Author:
Amber Jonson
Last Updated on:
05/10/2023
Experiences:
Expert reviewer
Experiences:
Expert reviewer
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Table of Content
- Most important reason to compare odds - finding the top NJ sportsbook odds
- How do bookmakers determine their odds - understand the process
- Most popular odds formats explained - calculations at a glance
- How to calculate the expected value - never too late to learn
- Why loyalty doesn’t always pay - keep your options open
- Other factors to consider when comparing odds - see the bigger picture
- Odds comparison vs live betting - apply a strategy to stay ahead of the game
- Conclusion - NJ sportsbook odds
- NJ sportsbook odds FAQ
Most important reason to compare odds - finding the top NJ sportsbook odds
There are always a number of different aspects that you need to take into account when starting out your betting experience. You might be looking at the top NJ sports betting apps and trying to figure out which site is best to sign up with. These are all necessary steps in the process of getting your betting journey under way. However, one of the cornerstones of betting comes down to understanding how odds work and how you can make them work in your favor. Quite frankly, it would be foolish to start betting online if you don’t understand odds inside and out. You might think that odds are constant and that it’s all the same – regardless of the site you use – but this couldn’t be further from the truth. Our latest comparison on NJ sportsbook odds will help you tackle this vital aspect so that you can bet with absolute confidence and assured insight. There are several reasons why understanding, and comparing odds, is of high importance.
Increase your potential profits
A common misconception is the fact that you may think odds are the same across the board. However, this isn’t the case. Odds may differ slightly and being able to compare and identify slight discrepancies of New Jersey sportsbook odds can make the difference in increasing your potential profits. It may seem tedious but it’s paramount to your success. Don’t settle for odds on the first sportsbook you happen to visit. Take the time to compare odds across multiple sites. You are bound to find better value in time.
Mitigate potential losses
Comparing odds across betting sites will give you a much better idea as to what the most likely outcome is for a given match. If you only visit one site, you may be led astray and find yourself betting on an outcome that is highly unlikely to happen. If you compare odds across several sites, and the odds are long, then you are able to identify which outcome is less likely to happen and which is more likely. This means you can put your money where it makes sense and avoid losses that could have been foreseen (to a certain extent anyway).
Making the most of live bets
Live betting has taken off in recent years. It’s the next step in providing bettors with exciting betting options that take place in the moment. Having said this, it’s good to know that odds for live markets shift all the time. Comparing odds on various sites while a fixture plays out gives you the chance to capitalize on varying odds across platforms. You might find that one site offers odds of 3/1 for the first goal in an MLS fixture. However, another site may have it at 5/1. If you feel that your insight may prove successful, taking advantage of the second odds listing will boost your profit considerably.
How do bookmakers determine their odds - understand the process
Bookmakers employ a number of techniques and tools in order to compile odds. As technology continues to push new boundaries, bookmakers use analysts and computer-driven compilers which enable these sites to derive odds for sports markets. At the end of the day, it’s all about using as much data as possible to find out which are providing value. It’s imperative that a wide range of markets are assessed and analyzed to find out the probability of each outcome occurring. Through this process, bookmakers are able to find the best odds to put on their sites.
Why do odds vary between bookmakers?
It’s important to realize that bookmakers need to guarantee a profit. However, there are a host of different factors that will affect the actual odds. Each bookmaker has a different financial setup as well as a myriad of other finance-related targets. However, there are other external factors at play. For instance, you’ll find that commission and fees might be higher on prevailing sites while other platforms keep these figures low. This will tend to affect the actual odds on offer. Another factor may be disagreements between bookmaker analysts and compilers of data and odds. Delays in updating odds can cause discrepancies across the board while the ever-competitive nature of online betting means that some bookmakers will undercut the market at any given time to appeal to more bettors. Simply put, there are a number of internal and external reasons why odds are different across the board.
Most popular odds formats explained - calculations at a glance
As a newcomer to online betting, it may come as a surprise to see that odds are displayed in different formats. Naturally, you’ll encounter American odds when logging onto a betting site in New Jersey. However, you’ll have the option of being able to view odds in two other formats, too – namely fractional odds and decimal odds. There are three formats that are used across the globe. Now, much of it is up to preference, and you’ll be receiving the same amount of value (payout) regardless of the format in play. Understanding the three different formats will enable you to quickly calculate your potential payout for a specific bet. So, let’s get to know how decimal, fractional, and American odds work.
How to calculate the expected value - never too late to learn
An important concept that we would like you to understand has to do with ‘expected value’. The expected value of a bet is simply what you can expect to make, on average of course, per bet. In essence, it’s a vital calculation that you should be making when comparing NJ sportsbook odds. It provides you with the ability to convert moneyline odds, or other formats, into an ‘implied probability’ and gives you an insight into which outcome is more likely to occur or not occur.
The best way to understand this is to use the formula for expected value for betting:
- (Probability of winning) x ( Amount won per bet) - (Probability of losing) x (Amount lost per bet)
First off, you’ll need to figure out the potential winnings for each outcome. Let’s assume we use decimal odds. Thus, you need to use the odds for a win, lose, and draw if we wish to calculate the expected value of a bet on an upcoming MLS game.
- New England: 2.20
- Philadelphia: 16.50
- Draw: 7.00
If you bet $1 on Philadelphia to win, the potential return would be $15.50 ($16.50 - $1) with a probability of 11.29%. You then need to find out the probability of Philadelphia not winning is the probability of New England winning or a draw taking place. Thus, 0.732 and 0.17.51 equals 0,9071. The equation would be:
- (0.1129 x $15.50) - ( 0.9071 x $1) = $0.84
This suggests you’ll lose $0.84 for every $1 wagered. Thus, the expected value is negative if you decide to bet on Philly. It provides you with a great insight into your expected value from any one bet and will help you navigate potential losses or wins.
