Finding a good bet can feel overwhelming, especially if you are new to the betting scene. Whilst there is no such thing as a 'sure bet', you can research markets to understand when you see odds that are good value.
1) Do Your Homework
This is the most important step in finding a good bet. You should always do a bit of research. Whilst doing research always helps, it is better to stick to sports or events you already know about.
Examples of where you can get up to date information on form and injuries:
Sports news websites
Social Media pages for the team or sport you are wanting to bet on
Stats sites such as Sofa Score
Using the above sources for information will help you understand why certain bets are priced the way they are. This can work to your advantage as bookmakers sometimes make mistakes which means they price the market incorrectly.
2) Check Different Bookies
Different bookmakers offer different odds for the same event. Always compare what they are offering. If you find one bookie with higher odds than the others, it would mean that you may get a larger return if your bet is successful. View our bookmaker comparisons here.
3) Know the difference between Chance and Odds
Before you start betting, it's important to understand the difference between chance and odds.
Chance
Chance is how likely something is to happen and it is displayed as a percentage. For example, if you were going to flip a coin, there would be a 50% chance that it lands on tails.
When it comes to sporting events it is not as simple as this and there are many different factors that can affect the chance percentage. These percentages are what sportsbook traders will be looking at before calculating their odds.
Odds
Odds, also known as a price, tell you how much you can win on a bet. In the UK we use fractional odds, where the first number shows how much you can win and the second number represents the stake. For example, if I wanted to back a horse to win and it's price was 10/1, that means I would get £10 for every £1 I bet. So if I decided to put £100 on this horse at 10/1, I would win £1,000.
To get a better understanding of the difference between Chance and Odds, click the link to this this calculator below: (opens in new window)
Using the above, if you find the percentage you get is lower than what you think it should be, then you may have just found a good bet.
4) Check Betting Exchanges
If you use tools such as Betfair Exchange, you may be able to understand what betting patterns are currently happening. On a betting exchange you can back or lay bets, as well as get an understanding of what other people are backing. The exchange will show the live market price and you will be able to understand if you are getting value from your bet.
5) Don't Bet Too Much
Betting is entertainment and not a way to make extra money. You should never bet more than you are comfortable losing. It is important to understand how much fun you get from putting on a bet and then you can put a price on it. Always remember to never bet more than you can afford to lose and never chase your losses.
7) Keep Track of Your Bets
Keep a record of the bets you make and how they turn out. This helps you see what's working and what's not, so you can improve over time. Learn from both your wins and your losses.
Summary:
Finding good bets isn't magic – it's about doing your homework and being sensible with your money. By being disciplined and following the above steps you are giving yourself the best possible chance in finding good value. Whilst nothing is guaranteed, you will feel rewarded watching that winning goal whilst your bet comes in! Good luck.
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