We’ve seen a number of big odds on favourites lose recently in the sporting world. In the space of a week, Germany have failed to win despite being odds on against both Poland and the Republic of Ireland. This was a nation who won the world cup only a few months ago and the team that finished 3rd in the same competition, the Netherlands also lost 2-0 to Iceland when an odds on favourite.
You only have to look at a few of the top tipsters in our tipster competition and you will see that hardly any of them select odds on bets. A lot of people who are new to betting prefer to back the big “odds on” favourites but it is very hard to make them pay.
Here are 3 reasons not to back odds on regularly:
1) Risk always greater than return
Not necessarily a bad thing but it does make betting more stressful when you can lose a lot more than you can win. Most people don’t expect odds on bets to lose as often as they do and are therefore prone to overstaking. When you do have an inevitable loser it can more easily lead to chasing.
2) Not likely to be value
If a bet is odds on then it is usually a big favourite. This means that the majority of any money wagered or expected to be wagered will be on that selection. For the bookmakers to make them pay they need to make sure they don’t get these prices wrong and even if you back at the best market price more times than not you’ll be backing at true odds at best.
3) Any returns will be small
Even if you do manage to make odds on betting pay the returns that you would get are going to be small. You’ll struggle to find even the best tipsters online with a return of greater than a 3-5% return on investment. You therefore have to stake huge amounts of money on odds on bets to make them worthwhile.
The average bettor doesn’t have or can’t afford to risk the thousand of pounds you’d need to and the time invested looking for and waiting on the outcome of such bets would be better spent trying to find value in bigger prices. As you can see from the tipster table, by doing so you can achieve a return well above 10% and in some cases up to 25%.