Fixed Odds Betting
When it comes to online sports betting, there are many different types of bets that can be placed on each sport and event. A major international football game will have dozens of markets where punters can be on just about every aspect of the game and not just the final outcome. In Canada, the most popular type of bet placed online is the fixed odds bet. In a nutshell, fixed odds bets are bets where the odds and payout are agreed on at the time the bet is placed.
Fixed odds betting differ from pari-mutuel betting and spread betting where the odds and the payout are not known until all the bets have been placed and the betting for the event is closed. The best mobile sports betting sites offer every type of bet to accommodate all types of punters. However, fixed odds betting remains the most popular of them all.
How Fixed Odds Betting Works?
The reason fixed odds betting is so popular is because punters know exactly what they are in for before the bet is placed. With fixed odds betting, a punter can calculate the implied probability of the bet as well as the total amount he or she will be paid out if the bet were successful. For example, if a sports betting site is offering odds of 3.50 on a particular team winning a match, the implied probability of the bet winning is just over 28%. On a $50 bet, the total payout would be $175 including the original stake.
The great thing about fixed odds betting is that the earlier the bet is placed, the more a punter stands to make. When mobile sports betting sites first release their odds for major games and horse races, the odds are set at a specific price. As the event gets closer, the odds shift and usually end up lower than those originally posted. If a punter were quick, they could place a fixed odds bet as soon as the odds were released. Then, even if the odds shifted, the punter would be paid out the odds set at the time of betting.
The Exception to the Rule
With sports like soccer, ice hockey, American football, cricket, and rugby, fixed odds betting means that the odds will never change and what you place at the time of betting is what you get out. The only exception is with horse racing. Sports betting CA sites offer fixed odds bets on local and international horse races where the odds can shift. According to certain betting rules (rule 4), if a horse is removed from the race after the final declarations have been made, the odds will shift accordingly.
This is quite rare as the final declarations are made on the day of the race and usually the horses will run. It is only if a horse were to suddenly fall ill or become injured just before the race that rule 4 would be put into effect. Another example of fixed odds shifting can also be found in horse racing. This time it is to the benefit of the punter. If an online sports betting Canada site were to offer best odds guaranteed, then a punter could potentially get higher odds than what was originally placed.
With horse racing, the odds generally shift downward as horses pull out of the race. Sometimes they shift upwards when the field is increased or when certain horses are picked as favourites later on. If a site were to offer best odds guaranteed, then a punter will be paid out the higher odds regardless of what they were at the time of placing the fixed odds bet.