around for the best odds when betting. In order to do that as efficiently as possible though, you do need to go one step further than simply using our basketball odds comparison.
For starters, you need to understand the three main odds formats and how they work, as well as understanding the concepts of expected value and implied probability. On top of that, it’s also important to talk in the shoes of the merchant and understand how and why the bookmakers will be setting their odds.
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Basketball betting odds FAQ
🏀 How do you read the odds in basketball?
That depends on the odds format, as there are three most commonly used in the sports betting world today. Namely, these are decimal, fractional, and American. You can find an explanation on how each of these three odds formats work and how to read them right here with us at TheGruelingTruth.com
🔢 How are the odds calculated in the NBA?
We can’t explain exactly how right here, but do you wanna take a peek behind the curtain and find out exactly how the sportsbooks set their odds? If so, head on over to theGruelingTruth.com, where our experts will take you through exactly how the bookies set their NBA odds and more!
❓ Is basketball easy to bet on?
That depends on a lot of different factors, including the type of bet you want to place and your own basketball knowledge. Basically, knowledge of the sport is key and some betting lines are far more complex to understand and work with. In our basketball odds and betting page, we’ve broken down everything you need to know with regard to betting on this amazing sport. Perhaps you’re also looking to bet on other sports such as soccer, so be sure to know about the soccer odds for today as well as other sporting odds if you want to be successful in your sports betting.
