Are you a fan of the NHL and of sports betting? If so, then let us provide you with all the information that you need to know about the odds on the National Hockey League that are offered by online bookmakers. The basics of sports betting, odds are essential elements of any online bet - be it on the NHL or any other sports competition.
First of all, we need to define what exactly are NHL odds. To put it simply, odds are numerical values that are associated with any given sports bet. When you place a wager on any scenario during a game of the American Hockey League, it is directly on these odds that you will place your bet - the value of which is usually between 1/20 and 5/1.
The second important point to know is the relationship between the value of odds and the probability of a bet to be a winner. If you do not already know, odds are calculated by bookmakers based on the many statistics and probabilities that surround an outcome. 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 - the less likely a bet is to be validated, the higher the odds offered by bookmakers will be. We can demonstrate this by looking at the example of a match between the St. Louis Blues and the Ottawa Senators.
In a game such as this, which is rather unbalanced in the favour of the Blues, the odds on the bet ‘St. Louis to Win’ will be quite low (e.g. 3/5), while the odds offered on the riskier bet of ‘Ottawa to Win’ will be much higher (e.g. 9/4). This difference can be explained by the probability of each scenario to occur, given that the Blues are far more likely to win than their opponents. It is always important to remember this relationship - the more likely a bet is to be a winner, the lower the odds will be.
Now that we know that odds are the basis on an sports bet and that they are determined based on probability, it will be important to remember that they will be key to determining the interest to you in whether or not to place a bet. Using the formula Odds x Stake = Gains, you can actually calculate the amount that you stand to receive if you place a winning bet, and therefore the interest in placing the bet to begin with. Again, we can see this more clearly by looking at the example of the Blues v Senators match, for a stake bet of £10:
Using this formula, you can see that a winning bet on the Senators will yield a much greater financial reward than the same same bet on the Blues, which can be explained by the fact that the Ottawa side have a much lower chance of winning the game. It is then down to you to determine which strategy to follow for your bets: to take big risks for big gains, or to place a less risky bet for more measured gains over time. In short, such is the very basis of online sports betting.
As we have just seen, NHL odds will be a decisive factor of your bets, as it is they that will determine the amount you will receive in the case of a winning bet. Since the formula used is one of multiplication, you can easily understand the interest of selecting the best odds for your chosen bet - the higher the odds, the higher the gains will be. Bearing in mind that bookmakers can often offer different odds values for the same bet, this is why it will always be in your interest to compare odds before placing your bet on the NHL. The proof is in the calculation, again taking the