What is Outright Betting?
Outright betting, also known as futures betting, involves placing a wager on the outcome of an entire tournament, competition, or event rather than on individual games or matches within it. This could include predicting the winner of a Grand Slam tournament in tennis, a major in golf, the Premier League champion, or the next Rugby World Cup victor. Outright bets can also focus on finishing in the top 3 (podium) or similar achievements. These markets are often available both before and during the competition or season.
Understanding Winner Bets
A winner bet, also known as a long bet, is a type of odds bet where players predict outcomes long before the events occur. This could involve guessing which team will win a tournament or which player will take home specific awards. To be successful with winner bets, it’s crucial to know when it’s profitable to place them and how to best utilize winning odds. Below are some insights and guidance to optimize your betting strategy.
Using Outright Betting to Your Advantage
Outright bets are ideal for securing value on teams whose odds can fluctuate throughout a competition. For example, if the market underestimates Barcelona, their odds can quickly adjust from match to match. In this case, betting on Barcelona to win the next Champions League season may be more advantageous than betting on each individual match, allowing you to lock in a value that might otherwise diminish.
However, it’s not always beneficial to place long-term bets. Sometimes the combined odds offered by betting sites for long-term outcomes can be significantly lower than if you placed multiple individual bets. For instance, betting on Novak Djokovic to win all Grand Slam tournaments at 8/1 might yield lower returns compared to betting on each tournament separately, where the combined odds could be higher.
This principle also applies to more conventional winning markets, though calculating the best odds can be more complex. It’s essential to consider the opportunity cost: a successful bettor might use their betting budget more efficiently over an entire Premier League season rather than placing a single bet on the eventual winner at the season’s start.
Hedging Your Bets with Outrights
You can minimize the risk of a large loss by spreading your bets across different teams or events. Live betting allows you to adjust based on ongoing developments, and early payout (cash out) options can secure profits or limit losses. This requires a strategic approach. Always remember to gamble responsibly and avoid chasing losses.
Limit your bets and continually evaluate odds relative to the original game to manage risk and reward. Staying informed about team or player performance and updating your strategy accordingly can enhance your overall risk management.
Making the Best Use of Winning Odds
To maximize your chances with winning odds, consider these strategies:
Understanding the Market
Gain a deep understanding of the specific market you’re interested in, whether it’s sports, politics, or entertainment. Knowledge is essential.
Analyzing Teams or Candidates
Objectively evaluate teams, players, or candidates, considering performances, form, injuries, and other relevant factors.
Staying Informed
Keep up with the latest news and updates that could affect the odds and outcomes.
Comparing Odds
Compare odds from different betting sites to secure the best price for your bet. Odds comparison is key to growing your bankroll.
Timing Your Bet
Choose the right time to place your bet. Odds can change based on events or news, so timing requires both luck and skill.
Using Live Betting
In some cases, live betting can help you adjust or cover your original bet based on events.
Managing Stakes
Employ a sound money management strategy, setting realistic and sustainable bet levels.
Assessing Risks and Rewards
Carefully evaluate the risks and rewards of your bet. Be realistic about opportunities and potential pitfalls.
Long-Term Planning
Adopt a long-term approach and be patient. Some results may take time, requiring a steady approach.
Flexibility
Be prepared to adapt your strategy if conditions change during the event.
Outright/Futures Betting: Pros and Cons
Advantages
- Higher Potential Odds: Outright betting typically offers higher odds compared to individual game betting, especially for underdogs, leading to larger potential payouts.
- Longer Entertainment Value: These bets provide ongoing excitement and anticipation throughout the competition.
- Early Predictions: Make predictions well in advance, potentially securing better odds.
- Hedging Opportunities: Hedge your bets as the tournament progresses to mitigate losses or guarantee profits.
Disadvantages
- Tied-Up Funds: Funds are tied up for the duration of the event, requiring patience.
- Injuries and Form: Susceptible to unforeseen factors like injuries or loss of form.
- Lower Frequency of Wins: Longer periods between successful bets can be frustrating.
- Limited Market Options: Fewer outright betting options compared to individual game betting.
Outright bets can secure value for teams whose odds might change during the competition. However, it’s not always advantageous to place these bets. Sometimes the combined odds for long-term bets are lower than individual bets. It’s essential to consider the opportunity cost and the most efficient use of your betting budget.
Always gamble responsibly and adapt your strategy as needed to maximize your chances of success.