There is a genuine skill to betting on underdogs and here we present a detailed explanation of just what/who an underdog actually is, in respect to sports bets. We also look at how to bet on underdogs, as well as running through how this kind of betting works, offering up several strategies that might assist.
Additionally, we introduce an absorbing pros and cons section to ensure punters are fully prepared and familiar with the necessary factors which need to be the focus of their concentration.
1. Who is an underdog in sports betting?
When determining what is underdog in sports betting, essentially bookmakers are declaring which team/player they believe in an event or contest is least likely to win and consequently set their odds accordingly.
The odds-setters rely on statistical modelling, performance analysis and other key factors when creating their pricing, but they don't always get it right and obviously finding a winning underdog bet offers higher potential payouts, because of the lower probabilities involved. Those perceived to be the “outsider” will have longer odds attached to them to attract punters and balance risk for the bookies. If you want to compare the odds of the teams or players participating in a particular event, we recommend checking our guide on how to read odds.
Appreciating how often do underdogs win should not deter punters from placing such bets, as sometimes favourites can be overvalued, or the full potential and ability of an opponent might be vastly under-estimated. Such wagering requires a different mindset, with a patient approach and being prepared to look a little outside the box.
2. How does Underdog Betting Work?
Fundamentally, betting on the underdog revolves around the punter putting their faith in someone or something, who is not expected by the majority - and especially the bookmakers - to succeed.
There's an element of looking beyond what appears to be the obvious to locate where to bet on the underdog. Unpredictable factors such as injuries, suspensions, momentum, etc., can all play a part in understanding just how to win an underdog bet. An important element that has to be adhered to by any bettor embarking on a sequence of underdog bets, is to put aside any emotional attachments or personal bias, and concentrate on betting smart.
Bookmakers build their odds to reflect true winning probabilities, so anybody going down the underdog route has to seek out where maybe the odds-setters have made a misjudgment in their calculations. This could be associated with public perceptions, or specific betting patterns resulting in the odds being not quite where they should be and that can create some hidden value for the underdog. Results do not always mirror actual performances and this can be overlooked and push odds much lower or higher than they should be. It is also important to pick the right betting site and here our article about soft vs sharp bookmakers key differences may be essential.
Over the years there have been many examples of underdog betting which would have paid huge dividends for those taking a punt. One of the biggest upsets in recent sports betting history occurred in 2016 in the English Premier League, when Leicester City began the season with the bookies quoting them at a massive 5000/1 (5001.00) to win the League before a ball was even kicked. They had just avoided relegation the season before and were favourites for the drop as the campaign started, but remarkably they defied all the odds and went on to clinch the title, to almost everyone's amazement. That achievement not only stunned the football world, but proved that bookmakers cannot predict correctly all the time, and gave hope and belief to all underdog backers.
3. Underdog Betting Strategies
Undoubtedly there are certain underdog betting strategies which if adopted, can give a punter the best chance of success. Discipline is something all gamblers should have, but when betting on underdogs it possibly becomes even more important. The fact that these teams or players are indicated as having less of a chance of winning by the bookmakers prices emphasises that a blind bet is unwise irrespective of how attractive the odds might be. If you are looking for tips related to making money at online bookmakers, our article about most profitable betting market for football betting can be interesting to you.
Thorough analysis is always recommended, as it can form a successful strategy which will increase chances of long-term profitability. The bookies are careful in their odds-setting, but there is only so far they will dig down, so it stands to reason that if there are aspects of a contest which are not immediately apparent, then uncovering them can be used to a punters' advantage.
Another good tip in how to bet on the underdog so as to extract the most success in beating the bookmakers, is to pounce on their early odds because as soon as they become aware that they might have been a little generous with their opening offer, the odds will tumble. So if there is confidence in the selection bettors shouldn't hesitate in placing the bet.
Additionally, once a decision has been made it pays to shop around for the best odds, as those extra few points in the odds can make a huge difference to the payouts on a winning wager. Basically, tips for betting on the underdog involve astute logic, shrewd insight, situational awareness, spotting market value and financial restraint.
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4. Pros and Cons of Betting on the Underdog
As with any type of wagering, there are pros and cons of betting on underdogs. There are some obvious advantages from a financial perspective in winning bets at attractive odds; but equally it can be a risky policy to adopt, with the bettor requiring to increase their research avenues to make calculated and informed choices. If you want to find out more about advantages and disadvantages of certain types of bets and betting strategies, take a look at other articles from the betting knowledge category that we publish on our site, such as the one including all you need to know about novelty and specials betting.
Pros of betting on underdogs
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Higher payouts from longer odds – the rewards can be extremely high owing to the underdog succeeding.
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Market can be influenced – the favourites can be over-valued so can be picked off by shrewd underdog gambles.
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Even greater thrill – incredible satisfaction at out-smarting the bookmaker from following up on own research.
Cons of betting on underdogs
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Lower win probability – the favoured teams are statistically more likely to gain victories compared to the underdog.
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Emotional impact – there is a strong possibility of suffering losing streaks by constantly following the underdogs, so resisting temptation to chase losses is huge.
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Prospect of over-appraisal of underdog due to odds – the lure of the attractive odds can lead to overvaluing an underdogs chances and clouding judgement.
5. Betting on Underdogs – FAQ
5.1 ❓ What is underdog betting?
To bet on an underdog is basically backing an outsider against more favoured opponents to emerge as the winner in a contest or event.
5.2 ❔ Why do punters bet on the underdog?
The opportunity to win a significant sum of money against the bookmakers odds by betting on someone or something less fancied is essentially why bettors back underdogs.
5.3 ❓ What is the best way to make money betting on underdogs?
