The most important reasons to compare esports betting odds
We’re often asked if comparing betting odds is really that important – do they even differ that much between sportsbooks? Our answer: of course it is – and yes they do. Most of us shop around for the best value when making purchases in life, and your esports odds should be treated exactly the same. By failing to shop around for the best possible odds at any given time, you could be seriously losing value for your wagers. In this article we’ll run you through why comparing odds and finding the best possible value for your bets is of utmost importance.
How do bookmakers determine their esports odds
When determining their odds, bookmakers have three goals in mind – they need to balance the realistic possibilities of each outcome, while simultaneously protecting their profits and making the bet look as appealing as possible. So how do they do this? First of all, they calculate the realistic possibility of all outcomes – whether that’s on esports odds or more traditional sporting events, such as UFC betting odds. What they then do is alter it slightly based on how they think the betting will go. This is done to protect their profits and is commonly known as the overround – which we’ll explain in more detail below.
Why do esports odds vary between bookmakers?
The main reason why odds can vary greatly between different sportsbooks is that internal factors influence their odds. For example, if a certain bookmaker sees a lot of money coming in on Philadelphia Fusion to win an Overwatch League game, they would then be inclined to make that bet less appealing by shortening the odds on Fusion and lengthening the odds on their opponents. This gives them an additional percentage margin which is known as the overround.
The most essential part of comparing odds is actually knowing how to read them. Today in 2023, there are three main odds formats used across the globe – decimal, fractional and American odds. Below, we’ll give you a brief explanation of our each odds format works with some examples. If you want to make life easier, you can use our odds converter to work out how to interchange between the different odds format.
Decimal odds explained
With decimal odds, the value displayed shows your total returns based on a $1 stake. For example, if you backed Astralis to win at odds of 2.1, your total potential returns for that bet would be $2.10. Your total profit can be calculated by subtracting your stake from your total returns – in this case ($2.10 – $1 = $1.10).
Fractional odds explained
With fractional odds, the number on the left side of the fraction tells you how much profit you stand to make, while the number on the right tells you how much you need to stake to yield that profit. To get your total returns, you simply need to add the two numbers together.
For example, if you want to bet on Astralis to win at odds of 3/1, you stand to make a $3 profit for every $1 you stake. Your total returns with a $1 stake, in this case, would be $4. When working with simple numbers like this, fractional odds are easy, however, they can become more complex, which is why we recommend using an odds calculator.
American odds explained
If you’re looking for esports odds in the states, this is the most common format that you will likely come across. There are two types of numbers to be aware of here – positive and negative. With positive odds, the number displays how much profit you stand to make off the back of a $100 stake. With negative number odds, the number tells you how much you would need to stake in order to make a $100 profit in your returns.
- Let’s take a look at a couple of examples:
Astralis +120 – A $100 stake would get you a $120, and a total of $220 in returns.Mouz NXT -120 – You would need to stake $120 in order to get a $100 profit.
Esports odds – how to calculate expected value
Whether you’re betting on esports or maybe even basketball betting odds, the main purpose of shopping around for the best possible esports odds is to increase the potential value of your bets. If you really want to keep yourself ahead of the game, you can calculate your expected value. Expected value essentially tells you your potential profit per stake if you were to bet place the same bet repeatedly. If your bet has a negative expected value, it’s not a smart bet, if it has a positive expected value, it’s likely to be decent.
To calculate your expected value, you first have to multiply your total potential returns by your win probability. You then have to multiply your total potential losses by your loss probability. You then subtract the loss number from the win number. You can find out more about this in our enhanced odds guide.
- The expected value formula:
(Total potential returns x win probability) – (Total potential losses [stake] x loss probability)
(12.5 X 0.5) – (11 X 0.5) = 0.75
Why loyalty doesn’t always pay when it comes to esports odds
It might very well be the case that you’ve been betting with the same esports sportsbook for a while. You might feel comfortable with that sportsbook and even be enjoying plenty of VIP rewards. While that is very much understandable – and VIP rewards can help boost your odds (we’ll get to that further down) – your loyalty could be seriously costing you in value when it comes to your esports odds.
Do you fly with the same airline every time regardless of the price they’re offering, or do you shop around via a comparison site? Comparing odds is every bit as important to shopping around for the best prices on goods and services. Our odds comparison is essentially the same as a flight or insurance comparison site – only the purpose is to find more value in your bets.
A few numbers can change everything
As we spoke about near the start of this article, the odds really can differ greatly between bookmakers. However, even a small difference in odds numbers can equate to a big difference in potential value depending on your stake.
Other factors to consider when comparing esports odds
The odds themselves are, of course, extremely important, but there is also a number of other factors that can boost the value of your bets. It’s important to take things such as welcome bonuses and VIP rewards into consideration when looking for value in your bets. It can often be the case that placing a bet with a bookmaker offering slightly worse odds can be more valuable if there’s a bonus available to you.
If you’re not currently signed up with a bookmaker, then looking at the site with the best welcome bonus is as important as finding the one offering the best esports odds. Similarly, if the sportsbook you are currently signed up with is offering you a bonus or reward to boost your odds, then it might be worth sticking with them for that particular bet even if there are slightly better odds being offered elsewhere.
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Esports odds comparison vs esports live betting odds
When it comes to live betting, things move a lot quicker. This can make comparing odds a lot more tricky as the odds are constantly moving and influenced by what’s happening during the game. As a result, it can be very hard to keep track of what’s going on. However, there are a few ways in which you can keep your finger on the pulse and find good value bets.
Bascially, when it comes to live betting odds, timing is absolutely essential. What you need to do is utilize the short windows of time when the odds are most likely to stay still. Depending on the type of esports contest you’re betting on, wait for a pause or break in play ideally. If this isn’t available to you, then wait until there’s a lull in game play. When it comes to live betting, esports odds are much the same as team sports odds, in that things can change dramatically in the final few moments. Therefore, the best esports live odds will often be found towards the end of a game.
Esports odds – the conclusion
The main thing to take away from this article, is that shopping around for the best esports betting odds is essential if you want to find the best value for your bets. By understanding how the bookmakers determine their odds, and by using bonuses in conjunction with the odds, you can really find the best value for your esports bets.
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Esports odds FAQ
👾 How are esports odds calculated?
Have you always wondered how the bookmakers determine and create their esports odds? Well, now you can find out all the secrets as the experts here at TheGruelingTruth.com have created a complete guide for you. Follow the link on to our site to find out everything you need to know!
🎮 How do you win an esports bet?
There’s one single straight way to answer this – it’s more about using your knowledge and some betting info to increase your chances. Find out how you can enhance your esports betting experience overall by checking out our esports betting how-to guide. Looking for info on more traditional sports? We’ve got a guide to the best hockey odds too!
🕹️ Where has the best odds for esports?
Comparing odds is extremely important if you want to find the best value bets. That’s why we always recommend using the comparison tool here at TheGruelingTruth.com. The odds always change and vary between bookmakers, so it’s important to find the best odds available right now. Our info is always up-to-date, covering everything from esports to the best football odds.