Why loyalty doesn’t always pay - keep your options open
Many of you may be loyal to one online betting site because of one of several reasons. You might enjoy sportsbook promos NJ that are on offer. Or, you simply like the layout of the platform. It’s quite possible that you found decent NJ sportsbook odds the first time you visited the site. There’s certainly something to say for finding a platform that you feel comfortable with. But, we would be remiss not to stress the fact that loyalty to one site may come back to bite you. The crux of the matter lies in the fact that one site will not always have the best odds available. So, what can be done? Take a look below.
Continue to use your preferred site
We’re not telling you to do away with your current betting account and start fresh. For most of you, there’s a reason why you are loyal to your operator. Thus, we advise you to continue using the site in question. Log in whenever you wish to bet on sports markets and have a gander at the odds on offer. It provides you with a good reference point.
Make sure that you continue to compare odds
Do your best to make a concerted effort to compare odds across sites. As we outlined above, you can use your current betting account to compare and contrast odds on other sites. It’s simply non-negotiable that you shop around so far as it gives you a wider perspective on which NJ sportsbooks have the top odds for the fixture or event in question. One day it may be your current operator while the next odds from the biggest rival will contain more value. Don’t rest on your laurels as this will only see you lose value over time.
Other factors to consider when comparing odds - see the bigger picture
Now that we have provided you with good reason to compare odds as much as possible, we must outline external factors that may help in your endeavor. Online betting sites, although fundamentally focused on markets and odds, provide a host of additional services and features. Some of these will provide their own value which may offset slightly less competitive odds.
For instance, you’ll find that a number of top online betting sites provide you with a fantastic welcome bonus. These bonuses increase your betting funds considerably and provide you with the impetus required to make the most of your betting. If you find a site with good odds and no bonus compared to a site with slightly worse odds but a great bonus – you might want to consider signing up with the latter. You can alway revisit the first sportsbook at a later stage.
Secondly, it’s important that you keep tabs on which betting sites offer odds boost promotions. These promos are glorious additions to betting sites and enable you to tilt odds in your favor. Thus, you might want to use a betting site with standard odds that offer odds boost promotions over a site with competitive odds but no promotions. Odds boosts can increase your potential return by 40% or more. It’s another reason to see the bigger picture at times as opposed to implementing a one-dimensional approach to simply sorting bookies based on the current odds that reside on the site.
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Odds comparison vs live betting - apply a strategy to stay ahead of the game
Live betting can be as rewarding as it is frustrating and heartbreaking. Outcomes can change in a matter of seconds and this can have a great affect, positive or negative, on your in-play bets. There are more unpredictable outcomes at play when you engage in live betting. It doesn’t quite matter which sports market you find yourself following, staying one step ahead of NJ sportsbook odds for live markets requires a discerning eye and total concentration. Of course, there’s a lot of opportunity to score (excuse the pun) big but there is also a massive downside if you don’t stay on top of your game.
It’s important to know that live NJ sportsbook odds move extremely quickly. At the drop of a hat, odds that you’ve bet on may suddenly change – leaving you staring down the barrel of a potential loss. For this reason, we recommend that you are always comparing the latest live odds and ensure that you act quickly and decisively given the opportunity. Below, we’ve provided you with some key pointers on how you can compare odds and make it count when it matters most.
Watch the game live
First off, it’s important that you try to catch the live coverage as it plays out. This gives you more insights into how teams or players are performing and will put you in a better position to call a potential, and successful, outcome and subsequent bet. Betting blindly on live markets makes it that much more difficult for you. Top sites offer live streaming for your convenience and enjoyment.
Compare odds across sites with multiple screen open (if possible)
Odds shift constantly and you shouldn’t rely on NJ sportsbook odds solely from one operator. A wiser move would be to track the latest live odds across multiple platforms. If you have more than one betting account, this may prove easier to execute. Either way, you should always shop around for the latest live betting odds. One site may be slightly slower to update odds compared to another. Thus, you should always be comparing in order to spot the site that offers the best value at any given moment.
Bet at the right moment
There are small tips that you can apply when betting live. Keep in mind that odds tend to balance out, albeit temporarily, when there is a break in play. This may prove to be the opportune moment for you to act. If you follow F1 closely, a crash mid-race might result in the safety car coming out. Drivers aren’t allowed to overtake in this instance and it gives you a chance to reassess the odds on offer. Or, an injury in rugby might bring play to a halt for a minute or two. You’ll notice that odds stop fluctuating in this period of time and provides you with some time to identify the odds that may prove valuable. Ultimately, small breaks in play can be a defining moment in your live betting comparison and ability to make your bet count.
Conclusion - NJ sportsbook odds
There we have it – the latest on odds comparisons and why it is so important to undertake. We hope that you have found some valuable insights (and hopefully odds in the near future) so that you are able to make the most of your online betting opportunities. To reiterate, getting to know how odds work is the first step in putting yourself in the driver’s seat. From here, it’s vital that you always compare odds whenever possible. You’ll be able to maximize profits, stop unnecessary losses, and identify which betting sites and markets have the best value for your bets.
On another note, our team at NJ x Gambling continues to bring you the latest in New Jersey betting. Now that you have a grip on New Jersey betting odds, why not put it to the test with OTB NJ and a world of horse racing entertainment? There’s no time like the present!
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