Placing a wager on an underdog, which is also known as an outsider or the least favourite, is always a risky betting strategy. However, when an underdog that you bet on wins, the payout can be huge.
With that said, let’s dive straight in and take a closer look at how you can evaluate the odds to decide whether it’s worth backing an underdog in any sport.
Is it worth betting on the underdog? 1c3u2v
Yes and no. Most of the time, it’s not worth betting on the underdog, especially when the odds are too low, and the implied probability rates are too high or when many different teams/individuals/animals compete in that same event.
For example, in a football match, only two teams play against each other, whereas in a horse race, there could be 15 or more horses in that race. Let’s use the English Premier League as a quick example.
If Manchester City are fourth in the league and play Wolverhampton Wanderers, who are 13th in the league, and Manchester City typically beat Wolves each time they play them, then Wolves would be the underdog in this match.
Manchester City might be priced at 33/100 in the fractional odds format to win the match outright (which is 1.33 in decimal odds and -303 in American/moneyline odds), meaning they have a 75.20% chance (implied probability rate) of winning.
In comparison, the underdogs Wolves might be priced at 15/2 (8.50 or +750) with only an 11.80% chance of winning.
Therefore, Manchester City would be seen as a safe bet. However, if Manchester City are in poor form, have lost or drawn their past few games, and Wolves are in good form, having won their past few games, although Wolves are the underdog, many people will see them as a good value bet.
Therefore, in this case, it might be worth backing the underdog, especially on sites like spinday sports, which are known for having highly competitive odds and things like boosted odds promotional offers.
Don’t forget that anything can happen in football to upset the odds, meaning that the clear odds-on favourites don’t always win. Sometimes, the underdogs win.
Tips for betting on the underdog 2fs57
The potential returns on your initial wager can be huge when betting on the underdogs, but most of the time, they don’t win. Therefore, you should always conduct plenty of research into any underdogs that you are considering betting on.
For example, in football, things to consider are historical results between the two teams, current form, injury news, change of manager/head coach, current league standing, average score between the two teams, and the importance of the match.
Gathering as much information and statistics as possible can help you place far more strategic outsider/underdog bets.
Final thoughts 58322p
When betting on underdogs, use an odds format you are more comfortable with because it can help you understand the chances of that underdog winning.
Also, don’t place too many large wagers on the underdog too often because you could quickly lose your entire bankroll. As mentioned, betting on the underdogs is risky, but it can sometimes work and give your bankroll a huge boost.
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