Betting business has spiraled to enormous heights with people from all over the globe pitching in to try their luck. It is a lucrative option to bet and win but without proper strategies you are bound to lose heavily. As a universal rule people love to play and bet on the favorites oblivious of the underlying facts that may affect their chances to win. Moreover, there have been many instances where underdogs have emerged as champions causing enormous upsets in the betting industry.
To start with, simple mathematics and law of averages can be used to determine the diminutive disparity between chances of winning and losing. Betting on the favorites can lead to 3 different consequences, an outright win by the favorites (most likely result), a win but with lower points than the bet (second most probable result) and a straight up loss to the underdog. Thus, a bet on the favorite has only one chance out of three to serve you profit that is when they win with more points than you had bet.
In contrary to the above situation, betting on the underdog is favorable on two out of three occasions, first when they score a straight up win and the other when they lose with lower points than you had bet on them. Therefore, a simple law of averages favors betting on the underdog more often than not.
Betting always on an underdog is not a bright idea at all. However, it is justified to back an underdog in the right situation. So how do we determine the right situation? The perfect condition can only be concluded by following the game closely and researching extensively.
There are several reasons that support the fact that betting on an underdog is a constructive strategy. Some of them are:
• Higher betting odds on the underdog - the odds for favorite do not yield as much profit as against the odds on underdog that are slightly on a higher side making it a more profitable option for the betting enthusiasts.
• Low profile image of underdogs - due to a major share of publicity and promotion for the favorites, underdogs with a low profile image tend to spring up surprises. The historical trends suggest that the favorites often lose by underestimating the underdog’s capabilities.
• Betting odds swinging in favor of favorites - as a prominent fact, people love the favorites and this leads to a bandwagon effect in the betting odds too.
• Playing all underdogs is not at all advisable - with some research and reliable tips, high-performing underdogs can be spotted with ease, and a winner can be predicted on consistent basis.
• Cup competitions are well known for prominent teams being ousted by lower ranked teams and thus eliminating the high riding competitors.
In conclusion, the betting should be a mix of favorites and underdogs. Proficient bettors usually wager principally on the underdogs to garner more profit. As a golden rule and law of averages, probability of winning increases to two fold while betting on underdog.
As idiom goes “fortune favors the brave”, the undervalued always outperform the overhyped at some or the other point of time.