How to Evaluate and Compare Betting Odds Across Multiple Bookmakers

In this tutorial, I’ll show you how to how to evaluate and compare betting odds across multiple bookmakers so you can be confident you’re getting the greatest deal every time you place a wager.

Bookmakers make the odds according to the likelihood that an event will occur. Every wager is a transaction between the buyer (punters) and seller (bookies). Finding the best odds is your responsibility, even if the bookies will try to offer you a lower price to keep a larger profit margin.

Why do you need to compare betting odds?

It would help if you compared betting odds across different bookmakers to ensure a long-term larger profit. By placing wagers at the highest odds most of the time you are forced to find value in betting.

Instantaneously comparing odds is not too difficult because we are only interested in the cost of a particular wager. To find out who has superior odds for the same option, all we need to do is compare the odds offered by each bookmaker.

However, there are additional computations involved if you want to compare rewards. Additionally, you require an odds comparison app or service if we don’t want to open 15 different websites to see where the odds are higher. Furthermore, if we want to determine which agency offers the highest overall odds and payouts some tools are again required.

How to find the best odds

Essentially, you have two main ways to find the best odds. While one is more complicated than the other and requires more calculations, both have great results in finding the best price. The two methods are:

• calculating the payout using a formula
• using odds comparison sites

Although each method has been tested for quite some time, my betting experience inclines to using odds comparison sites as the way to go.

Calculate the payout to identify the best odds

To calculate the payout manually you need a formula to introduce the odds from the bookmakers you intend to place a wager. Let’s consider you want to compare the odds from two of your favourite bookies using a betting market with two picks (over/under 2.5, both teams to score, odds/even goals etc). The formula in this case will be:

• (odds1*odds2)/(odds1+odds2)

As you probably guessed, odds1 is attributed to the first bookmaker while odds2 is for the second bookie. For example, if the first bookmaker offers odds of 1.90 for even goals and 1.90 for odds, and the second bookie 1.85 for even and 1.95 for odds  the payout will be:

• (1.90*1.90)/(1.90+1.90) =  0.95 or 95% (first bookie)
• (1.85 * 1.95)/ (1.85 + 1.95) = 0.9493 = 94.93% (second bookie)

Although the difference in payout between the bookies is small, placing larger wagers for a long time will result in a considerably higher return.

Use odds comparison sites

A simpler way to compare betting odds across different bookmakers is by using odds comparison websites or tools. Although this method is much more convenient, it does have its setbacks. Some of these are:

• odds are not being updated regularly
• the websites/tools display the odds for a limited number of bookmakers

Still, by wagering using popular bookmakers and well-established odds comparison tools, you will get odds updated regularly, saving you a great deal of time and ensuring placing your bet at the best price possible.

Let’s use the  Euro 2024 quarter-final clash between England and Switzerland. Although Gareth Southgate’s team was tipped to win the game, the 90-minute whistle returned a draw. In this case, placing a wager on both teams to score was more valuable (considering the odds) than England to win.

Imagine calculating manually the payout for all the bookies to identify a value bet. You will have a big headache doing so. However, using a comparison website, you can easily access the best option for your pick. Furthermore, notice that Betfair was not so fair towards its customers, returning the lowest payout (91.7%) compared to other bookies.

How to place bets at the highest odds

As you probably guessed, placing bets at the highest odds requires opening multiple betting accounts. This strategy is also used in arbitrage betting when your wagers will return a profit regardless of the outcome. While some bookmakers price over 2.5 goals wager higher, others offer a better return for corners or bookings.

I recommend analyzing a site comparison odds website for several weeks to identify which bookie returns the highest payouts. Besides, you need to narrow the search to specific betting markets that you are more interested in. This way you can open two or three accounts instead of a dozen.

Furthermore, placing live wagers or using Accumulators is another great way to enhance the payout. While this path requires mastering emotional control and a tested betting strategy, the potential return is worthwhile.

The best tips to evaluate and compare betting odds

Although I covered the most important ways to evaluate and compare betting odds, there are other means to place wagers at the best price. Some of these are:

• take advantage of enhanced odds offered regularly by bookmakers (aka odds boosted)
• look for bonuses and promotions (increased ACCA payout is a good example, where you get a higher return the more selections you add to your wager)
• understand the different odds formats (you could get a better price by changing the odds format from UK to numerical and money lines, or the other way around)
• pay attention to odds movements

Despite knowing how to evaluate and compare betting odds across multiple bookmakers, remember to bet responsibly and within your means.