Have you ever wondered why many sports bettors research software for betting odds? Many in sports betting know that professionals choose correct outcomes about 54% of the time. So, gamblers must find every edge from betting software to suit their wagering.
Many facets of sports betting software determine where people will place bets. So if you want to learn about betting software for bookies, keep reading. Here are six functions of sports betting software that make a difference.
1. Odds American Style
Most betting software for bookies in the US will show American betting odds first. These sports betting odds might seem confusing for novices. Yet, the concept is simple to explain when you know all odds get based on $100 bets.
Customers don’t have to bet that amount, but the $100 base makes the math easier to understand. You will often see -110 beside sports betting lines in various games.
A negative number indicates the favorite for the match. So the odds reveal you need to bet $110 to get a $100 return plus your original wager. In simpler terms, your winning $110 bet pays back $210.
In the case of a plus sign, reverse math gets used to determine winnings. For example, an underdog for a game has odds at +180. So if the team wins, your $100 bet will pay $180 on top of the original wager.
2. Working With Fractional Odds
It’s more common for sports betting software in foreign markets to post fractions. Yet, you will also find fractions appear most often in horse racing betting software. As the name indicates, odds get posted in fractions like 3-1 or 7-2.
The math is similar to American odds when determining payouts. Using 7-2 as the example with a $10 bet, multiply the wager by the numerator. The $10 wager times seven equals 70. Then divide the denominator into the total to get the winning Payout.
So 70 divided by two shows, a winning sports bet pays $35 plus the original bet. The winning ticket receives $45 back. If a favorite has odds of 2-5, the odds work the same.
In this case, the Payout is 20/5 = $4 plus the original ten. The Payout of $14 indicates the favorite. Underdogs always have a lower denominator.
3. The Decimal System
Software for betting odds can also include a single number reflecting the Payout. All payouts get calculated from a $1 wager. So in this straightforward system, odds posted as 7 pay $8 for the win.
Odds between 1 and 2 get considered favorites, and two are even money. But, again, betting software outside North America generally uses decimal odds. Yet, decimals are the most straightforward way betting odds calculate into winnings.
4. Betting Software For System Bets
One bookie betting software that has become very popular is system betting. Choosing several correct outcomes to earn larger profits has enticed many bettors. Yet, gamblers who use accumulator betting have found this approach less risky.
What’s different about system betting is players don’t need to get every pick correct to make a profit. Instead, system sports betting aims to spread higher risk wagers over more games. Then, bettors only need to get a few rights to win smaller profits.
So many who use the system choose games with higher odds to increase the possible winnings. Players can use the system in any sportsbook. The bets are worthwhile if the sports betting software covers the best betting odds.
There are several variations of system betting, but they generally work the same way. Yet, it’s essential to understand the nuances of each type. Here are a few betting systems that sports betting sites offer:
As the simplest type of system bet, this betting system only requires a selection of three games. A player can earn profit with four different outcomes.
There are three combinations where two of three correct picks, or doubles, win a small profit. The fourth scenario is getting all three games correct, called a triple.
This sports betting system gets its name for being the most popular in the United States. Eleven winning combinations become possible with wagers on four different games.
Winners can now collect from six doubles, 2-4, and four triples, 3-4. The eleventh combination is getting all four games correct.
More System Bet Options
Variations continue to get more elaborate with the number of games chosen. In the Canadian system, for example, five games require 26 bets.
There are 20 possible winning combinations with ten double wagers and ten triples. Players must also bet in five groups of four and one wager for all five games. Many more systems can take bettors up to 247 wagers for one system.
Yet, it’s critical to know that betting odds must favor making wagers in these systems. Sports betting software allows for these bets. But profits only get made if the accumulated odds outweigh the amounts wagered.
5. The Parlay Play
Parlay bets are one aspect of betting software for bookies to earn higher profits. Many casual sports betting players try to reap huge profits by getting more games right. Accumulated betting odds of one game added to another is a powerful draw for novice gamblers.
Unlike system betting, bettors only win if they get all their selections correct. Of course, this likelihood is a stretch for even the most seasoned gambler. Yet, bookies provide this betting software, so holdings increase as parlays get larger.
Generally, a single-game bet gives the sportsbook 5% on each wager. However, parlay bets can grow to provide sportsbooks with 30% of the take.
6. Price Shoppers
Sportsbooks must entice more action with competition growing for the sports betting dollar. So bookies choose software for betting odds that draw more players to their sites. Yet, professional gamblers shop for betting lines with the best price for their wagers.
Every unit a bettor can save from betting odds helps their bankroll management. Yet, line shopping is a two-sided coin with betting software for bookies. So, providing the best sports betting odds will entice more players.
But, many experienced gamblers use line shopping as a part of their system. Still, house odds remain in favor of sportsbooks. So betting software that draws in customers generally means more profit for bookmakers.
Rewards From Sports Betting Software
While the sports betting public looks for ways to gain an edge, betting software for bookies wins out. Even the best gamblers only pick the correct outcome about half the time. So, betting software still earns profits for sportsbooks.
You might want the winning edge from sports betting by becoming a bookie. So sign up today for a demo of our betting software.