Most sports fans are probably familiar with the most basic bet in sports; the straight bet. Straight betting is simply betting on an outcome.
Behind it lies the basic mechanism of betting: we put money in favor of a certain team, if I win I take it multiplied by the quota, if not, I lose it. We play, therefore, simply against the probability of the outcome, something that the sportsbooks handle perfectly.
Understanding the straight bets before you making a bet with TBSBET Sportsbook
Does it make economic sense to bet this way? Yes, in a single situation: when the implict probability of the odds offered by the bookmaker is lower than the real probability that the result will happen. In this case, the bet is said to have value.
With an example, let’s imagine a soccer match: Liverpool vs. Manchester City. Let us assume that the odds for the victory of Liverpool is 2. This means that the probability that the sportsbook assigns to this result is 50%. Therefore, it only makes sense to bet if the real probability of Liverpool beating City is greater than 50%.
This is not a frequent situation, but rather the opposite. As we explained above, sportsbooks have enormous human and technical resources, so they handle statistics and probability better than anyone.
However, it does happen on occasions that the sportsbook is forced to move the odds outside of what the statistics mark them, and that situation can be created precisely by erroneous estimates of the mass of bettors.
If a large part of the money is concentrated in certain results, it is very common for the sportsbook to modify the odds of the complementary results to make them more attractive to other bettors and balance their risk, thus providing an opportunity for long-term profit.
Again with our example, if most of the money from the bets goes to draws or City wins, our sportsbook may choose to offer odds of 2.2 or 2.4 that assume implied odds of 45% and 42% respectively. With these odds and a real probability of 50% it makes all the sense in the world to bet on Liverpool the bet therefore offers value to the bettor.