Sports Odds vs. Casino Odds: What’s the best way to bet?

All gamblers wish for the same thing: to win big. It doesn’t matter whether they bet on football or play slot machines. Punters live for the day they could hit the jackpot and retire young. Unfortunately, the odds of winning most gambling tend to lie in favor of bookmakers and casinos.

But guess what? There’s a way to beat the house in spite of whichever gambling games you play. We’ll reveal the secret later on. But first, here’s an overview of how odds work in sports betting and casino games.

How the Odds are Made

Bookmakers employ large teams of sports experts to analyze all the factors that determine whether a team wins or loses. They also have complex algorithms to ease the work load. Of course, they also skew the odds to have an advantage over players.

Casinos work in a completely different way. The odds of winning different games are set while the game is being developed. More precisely, it’s the game developers and not casinos that configure the odds of their games. 

For slot machines, developers use match to configure the games to produce winners after a specific number of plays. This happens randomly, which eliminates the possibility of using skills or any strategies to have an advantage.

The best online casinos provide games with the best odds of winning to lure players. Some even give you bonuses to further motivate you to play their games. That way, you’ll have great reasons to play on their sites but they also make profits when you lose your bets.

Determining the House Edge

Betting on sports and gambling on casino games are two different things. But as we mentioned above, their odds are incredibly similar. Take this example. The odds of winning a black/red bet on European roulette amount to nearly 50%. Precisely, the odds are 48.65%.

With these odds, the house has an edge of slightly over 1%. By comparison, consider a game where Liverpool beating Man City has odds 2.5 while City has odds 3.0. Essentially, Liverpool has a 25% probability of winning while City has a 30% chance of winning the game. If the odds of a draw are 5.0 (50%), the bookmaker will have a house edge of 5%. 

Of course, betting on sports relies more on science than chance. But based on the house edge alone, you have a bigger chance of winning the roulette bet than winning the Liverpool versus Man City’s game.

Finding Value Odds

Ask any professional gambler how they choose games these days and the answer will be the same. The objective is to find value odds as much as possible. But what are these odds and how do you find them? Value odds describe betting probabilities undervalued by bookmakers.

In an example, let’s consider the Leicester versus Arsenal game in which the hosts won 2-0 on November 9th. The foxes had the better form and also had home advantage. However, many betting sites still gave them odds of 2.1 or more to win. 

Bookies probably though the Gunners would put on a fight and earn a draw or even win by a slight margin. But every smart punter tipped the Foxes to win. They were right and also won at least £11 for every £10 they bet.

In casino gaming, players also look for value odds keenly. They do this by looking games with the highest payout rates or wagers with the least house edge. For slots, each game has a known payout rate. So, players simply pick the best paying games to increase their odds of winning.

When playing table games, casino players pick wagers with the lowest house edge and use strategies to outfox the house.

Using Bonuses to Beat the Odds

So, the casinos have an edge every time you play? Find good bonuses and you’ll have a better advantage over them albeit temporarily. The best gambling sites give you betting money with no wagering requirements. If you win money with the offer, you can cash it out immediately.

Bookmakers also welcome new players with rewards. It could be a single free bet or a 100% match on your deposit. The bottom line is that you can claim an offer and use it to increase your profits. Because bonuses come with wagering requirements, though; don’t accept all offer that come your way. 

Some bonuses are better than others. Find offers with minimal qualification requirements. They should also be flexible enough to allow you to decide how you use them. That way, you can select Chelsea games, bet on hockey or volleyball depending on what you like.

Comparing Odds on Bookie Sites

Professional gamblers don’t use a single platform for all their betting needs. They have accounts on several bookie and casino sites. For sports betting, this helps compare odds effectively and bet on sites that give them the best value for money. 

Casino players also need the services of multiple companies to compare their bonuses and payout rates for different games. Platforms that award you frequent bonuses give you an advantage in that you minimize your expenses. And if you win, you enhance your profits.

In many cases, you’ll find a unique benefit or disadvantage to each gambling company you use. One bookmaker could offer excellent odds for football but have poor odds for cricket. Similarly, some casinos support high paying slot machines but avail table games with low house edges. So, as you search for great betting companies, consider what benefits and disadvantages they offer.

To Conclude

Whether you bet on sports or play slot machines; chances are you check the odds of games before you play them. You probably look out for games with good odds so as to increase your odds of winning. That’s what every professional does, after all. 

As we have outlined above, however, how you find games with excellent odds differ on whether you bet on sports or play casino games. So, decide what you want to play and use the tips above. 

By Rob 18th November 2019

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