Crypto betting sites odds are just one of the many attributes up for debate in today’s iGaming community. Sportsbooks that accept crypto continue to make inroads into the expanding global gambling market. While the crypto market controls only a relatively small percentage at present, it is growing fast enough to cause real concern for fiat-accepting platforms.
Their trepidation is well-founded because many of those who use crypto betting sites quickly realize that they have no intention of reverting to fiat betting. Experts banned for being too adept at betting gain access to new accounts. High-rollers benefit from higher withdrawal and deposit limits.
Furthermore, all crypto bettors receive a level of anonymity they could only dream of having when they used fiat money. Their respective banks no longer get to control how they spend their money.
All of the above plus points of crypto sites are fairly well-known now. So is the propensity for these sites to match, or even exceed, big-time fiat bookies such as Bet365 in terms of event and market choice.
However, there is a growing belief that crypto betting sites offer better value odds to customers. This article looks into this theory to see if it has any merit. First, let’s investigate odds, including information on what they are and why they vary from one bookmaker to the next.
When answering the question, “how do betting odds work?” the simplest explanation is to say they are a means of measuring the probability of something happening. As a punter, your goal is to decide whether the odds represent value; then, you wager accordingly.
A betting site has a team of oddsmakers who analyze the details of an event and come up with a price, represented by the odds you see online or in your local bookie. These odds include the bookmaker’s edge, also known as the overround. This edge is very important for reasons we outline later on.
Regarding how to read betting odds, they are usually presented in fractional and decimal form, and a different pricing method is used in North America. Generally speaking, decimal odds are the easiest to use. Calculating them involves dividing the odds into 100 to determine the probability of an outcome in percentage terms.
Suppose a bookie prices Liverpool at 2.50 to beat Manchester City in the English Premier League. Divide 2.50 into 100 (100 / 2.5), and you get 40. This means the odds suggest Liverpool has a 40% chance of winning that soccer match. As a bettor, you use this price as a reference point to decide if you want to bet on Liverpool to win.
It is wise to check odds comparison sites if you have several betting accounts because of the variation in pricing on virtually every sporting event.
There are various reasons why the odds differ from one bookie to the next. Some are highly complex and beyond the scope of this article. However, we can offer four possible explanations. The following don’t explain every odds differential, but they can account for a reasonable proportion.
The simplest reason for different crypto betting sites odds across various betting sites is that oddsmakers don’t always agree. These experts may analyze the details but won’t always come to the same conclusions.
Larger bookmakers invest far more in their oddsmaker team and can usually develop more accurate prices than their smaller rivals. Also, sites with fewer resources often can’t gain access to as much data as behemoths like Bet365.
Once the initial odds are set, they usually don’t last long. The actions of punters will move the line one way or the other. If far more money is bet on Liverpool than Manchester City or a draw in our above example, the bookmaker will have to cut the Merseyside team’s odds and reduce their liability.
In this scenario, the odds on Liverpool may move to 2.20, while City’s odds to win drift from 2.40 to 2.80. At this point, people may start backing City at these longer odds, causing the bookmaker to shift the line once again! Certain bookmakers are quicker at shifting the odds than others. Usually, those ‘left behind’ eventually shift their price after seeing large sums of money placed on an outcome!
There is an extraordinary number of bookmakers online as companies clamor to grab a piece of the pie. With such hot competition, there is a scramble to reduce margins and attract new customers. This process instantly boosts the sports betting odds available to punters.
When looking for the best odds, it is essential to look at all the betting market options. Suppose bookmaker A offers odds of 2.40 for England to beat Germany while bookmaker B prices England at 2.60. You might assume that option B offers the best odds. However, this is only true for one of the three selections in the match-winner market.
Calculating the bookmaker’s overround involves additional calculations. Let’s use a random soccer match available on Stake.com as an example.
Remember, you calculate the probability of an outcome by dividing the decimal odds into 100:
· 100/1.97 = 50.76
· 100/3.35 = 29.85
· 100/3.15 = 31.75
In this case, the margin is 12.36%, which is extremely high. Finding a value bet here is very tough, given the size of the bookmaker’s edge.
Why is the overround so high for this match? It is an under-21 European Championship qualifier unlikely to attract a high volume of bets. You’ll find that the bookmaker’s edge is significantly lower for big events, such as a Champions League soccer match, where a huge amount of money is wagered.
Now, let’s get to the crux of this article; are crypto betting odds better than what their fiat rivals offer?
The market is still relatively new, so finding historical pricing data is challenging. However, we took the liberty of comparing Stake, one of the best-known crypto sites, with two well-known fiat accepting platforms, Bet365 and William Hill.
To simplify matters, we stuck with soccer and analyzed three matches likely to attract large amounts of punter money.
Let’s compare the margins for each game.
|Betting Site||Portugal vs. Spain Margin||Arsenal vs. Tottenham Margin||Inter Milan vs. Barcelona Margin|
As you can see, Stake has the smallest overround of the three bookmakers for all three matches. However, we should point out that the site doesn’t always have the lowest margin. If you go through dozens of games, you’ll likely find that Bet365 and William Hill have a lower edge. For instance, Stake had an edge of over 12% for that youth match.
Nonetheless, it is clear that crypto betting odds are better than their fiat counterparts in many cases.
With greater anonymity, more deposit/withdrawal methods, and a huge range of betting markets, crypto betting sites look likely to take over. Also, we know now that cryptocurrency betting odds are potentially better than what fiat platforms offer. Once a high enough proportion of bettors realize this, gambling with cryptocurrency will become more legitimized.
However, please remember that crypto betting is NOT the perfect solution. There are still too many scam companies around for comfort; they can take your deposit, shut down your account, and there’s nothing you can do about it. Furthermore, the price of crypto can go down as well as up, hurting your account balance.
Still, the future looks bright for the crypto betting industry, with reputable providers such as Stake (and many others) offering their services to legions of punters.
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