In sports betting, odds are set based on the likelihood of something happening. This allows you to place a bet on one side or another of the event, with the oddsmakers attempting to balance the action on both sides. The higher the probability of an occurrence, the lower the payout, and vice versa. Creating value involves knowing how to read and understand sports betting odds, implied probabilities and payouts.
Sportsbet is the betting partner of Australia’s biggest sporting leagues – and you can’t scroll through your TikTok feed without seeing ads for their products. At an investor day in 2023, founder Patrick Tripp predicted a boom in online and phone-based sports betting. And that boom certainly happened, with Sportsbet now one of the most popular bookmakers in Australia.
At its core, sportsbet is a traditional bookmaker that offers fixed-odds betting on sporting events. They take in bets from individuals, groups and organisations, and then make a profit by adjusting the odds for certain markets based on the amount of money being placed. They also offer live streaming of certain sporting events, and can provide a range of other features such as live chat and mobile betting.
The company offers a variety of betting products, from individual games and teams to multiples and props. The odds are set by a team or person at the sportsbook, although some of this work may be outsourced or automated. It’s important to keep in mind that not all bettors are created equal, and many will lose more than they win. This is why it’s essential to be disciplined and only bet with money you can afford to lose. It’s also a good idea to keep track of your bets (with a standard spreadsheet, for example) and follow the news about players and coaches.
A sportsbook’s goal is to receive equal amounts of money on both sides of a bet. This isn’t always possible, but if they can get close, it will make them more profitable than if they didn’t. To do this, they will raise or lower the line until it’s balanced.
Sportsbet’s horse racing markets are particularly impressive, with a large range of races and corresponding odds to choose from. However, like most sportsbooks they deduct more from your bets than their competitors – even though they claim to only deduct a “guide” amount. If you’re looking to bet on horse racing, we recommend checking out Neds, who often have better odds and do not deduct so much from bets.