Go Back
Understanding What is Favorite in Sports Betting

Understanding What is Favorite in Sports Betting

Posted on Sat, 29/04/2023

Defining "favorite" in sports betting

In the world of sports betting, the term "favorite" refers to the team or individual that is expected to win a specific event or match. This expectation is based on various factors, such as past performance, current form, and other relevant data. The favorite is typically assigned shorter odds by bookmakers, meaning that they are considered more likely to win compared to their opponents, known as the "underdogs."

It is important to note that being the favorite does not guarantee victory. Upsets and surprises are common in sports, and sometimes the underdog can triumph over the favorite. However, understanding what is favorite in sports betting can help you make more informed decisions when placing your bets and potentially increase your chances of success.

How favorites are determined

Bookmakers use a variety of factors to determine which team or individual is the favorite in a particular event. Some of the main factors that they consider include:

  1. Past performance: The historical performance of a team or individual can be a strong indicator of their likelihood of winning. If a team has consistently performed well in the past, they are more likely to be considered the favorite.

  2. Current form: The recent performance of a team or individual can also play a significant role in determining the favorite. A team that is on a winning streak or an athlete who has been performing at a high level recently may be given shorter odds and be considered the favorite.

  3. Strength of schedule: The quality of a team's opponents can also impact their status as a favorite. If a team has been facing strong opposition and still performing well, they may be considered more likely to win compared to a team that has only faced weaker opponents.

  4. Injuries and suspensions: The absence of key players due to injury or suspension can significantly affect a team's chances of winning, and thus their status as a favorite.

  5. Public perception: Sometimes, the general public's opinion on a team or individual can influence their odds and status as a favorite. A team that has a large and passionate fan base may be given shorter odds, even if their actual performance does not necessarily warrant it.

Betting on favorites vs. underdogs

Now that we have a better understanding of what is favorite in sports betting let's discuss the differences between betting on favorites and underdogs. When you bet on a favorite, you are essentially wagering that the team or individual with the shorter odds will win the event. Conversely, betting on the underdog means that you are backing the team or individual with longer odds to pull off an upset and win the event.

Betting on favorites can sometimes be seen as a safer option, as they are considered more likely to win. However, the potential payout is often lower, as the odds are shorter. On the other hand, betting on underdogs can be more risky, as their chances of winning are considered lower. However, the rewards can be much higher, as the odds are longer and can lead to larger payouts if the underdog does indeed win.

Reading betting odds for favorites

In sports betting, odds are used to represent the likelihood of an event occurring, such as a team winning a match or an individual winning a race. These odds are also used to determine the potential payout of a bet. When it comes to favorites, the odds are typically shorter, meaning that the potential payout is lower.

There are three main types of odds used in sports betting: decimal, fractional, and moneyline (American) odds. Each type of odds represents the same information but is displayed differently. Let's take a look at how to read betting odds for favorites using each of these formats:

  1. Decimal odds: With decimal odds, the favorite will have a lower number, such as 1.50. To calculate your potential payout, simply multiply your stake by the odds. For example, a £10 bet at odds of 1.50 would result in a potential payout of £15 (including your original stake).

  2. Fractional odds: In fractional odds, the favorite will have a smaller fraction, such as 1/2. To calculate your potential payout, divide your stake by the denominator and multiply by the numerator. For example, a £10 bet at odds of 1/2 would result in a potential payout of £15 (including your original stake).

  3. Moneyline odds: With moneyline odds, the favorite will have a smaller number or a negative number, such as -200. To calculate your potential payout, divide your stake by the absolute value of the odds and multiply by 100. For example, a £10 bet at odds of -200 would result in a potential payout of £15 (including your original stake).

Strategies for betting on favorites

Now that we know what is favorite in sports betting and how to read betting odds for favorites, let's discuss some strategies that you can use when betting on favorites:

  1. Look for value: One of the most important aspects of successful sports betting is finding value in the odds. This means looking for situations where the odds may be higher than they should be, based on the true probability of the event occurring. Betting on favorites can sometimes offer value, especially if the odds are longer than you believe they should be.

  2. Consider alternative markets: Instead of simply betting on the outright winner of an event, consider looking at alternative markets, such as point spreads or totals. These markets can sometimes offer better value when betting on favorites, as the odds may be more favorable.

  3. Parlay bets: A parlay bet is a single wager that involves multiple selections, with all selections needing to be correct for the bet to win. By including favorites in your parlay bets, you can potentially increase your overall odds and potential payout.

  4. funds management: When betting on favorites, it is important to practice good funds management. This means setting a budget for your sports betting activities and sticking to it, as well as placing bets that are appropriate in size based on your overall funds.

Risks and rewards of betting on favorites

As with any form of sports betting, there are both risks and rewards associated with betting on favorites. Some of the main risks include:

  1. Overconfidence: One of the biggest risks when betting on favorites is becoming overconfident and assuming that the favorite will always win. As mentioned earlier, upsets can and do happen in sports, and blindly backing the favorite can lead to losses.

  2. Lower potential payouts: Due to the shorter odds associated with favorites, the potential payouts are often lower compared to betting on underdogs.

However, there are also rewards associated with betting on favorites:

  1. Higher probability of winning: Generally speaking, favorites are considered more likely to win their events, which means that betting on them can result in a higher probability of winning your bets.

  2. Consistency: While upsets can happen, favorites often perform more consistently than underdogs. This can lead to more consistent returns when betting on favorites, even if the potential payouts are lower.

Examples of favorites in popular sports

To help illustrate the concept of favorites in sports betting, let's take a look at some examples from popular sports:

  1. Basketball: In the NBA, the Golden State Warriors were considered strong favorites during their dominant run from 2015 to 2019, due to their exceptional roster and consistent performance.

  2. Football: In the NFL, the New England Patriots were often seen as favorites during their run of success with Tom Brady as quarterback.

  3. Tennis: In men's singles, Roger Federer, Rafael Nadal, and Novak Djokovic have often been considered favorites in major tournaments due to their consistently strong performances over the years.

Utilizing favorites in your sports betting strategy

Now that you have a better understanding of what is favorite in sports betting, it's time to consider how to utilize this knowledge in your own betting strategy. Here are some tips to help you make the most of favorites:

  1. Do your research: Don't just blindly back the favorite without doing your research. Look at factors such as recent form, head-to-head records, and any relevant injuries or suspensions that may impact the outcome of the event.

  2. Look for value: As mentioned earlier, finding value in the odds is crucial for long-term sports betting success. Look for situations where the odds on the favorite may be longer than they should be based on the true probability of the event occurring.

  3. Consider alternative markets: Explore alternative betting markets, such as point spreads, totals, or prop bets, which may offer better value when betting on favorites.

  4. Practice good funds management: Always keep track of your betting funds and place bets that are appropriate in size based on your overall budget.

Conclusion

In conclusion, understanding what is favorite in sports betting is essential for anyone looking to improve their betting strategy and increase their chances of success. By learning how favorites are determined, how to read betting odds for favorites, and employing strategies for betting on favorites, you can make more informed decisions when placing your bets. Remember always to do your research, look for value, and practice good funds management to maximize your chances of success when betting on favorites in sports.

FREE SPINS Offer T&C APPLY