Sports betting relies heavily on luck or chance. However, you can improve your winning chances by applying different betting strategies. Sometimes, you can chase value, although you may be let down half the time.
Nonetheless, you can win sizable amounts from sports bets by placing your money on the underdog. Bookmakers see such teams or individuals as the less likely ones to win. Hence, these underdogs carry bigger bet odds.
Learn more about underdog bets and how they can bring you value in this article.
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Understanding Underdogs in Betting
An underdog in sports betting is simply the weaker team. These are the opponents or competitors with lesser chances of winning a match. Moreover, sportsbooks usually set higher odds for these underdogs. You can capitalise on these for maximum returns.
However, any team or player can be an underdog. Once the opponent is stronger, the other competitor becomes the underdog. Several factors could make a once-favourite become an underdog, including injuries, form, and match conditions.
Higher Payouts from Better Odds
Underdogs usually get longer or bigger odds because they are less likely to win. For instance, in a “1×2” bet market, the favourite gets the lowest odds. However, sometimes, when two teams or players are closely matched, the odds could be close.
However, the odds are usually large in cases where teams are truly underdogs. For example, in a Premier League football match between Liverpool and Ipswich, the former would be the favourite and the latter the underdog.
Most bookmakers will give Liverpool much lower odds. On the other hand, Ipswich’s odds could go as high as 10.00, depending on some associative factors.
Placing £100 on Ipswich would give you up to £1000 in winnings if the underdog goes on to win. In comparison, if you had gone with “Liverpool to Win,” with odds most likely to be less than 2.00, you would be looking at a much lesser recoup.
Underdogs Often Win More Than Expected
Sporting events are often unpredictable. In fact, surprises happen more often than you think. The underdog success rates recently have been great in various sports. So, you can sometimes look towards these lesser teams to win more.
In some cases, the favourites’ odds are inflated due to public bias. You can also capitalise on these, although returns would not be as valuable as wagering on the bigger underdog odds. However, you may have a better winning chance.
Value Betting Opportunities
To achieve maximum returns on your bets, you must be able to spot overpriced and underpriced odds. Any one of these two could be key for value betting. Also, you can achieve long-term profits by identifying value bets and wagering on them.
Due to factors like injuries or form, favourite odds may rise significantly, thus making them seem more like underdogs. However, these are underrated favourites, which could translate into a value bet opportunity.
Before placing real money on underdogs, many experienced bettors recommend practicing betting strategies through game demos. You can learn more about testing various betting approaches and understanding probability patterns without risking your bankroll, which is especially helpful when developing a strategy for underdog betting.
Psychological Edge: Public Bias Against Underdogs
The more love the bettors have for favourites, the better the underdogs’ odds. Sometimes, sportsbooks may even adjust their odds based on betting trends. You can either follow the public perception or go against it to maximise returns. Surprises often happen in sports when no one thinks there could be one.
Impact of Motivation and Momentum
You must identify situations in which underdogs could thrive and go on to win. For example, in local derbies or key rivalries, they always have more to prove. Hence, they often have more drive to win than the favourites.
The sheer drive and determination may cause momentum swings favoring these underdogs during matches. You may want to target derbies or local rivalries and capitalise on underdogs’ odds for sizable returns.
Market Overreactions Create Opportunities
Sports dramas may cause shifts in odds sometimes. There may be a lowering or rise in odds due to the sudden emergence of some factors. For instance, an injury to a starman in the favourite’s ranks could raise the team’s odds.
It would then appear as though the favourite has become the underdog. Smart bettors usually would capitalise on these adversities for value.
The Power of Parlays and Accumulators with Underdogs
These parlays and accumulator bets involve combining multiple selections to amass huge odds. However, all events must be successful for the bet to be rewarding.
Underdog selections would boost your potential returns, but the risk levels would be much higher. You could mix favourites with carefully picked underdog bets to balance risk and reward.
Long-Term Profitability with Proper Bankroll Management
Underdog bets require patience and discipline. You must consider the conditions under which the match is set to occur. Pick reasonable selections in which the underdog may have extra determination to win. Be realistic!
Stake small consistently rather than massively all at once to manage losses. With proper budget management, you can achieve long-term profits with underdog bets.
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