Most of the bettors love high odds because they give the impression of being able to win real money easily and to be profitable more easily than by playing a small odds.
By playing a high odds at 8 or 10 against 1 obviously if we win our stake will be multiplied by 10 and therefore we will have the impression that it does not take a high success rate to succeed in generating gains over the long term. term.
All this will make that the intuition of the bettors is going to be to play more on high odds rather than on low odds because they have this feeling of being able to win more money. Sportsbooks adapt to this phenomenon and this is called longshot bias.
So, they will intentionally lower the high odds which means that in general there is much less value bet on the high odds than on the low odds.
We know that to generate gains in sports betting, it is necessary to play value bets, namely an odds ill-adjusted by the sportsbook compared to what it should normally be. Suddenly, it is the opposite effect, on the high odds, the sportsbook will lower them voluntarily since the bettors tend to play them more.
Bottom line, sportsbooks are making a lot of money on these high odds while on the other hand, punters are going to lose a lot. This does not mean that one never finds a value bet on the high odds, obviously there are some high odds which are worth.
Indeed, playing high odds will lead to very long series without gain and with a lot of loss. Let’s take a disproportionate example to help you understand. It’s like playing the lotto, we had a 1 in 1 million chance of winning and well either we will win the jackpot or we will lose again and again.