Tips to improve your betting (odds and free bets explained)

Whether a newbie or a seasoned player, refreshing your memory on the fundamentals of betting can help you make smarter choices and minimize losses. While there’s no sure way to guarantee a win, there are ways to improve your chances and select the most favourable odds.

Different countries also present odds differently, and free bets and other promotions vary depending on where you decide to play. This article delves into some actionable tips on how to improve betting strategies, besides exploring how odds work and how to make the most out of free bets.

Understanding betting odds

Betting odds tell players how much they stand to gain if a bet wins and also the likelihood of an event happening. For example, odds of 3/1 mean that for every £1 a player wagers, they stand to gain £3, plus the original stake. These odds also imply a 25% probability of the event occurring. Let’s take a closer look at the different betting odds used:

Decimal odds

These are a straightforward and widely used form of betting odds across Europe, Australia and Canada. The player can simply multiply their stake by the decimal figure to calculate potential returns, including their initial stake. For example, if you stake £10 at odds of 3.00 and the bet wins, you would receive £30, which includes £20 profit and your original stake of £10. The simplicity of this format allows players to make quick-and-easy assessments of the potential returns of different betting options, as well as the likelihood of winning.

Fractional odds

Fractional odds are mainly used in the UK, as they’re deeply ingrained in the betting culture of the nation. Represented as fractions like 3/1, these odds show the profit you stand to make relative to the stake. In this example, a winning bet of £10 on 3/1 odds would return a profit of £30, with the original stake also being returned to the bettor. An easy way of working out potential profit with fractional odds is multiplying the stake by the first number and dividing by the second. For example, 10 x 3 = 30, 30 ÷ 1 = 30.

American odds

American odds, or money line odds, offer a different kind of perspective on betting, tailored to the preferences of the American market. These odds are represented as either positive or negative figures, which quickly informs players about the pay out for favourites and underdogs. For example, positive odds, such as +300, mean a player could win $300 on a stake of $100. On the other hand, negative odds, like -300, show how much a player needs to bet to win $100. Understanding these odds are essential for Americans looking to navigate the betting landscape of games like baseball, basketball and American football.

Making the most of free bets

Free bets aren’t a guaranteed way to make money. Their purpose is to attract players to websites and gaming venues. That said, in the competitive world of online betting, free bets and promotional offers can be quite generous, and understanding how to make the most of them can be beneficial. For example, Paddy Power free bets and similar offers give players a chance to get their feet wet without risking their own money. Here are some tips to help you leverage free bets:

Read the T&Cs: While most free bets don’t have any strings attached, most require you to at least open an account and deposit some money. Some sites also offer larger free bets proportionate to the amount you deposit.

Use them strategically: Free bets can be a good way to test out an unfamiliar sport or betting market. You could use your free bet on an underdog with higher potential returns.

Consider matched betting: This refers to betting on all possible outcomes of a sporting event, such as a win, loss and draw of a football match. Without the free bet, this would be pointless. But, with a free bet, this becomes a good way to win.