Within sports betting lies numerous alternative betting strategies that are gaining popularity and offering a fresh perspective to players. While conventional approaches rely on statistical analysis, historical data, and expert opinions, alternative betting strategies introduce innovative and sometimes unconventional methods to gain an edge over the bookmakers.
But what are these alternative betting strategies and how can you utilise them for yourself? We will provide you with some of the most popular alternative betting strategies and tips on how to use them effectively for yourself.
Arbitrage Betting
Arbitrage betting, also known as orbing, is a strategy where a bettor takes advantage of the differences in odds offered by different bookmakers to guarantee a profit. The idea is to find situations where the combined probability of all possible outcomes is less than 100%, creating a margin for profit.
In order to successfully arb bets you need to find a game where bookmakers have slightly different odds for each possible outcome, then, you must convert the odds into perceived probability. If the sum of the implied probability is less than 100%, there is an arbitrage opportunity. Then, you simply place bets on all outcomes.
Arbitrage betting requires careful calculations and quick decision-making as bookmakers often update their odds to eliminate the discrepancies so arbitrage betting cannot take place.
Matched Betting
Matched betting is a strategy used by individuals to profit from the free bets and incentives offered by bookmakers. It involves placing bets on all possible outcomes of an event, using these bets to cover each other, and ensuring a risk-free or low-risk profit. Matched betting takes advantage of promotional offers, such as free bets, sign-up bonuses, and other promotions, provided by bookmakers to attract new customers or encourage existing ones.
If you were to match a bet for yourself, first, you have to place a qualifying bet. Once you have found the promotion you would like to unlock, you need to place a back bet within the requirement to claim the free bet. Then on a betting exchange you need to place a lay bet to guarantee a successful bet no matter what the result. Once you have the free bet you restart this process using the promotion so that you place more successful bets with a low enough overall stake using your own money so that you receive a profit.
Dutch Betting
Dutch betting is very similar to arbitrage betting but is slightly more complicated as the goal is to use lay bets to guarantee the same profit regardless of the outcome instead of any profit that is received through arming.
Typically used in horse racing, dutch betting is particularly effective in fixtures where bettors would want to spread bets across multiple outcomes instead of just two.
Value Betting
Value betting is a strategy used by sports bettors to identify and take advantage of opportunities where the odds offered by a bookmaker are higher than the bettor’s own estimated probability of the event occurring. In essence, value betting involves finding bets where the perceived probability of an outcome is higher than the implied probability reflected by the odds.
In order to place a value bet, first, you must assess the likelihood of various outcomes for a particular event based on your own analysis and research. After estimating the probability, you should then compare it against the odds offered by the bookmakers. If you believe the actual probability of an outcome occurring is higher than the implied probability, you then place a bet.
This betting strategy is very simple and many people actually perform value betting without even realising. However, overall this is a unique betting strategy which allows bettors to use their own knowledge to take advantage of profitable odds.
Hedge Betting
Hedge betting, also simply known as ‘hedging,’ is a strategy used by bettors to reduce or mitigate the potential losses, or to improve potential profits by placing additional bets to offset existing ones. This approach is most commonly used when a bettor’s initial bet is at risk due to changes in circumstances or if the odds have shifted unfavorably.
Typically, bettors will place an initial bet on a particular outcome or set of outcomes. The bettor will then closely monitor the events and betting market conditions, looking for changes that may impact the likelihood of their initial bet winning. If the circumstances shift unfavorably or if there’s a chance to secure a guaranteed profit, the bettor decides to hedge.
The purpose of hedge betting is to reduce the overall risk exposure. By hedging, the bettor sacrifices some potential profit but ensures a more secure outcome, regardless of the event result.
Betting Tools and Software
Many of these betting strategies need quick calculations and comparing odds in order to be successful. This is where betting tools and software come into play. Betting tools such as OddsMonkey are vital tools for those interested in alternative betting strategies. They provide you with ways to quickly compare odds across multiple bookmakers and ways to quickly calculate expected losses and profits. They also include tutorials and guides so you can learn more about each method and, therefore, successfully perform it in your own time.
Summary
Alternative betting strategies allow bettors to bet in unique ways and therefore enhance their gaming experience. However, it’s essential for bettors to exercise caution, as these methods require a deep understanding of odds, probability, and market dynamics. Furthermore, the landscape of sports betting is dynamic, and bookmakers may adapt quickly to minimize opportunities. As with any form of gambling, responsible and informed decision-making remains crucial.
