Frokat We all tend to root for the underdog. Whether it is in a movie, a book, or a sports match, there's something magical about cheering on the underdog. It's no surprise that underdog betting is also very popular! Not only is a successful underdog bet immensely satisfying, but it also presents better winnings than favorite betting.
One small issue, though - the underdogs are usually the underdogs for a reason. It's rare for them to take the win from the favorites, so it's easy to lose money on underdog bets. In this article, we see what we can do to make underdog wagers both exciting and profitable.
What is an Underdog Bet?
The definition of an underdog bet is pretty self-explanatory: it is any moneyline wager on the team that is less likely to win the event. Nearly every sports (or esports) match has a clear favorite and the underdog. Note that in handicap betting, underdog bets aren't a thing - after all, handicaps exist to counteract their existence in the first place.
But why would anyone place money on a team that is less likely to win? The answer is simple - the underdog odds are typically much, much higher than favorite bets.
It's easy to get carried away with underdog betting after being lured in by the promise of higher winnings. But beware—without a plan, underdog bets can be dangerous to your budget.
How to Spot An Underdog Bet
To understand underdog betting, we first need to understand betting odds. After all, the bookmaker won't really spell out "UNDERDOG" next to the weaker team. Well, they will, but not directly. They will make it by posting the betting odds on the event.
What do + And - Mean in Betting?
Beginner bettors, especially from the Americas, often ask what + and - mean in betting. This is just the American Odds format convention for marking favorites and underdogs. Favorites are marked with the "-," indicating lower potential winnings, and underdogs are marked with "+." Note that this odds format convention applies to all types of bets: not only money lines but also spreads (handicaps).
Other odds formats don't really have that feature. Let's take a look at how to tell the underdogs and favorites apart in other popular odds conventions.
Underdogs and Favorites in Decimal Odds
In decimal odds, the underdogs and favorites are not marked with any special symbols. Instead, we tell them by looking at the odds number itself:
- The favorites will typically have the odds set to a range from 1.01 to 1.90.
- The underdog will have odds starting from 2.00.
- If the odds for both teams are set to a range between 1.90 to 2.00, then it's an even-money, or pick 'em game.
Underdogs and Favorites in Fractional Odds
Favorites/Underdogs aren't marked in any way in the fractional format, either. We tell them apart by looking at the denominator and the numerator.
- The favorite is the team with the denominator bigger than the numerator - for example, 1/2.
- For the underdog, the numerator is now bigger - for example, 6/1.
- In even money bets, the odds would, in theory, be 1/1 in fractional odds. However, the bookmaker's margin tips the scales a bit, making the odds go very high into fractions like 24/25 or 79/100.
How to Win Underdog Bets
Now that we learned how to spot underdog bets, let's review the ways to make them into winning bets. Underdog moneyline bets are notoriously hard to get right. Here's a few pointers on how to place underdog bets correctly.
Placing underdog bets on a key Premier League match and winning them might be a dream, but it's often a mediocre idea. There are two reasons for that - in the best leagues, the level of play is obviously higher, resulting in cleaner, more even matchups where there might not be underdogs in the first place. On the flip side, lower leagues can also often feature more chaotic games. Even the stronger sports team might choke a victory and score you a fantastic win!
Spotting value underdog betting by hand (and your own pair of eyes) can be exhausting. If you're serious about sports betting, consider using betting tools that help identify good underdog betting opportunities. The TIPS.GG matchup analysis tool is a perfect fit for sports bettors!
Live betting on sports goes hand-in-hand with underdog betting. Depending on how good you are with timing your wagers, it's possible to end up with pretty good underdog odds live on a lower risk.
Underdog betting on ties is the most common wager in this category. Although underdogs winning the game outright is fairly rare, this type of bet is recommended for beginner punters. It's also good for bettors of any level who want to go easy on their betting budget.