Betting
What is a Favorite in Sports Betting?
Learn what a 'favorite' means in sports betting, how to identify them, and the pros and cons of betting on favorites. Explore tips for betting on favorites and common strategies to maximize your winnings
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We use the term ‘favorite’ a lot at sports betting sites, but what does it actually mean? Simply, the favorite is whichever team (athlete, horse, car, etc) the bookmaker thinks is most likely to win. There are no certainties in sports betting, but betting on a short-priced favorite is as close as you’re likely to get.
We’re going to take a look at how to tell who is favored in betting (in all different kinds of bets), what some of the benefits and drawbacks are of favorite betting, and some tips on betting on favorites too.
How to Identify a Favorite
The simplest way to identify a favorite is by looking at the odds. In sports where there are only two teams this is easy, the favorite has the lowest odds (the ones that earn you the least profit).
In sports with more than two options, such as racing events, the favorite still has the shortest odds and tends to be listed at the top of the betting, with the next most favored option in descending order.
Let’s take a look at the odds that you should look out for when betting on two particularly popular markets:
Moneyline: in moneyline bets, the favorite will always have odds with a minus (-) sign in front, such as -180. The underdog will have odds with a plus (+) sign, like +150.
Point Spread: in point spread bets, the favorite works a little differently, as the spread is skewed towards the underdog. Here, the favorite will likely have odds of -110 and the underdog +110. However, the point spread will compensate for this, as the favorite will have to score more points to secure a win.
Betting on Favorites
There are benefits and drawbacks to betting on favorites and betting on underdogs. Below are some of the reasons that people prefer to bet on favorites.
More Likelihood of Winning: the simplest reason is that the favorite has the highest chance of winning. Sure, you might not win much because of the shorter odds, but you’re much more likely to win at least something.
Opportunities to Increase Profits: the downside to betting on favorites is that you will suffer shorter odds. However, there are ways to increase your odds. These include:
- Point spread betting: by betting on the point spread, you’re wagering on the favorite winning by a considerable margin. For short priced favorites this can be a wise choice to enhance odds.
- Parlays: by putting the favorite into a parlay, you’re increasing the likelihood of your parlay happening and achieving better odds.
Tips for Betting on Favorites
Knowing when to bet on a favorite can be difficult, but these tips can help you.
Consider Futures Bets: most of the time favorites are minus moneyline odds, meaning you win less than what you wagered. However, in some futures markets, favorites can have a positive moneyline, increasing your payout.
Follow Lines: if you notice a team shorten in odds quickly, they might be becoming the new favorite, thanks to sharp money. It can be a good idea to wager on this team.
Point Spreads: if you’re very confident in the favorite, then consider betting on them to win and cover the point spread. This will give you preferable odds. Similarly, if you think they will win but they won’t cover the point spread, you can bet on the underdog at a shorter price, but a higher likelihood of winning.
Multiple Bets: including a favorite in your multiple bet can be a good way of maximizing your profits. This is a particularly useful strategy in racing sports, where you can place ‘exotic’ bets, like a superfecta or trifecta.
FAQ
No. While sportsbooks often predict things correctly, always betting on the favorite doesn’t guarantee results. Simply put, you need to wager a lot more money to make profits when betting on the favorite, which means that your losses will be larger, but less frequent. The best strategy is to study the form consistently and bet on who you think stands the best chance.
Some people aren’t content with betting on the underdog, but would rather lay the favorite to other sports bettors. In order to do this, you’ll need to make an account at a betting exchange or matched betting site. Here, you can lay bets to other bettors, but be careful to remind yourself of the payouts and ensure you have enough to fulfil them.
More often than the underdog! In popular sports around 60 to 70% of the time. But, not often enough for you to make a guaranteed profit. This is because of the vig that sportsbooks build into their prices.
With a decade of experience in the sports betting industry, Claudia can spot a value bet from a mile off. She prides herself on not just being a sports writer, but a fastidious researcher too.
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