In sports betting, there can be lots of different betting terminology that surrounds the market, with some being more obvious than others; fixed odds are one of the more straightforward concepts in the betting world. Applying to all different types of sports, from football betting to horse racing, understanding what fixed odds are and what impact they have on bets is extremely important for bettors who are looking to make the most of the odds. Here at OddsMonkey, we will look at what fixed odds are, what types of betting are best for matched betting and what exceptions are made when it comes to fixed odds.
What Are Fixed Odds?
Fixed odds betting is a simple betting term which can sound more complicated than it actually is. Fixed odds betting means a bet where you know the odds when you place your bet and that they will not change once your bet has been placed with these odds. This is the case for most traditional sports betting, with the majority of bets placed on sports being made in this way. This means that bettors will know exactly how much they can earn if the bet is successful, which is the most common way throughout all different types of sports. We have plenty of informative pages that can help with sports betting, such as our cricket betting guide and our basketball betting guide at OddsMonkey.
It is important to note that fixed odds betting does not mean that the odds on an event will not change at all, with most bookmakers changing their odds constantly due to factors such as lineups, injuries or other news which could impact the fixture. However, once your bet has been accepted by the bookies, then the odds on the bet will not change at all, unless for a couple of exceptions, which we will discuss later.
With fixed odds being the most popular, it is important for bettors to know what different odds are and how they work. At OddsMonkey, we have created an odds converter that can convert between fractional and decimal odds, ensuring that bettors understand exactly what they can make from these odds.
You might be thinking, isn’t every type of betting a fixed odds bet? This is a valid question, as fixed odds are definitely the most popular form of betting. There are other forms of betting, such as spread betting, which is a bet on whether the bettor thinks the outcome will be higher or lower than what is suggested, and the winnings or losses depend on how accurate the prediction is; this can be used for bets such as time of the first goal in a football match.
What Type Of Betting Is Best For Matched Betting
Those looking to make use of the matched betting format will find sticking to fixed odds betting is the best option when it comes to matched betting. This is simply because matched betting relies on finding close odds matches between a bookmaker and a lay exchange, which is impossible to do if the matched bettor does not know those odds at the time they place their bet. This is why most matched betting options will come in the form of fixed odds. However, there are some offers that can still be used to form matched bets, which are not typical fixed odds bets. This is why it can be important for users to read our matched betting blog, which keeps them fully informed about all of the relevant information they might need for matched betting!
What Exceptions Affect Fixed Odds?
These different exceptions are quite unusual; however, they can appear and change the fixed aspect of the fixed odds, potentially changing them slightly and making the return lower.
One example is void bets, which happen if your selection is not taking place, such as a player or team pulling out of a competition that you have placed a bet on. These types of exceptions are most popular in horse racing, and they provide the bettor with a refund of the bet stake in most scenarios.
When a horse is pulled from the race, this will affect the odds of the other horses in the race, as they all now have a better chance of winning the race due to fewer horses being in the race. This change in odds is known as the Rule 4 deduction which is a small deduction of all winnings that are available for the horses which still participate in the race. If you would like to know more about this rule, check out our Rule 4 guide on-site.
Fixed Odds in Matched Betting At OddsMonkey
With the large majority of matched betting strategies relying on fixed odds, those looking to get into matched betting will become very familiar with this type of betting. If bettors are looking for more advice and tips on matched betting, OddsMonkey is the place to be with our impressive matched betting guides, such as our football matched betting guide!
