Are you a fan of both baseball and the MLB, but you don’t have enough knowledge about bookmakers odds to achieve betting success? No problem, as Wincomparator has thought of everything to help you. On this page entirely dedicated to the comparison of Major League Baseball odds, we provide all of the basics that you will need to know about the odds available on sports betting sites.
Firstly, it is important to define what these odds are, and what role they play in the world of sports betting. To put it simply, odds are numerical values associated with any given bet - no matter which bookmaker you choose to bet with, it is on the odds themselves that you will place your money. For example, if you want to bet on the victory of the Dodgers over the Braves, then it is on the proposed odds for the bet ‘Dodgers to Win’ (e.g. 4/5) that you will place your wager. In general, odds on the MLB will range from around 1/10 to 5/1 - anything beyond this will be a bet with significant risk.
One of the main points to know about these bookmakers odds is that their value will always vary according to the probability of a bet to be successful. To put it simply, the higher the chances of a bet to be a winner, the lower the odds offered on that bet will be. The opposite is also true, a bet with little chance of winning will be quoted for a higher odds value at sports betting sites. To understand this, let take the example of an MLB match between the New York Yankees and the Miami Marlins.
In such an unbalanced meeting between two sides of vastly different quality, the odds offered on the bet ‘Yankees to Win’ will be quite low (e.g. 2/5) given that the New York franchise has been performing well over the course of recent seasons. On the other hand, a bet on the success of the lower quality Marlins will be offered at much higher odds (e.g. 11/2). As the Yankees are far superior to the Marlins, this difference can be explained by the probability of each team to win the match. Always remember: high probabilities = low odds.
In addition to being the basic elements of sports betting, and varying according to probabilities, there is another vital role that bookmakers odds play: determining whether or not it is worth placing a bet. By using the formula Odds x Stake = Gains, you can determine the amount you stand to win in the event of a successful bet, and therefore the interest to you of placing the wager in the first place. You would not risk a £100 wager for the sake of a measly £2 gain, unlike a bet which would offer potential returns of £50. We can demonstrate this aspect by again taking the example of a Yankees-Marlins match:
In considering the above calculations, we can clearly see the difference in potential gains between a winning bet on the Yankees and on the Marlins. This can be logically explained by the different probabilities of each outcome - the Yankees are much more likely to win than the Marlins, so the winnings for such a bet will logically be lower than for a bet on the underdogs. At this point, it is then up to you to decide which strategy to take. You can either bet on the favourites for a smaller reward, or take a bigger risk for the jackpot by backing the underdogs. In the long term, we advise you to err on the side of caution with more measured bets, while still trying a few big hits over the course of the season.
We have just gone through the reasons why bookmakers odds are decisive for bettors - it is they that determine the winnings of a successful bet. The higher the odds, the higher the gains will be - as the many bookmakers on the market can offer different odds on the same bet, the interest of comparing odds becomes obvious. As higher odds lead to greater winnings, it wouldn’t make sense not to choose the best odds on the market. Here again, we can demonstrate proof using an example:
Here we can see that the winnings you can earn on your bets can be vastly different depending on the bookmaker you choose. As, in this scenario, Bet365 are offering higher odds than the other sports betting sites, your winnings will also be higher by choosing to place your bet on their sportsbook. Over the course of a whole season, imagine the difference in winnings that could be seen - it could even reach hundreds of pounds. It would be a shame not to compare bookmakers odds, and thus risk missing out on the higher potential gains available to you.
To finish up on this page dedicated to MLB odds, you should know that these odds can vary in value even at the same bookmaker, depending on the events surrounding the match. For a final time, let's look to the example of the Yankees v Marlins game, where a New York victory is quoted at 2/5 a few days before the meeting.
If, in the days leading up to the game, one of the teams key players suffers an injury, a coach is fired, or the head coach decided to rotate his team, the odds will be directly impacted. As the Yankees chances of success will decrease, the odds offered on their victory will be revised upwards by bookmakers - for example from 4/5 to 3/2. With this in mind, you can understand the interest of regularly consulting our odds comparator, to ensure that you can always bet on the highest odds on offer on the market. It is your prize pool that is at stake - so good luck in your predictions on the American baseball league.