Betting Wisdom | #3 Always Take The Best Available Odds
ALWAYS TAKE THE BEST AVAILABLE ODDS
This rule to me is so obvious that it didn't even come to my mind to write about it, yet nearly everybody is completely diregarding this basic idea because the brain thinks in binary. It is of vital importance to always do everything in your power to get the best available price at the moment you place your bet. This is often referred to as shopping for the best odds. If you are not religiously obsessed with this idea, it is extremely unlikely that you kept close track of your personal betting results over a longer period of time (I'm talking 10.000+ bet sample). Everyone who does keep track of their betting results in an honest way will know for a fact that the betting market is very sharp and profit is made because of small margins. Always taking the best odds literally can create the edge you need to win in the long run.
The difference between odds can seem somewhat neglectable, yet when you take a closer look at the numbers you will understand that this makes a huge difference over time. The table below shows the difference between expected profit over time on a 5000 bets sample where the best available odds (1.95) give a +3% edge over the bookmakers.
| Bets | Odds | % | Profit | Profit |
|---|---|---|---|---|
| 5000 | 1.95 | 52.82% | +3.00% ROI | +150 units |
| 5000 | 1.94 | 52.82% | +2.76% ROI | +123 units |
| 5000 | 1.93 | 52.82% | +1.94% ROI | +97 units |
| 5000 | 1.92 | 52.82% | +1.41% ROI | +71 units |
| 5000 | 1.91 | 52.82% | +2.76% ROI | +44 units |
| 5000 | 1.90 | 52.82% | +0.36% ROI | +18 units |
Things you can do to overcome this leak
Make the calculations yourself and think big. See the odds as the price you buy something at and assume it's a car. If 1.95 odds is the price for a 20.000€ car, the exact same car would cost you 652€ extra at 1.92 odds. Not taking the best available odds is just as stupid as buying the same car at similar conditions in the shop next door only at a much higher price
If you can, get an account at pinnacle or any other asian bookmaker, 80% of the time they will offer the highest price on the market as their model allows for lower fees.
Don't use local bookmakers unless they specifically have the best price on something (if that happens you usually have an excellent betting opportunity) These local stores cost a lot of money to run and this is translated in their betting odds which makes them pretty much unbeatable in the long run.
Start using odds compare sites like oddschecker | oddsportal | betexplorer and spread your bankroll over a couple different online bookies.
Betting Wisdom | #2 Never Bet On Public Underdogs
Betting Wisdom | #1 You Don't Have To Bet
Great article liked the idea of thinking big like a price of a car
Thanks!
The thinking exaggerated big can really help to put things inside a logical context.
I use it all the time to make more sense of things.
ye its always important to take best odds and check all bookmakers, sometimes we can bet always in profit :)