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Understanding how betting sites set odds is important for you

Some people have a misconception about bookmakers and how they set their odds.  Some people think it is them versus the bookmaker.  This is not how it actually works.  Betting sites always try to set their odds so that they can make a little bit of money on every event, no matter the result.  They do this by trying to balance the potential payouts on all sides for a given event.  Let’s use a cricket match as an example:

Money is going to be bet on two outcomes, the Home Win and Away Win.  Only one outcome will need to be paid out to winning bettors.  The goal for the bookmaker is to ensure that the amount of money laid on the losing outcome can more than cover the payouts for the winning outcome.  Any money left over after the winning bets have been covered will be left as bookmaker revenue.  

This small leftover amount is what the bookmaker uses to run its business, hopefully some of that will be profit, but there are many costs to running their business.  In the end, understand that for every event, there are winning bettors and losing bettors, bookmakers just hope to make a small percentage on the overall amount bet for facilitating their service.

All the sportsbooks on Bangladesh Sports Betting offer competitive odds.  If you just like to play, any of these sites will provide you with solid odds.  However, if you are serious about sports betting and being profitable in the long-term, you should probably be using several bookmaker accounts in combination with an odds comparison site before you bet in order to get the best potential payouts.  Why?

No one gets every bet correct, no one.  In the end, the margins for being profitable at sports betting can be very tight.  You certainly need to win more bets than you lose to remain profitable over time.  However, as outlined above, each betting company sets their own odds in order to make money on every event, no matter what the outcome might be.  When you play through just one sportsbook, you will have to accept what could be much lower odds compared to the best odds on the market.

As such, odds can vary significantly between sportsbooks.  On single match bets, you can see a 3% to double-digit percent range in potential payouts.  When you compare odds for your bets of interest, you can ensure that when you win, you get the most for your stake money.

Where comparing odds helps most:

Combination and Multiples betting is an area that can see a great divergence in the available odds between betting sites.  

With these types of bets, odds are multiplied together.  Here is an example for you:  Imagine you have a combination bet with four cricket matches.  You play with a solid betting site, but for these 4 matches, there is another sportsbook that is offering on average a 2.5% odds premium on each of these outcomes.

When you calculate the difference in potential payouts on this small combo bet, you would be missing out on a premium of more than 10% by playing with your existing bookmaker.

The more event selections you make, the higher these premiums can be.  For combination and multiples betting, the range in potential payouts between the highest and lowest paying bookmakers can be 10% to 50%.  If you are interested in remaining profitable over time, it certainly makes sense to compare odds and ensure that when you win, you win the most that the market will offer to you.


Comparing outright winner odds

Another area where significant premiums can be gained by comparing odds comes with outright winner betting markets.  In other words, the country that might win the Cricket World Cup, or which club might win the IPL come the end of the season.

Every team in a given competition will have odds associated with them as long as they are alive in the tournament, or still mathematically able to win the competition.  As you go further down the list and the odds get higher, away from the favourites, you have a better chance for variation in the odds between bookmakers.

So if you like outright winner betting markets and you don’t really bet on the heaviest favourites, you can compare the outright winner odds and often get a premium of 10% to as much as 50%.

Don’t leave these potential payouts on the table. Compare your odds before you bet.

Bangladesh Sports Betting Issues

BetVictor is known widely in the UK for having the most competitive football odds. If football is going to be the sport on which you will focus more than any other, BetVictor must be at the top of your list.  They also cover cricket and the IPL with extensive betting markets.  Read the BetVictor Bangladesh sports betting review.

The best online sports betting sites for fans in Bangladesh

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Pinnacle Sports is a reduced-juice sportsbook.  This means they do not advertise & the savings is passed back to bettors with consistently higher paying odds on all sports.  Pinnacle offers great odds on all major match result wagers.  Read the Pinnacle Sports Bangladesh sports betting review.

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888Sport’s parent company has been online since 1997 and are listed on the London Stock Exchange.  They have the most extensive array of banking methods and a wide array of betting markets for all sports.  Read the 888Sport Bangladesh sports betting review.

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William Hill is one of the oldest names in sports betting, established in 1934 and currently traded on the LSE.  William Hill covers all sports well, but football, cricket and horse racing are certainly their focus.  If these are your passion, take note.  Read the William Hill Bangladesh sports betting review.

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Betway serves over 2 million account holders world-wide and offer a beautiful interface with an excellent mobile platform.  Like most top betting sites, they also offer an early cash out feature.  Betway offers great cricket and football betting.  Long-time sponsor of West Ham United FC.

MarathonBet has been operating since 1997 and has recently exploded in popularity with growth sponsorships of top English, Scottish and Spanish football clubs.  They have moved to offer the most comprehensive football and cricket betting coverage with extremely high-paying odds.  

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