Close and careful analysis of statistics can help punters understand how to make money betting on underdogs by identifying those who may have been under-valued by the bookmakers and represent true value bets.
5.4 ❔ What are the best tips for backing an underdog?
When betting on underdogs punters need to step away from any personal attachments and resist gambling with the heart and instead concentrate on smarter choices who may be much closer to the favourites than the bookmakers odds suggest.
Betting on Underdogs
There is a genuine skill to betting on underdogs and here we present a detailed explanation of just what/who an underdog actually is, in respect to sports bets. We also look at how to bet on underdogs, as well as running through how this kind of betting works, offering up several strategies that might assist.
Additionally, we introduce an absorbing pros and cons section to ensure punters are fully prepared and familiar with the necessary factors which need to be the focus of their concentration.
Contents
1. Who is an underdog in sports betting?
When determining what is underdog in sports betting, essentially bookmakers are declaring which team/player they believe in an event or contest is least likely to win and consequently set their odds accordingly.
The odds-setters rely on statistical modelling, performance analysis and other key factors when creating their pricing, but they don't always get it right and obviously finding a winning underdog bet offers higher potential payouts, because of the lower probabilities involved. Those perceived to be the “outsider” will have longer odds attached to them to attract punters and balance risk for the bookies. If you want to compare the odds of the teams or players participating in a particular event, we recommend checking our guide on how to read odds.
Appreciating how often do underdogs win should not deter punters from placing such bets, as sometimes favourites can be overvalued, or the full potential and ability of an opponent might be vastly under-estimated. Such wagering requires a different mindset, with a patient approach and being prepared to look a little outside the box.
2. How does Underdog Betting Work?
Fundamentally, betting on the underdog revolves around the punter putting their faith in someone or something, who is not expected by the majority - and especially the bookmakers - to succeed.
There's an element of looking beyond what appears to be the obvious to locate where to bet on the underdog. Unpredictable factors such as injuries, suspensions, momentum, etc., can all play a part in understanding just how to win an underdog bet. An important element that has to be adhered to by any bettor embarking on a sequence of underdog bets, is to put aside any emotional attachments or personal bias, and concentrate on betting smart.
Bookmakers build their odds to reflect true winning probabilities, so anybody going down the underdog route has to seek out where maybe the odds-setters have made a misjudgment in their calculations. This could be associated with public perceptions, or specific betting patterns resulting in the odds being not quite where they should be and that can create some hidden value for the underdog. Results do not always mirror actual performances and this can be overlooked and push odds much lower or higher than they should be. It is also important to pick the right betting site and here our article about soft vs sharp bookmakers key differences may be essential.
Over the years there have been many examples of underdog betting which would have paid huge dividends for those taking a punt. One of the biggest upsets in recent sports betting history occurred in 2016 in the English Premier League, when Leicester City began the season with the bookies quoting them at a massive 5000/1 (5001.00) to win the League before a ball was even kicked. They had just avoided relegation the season before and were favourites for the drop as the campaign started, but remarkably they defied all the odds and went on to clinch the title, to almost everyone's amazement. That achievement not only stunned the football world, but proved that bookmakers cannot predict correctly all the time, and gave hope and belief to all underdog backers.
3. Underdog Betting Strategies
Undoubtedly there are certain underdog betting strategies which if adopted, can give a punter the best chance of success. Discipline is something all gamblers should have, but when betting on underdogs it possibly becomes even more important. The fact that these teams or players are indicated as having less of a chance of winning by the bookmakers prices emphasises that a blind bet is unwise irrespective of how attractive the odds might be. If you are looking for tips related to making money at online bookmakers, our article about most profitable betting market for football betting can be interesting to you.
Thorough analysis is always recommended, as it can form a successful strategy which will increase chances of long-term profitability. The bookies are careful in their odds-setting, but there is only so far they will dig down, so it stands to reason that if there are aspects of a contest which are not immediately apparent, then uncovering them can be used to a punters' advantage.
Another good tip in how to bet on the underdog so as to extract the most success in beating the bookmakers, is to pounce on their early odds because as soon as they become aware that they might have been a little generous with their opening offer, the odds will tumble. So if there is confidence in the selection bettors shouldn't hesitate in placing the bet.
Additionally, once a decision has been made it pays to shop around for the best odds, as those extra few points in the odds can make a huge difference to the payouts on a winning wager. Basically, tips for betting on the underdog involve astute logic, shrewd insight, situational awareness, spotting market value and financial restraint.
Best Bookmakers to bet on underdogs
4. Pros and Cons of Betting on the Underdog
As with any type of wagering, there are pros and cons of betting on underdogs. There are some obvious advantages from a financial perspective in winning bets at attractive odds; but equally it can be a risky policy to adopt, with the bettor requiring to increase their research avenues to make calculated and informed choices. If you want to find out more about advantages and disadvantages of certain types of bets and betting strategies, take a look at other articles from the betting knowledge category that we publish on our site, such as the one including all you need to know about novelty and specials betting.
Pros of betting on underdogs
Cons of betting on underdogs
5. Betting on Underdogs – FAQ
5.1 ❓ What is underdog betting?
To bet on an underdog is basically backing an outsider against more favoured opponents to emerge as the winner in a contest or event.
5.2 ❔ Why do punters bet on the underdog?
The opportunity to win a significant sum of money against the bookmakers odds by betting on someone or something less fancied is essentially why bettors back underdogs.
5.3 ❓ What is the best way to make money betting on underdogs?
Close and careful analysis of statistics can help punters understand how to make money betting on underdogs by identifying those who may have been under-valued by the bookmakers and represent true value bets.
5.4 ❔ What are the best tips for backing an underdog?
When betting on underdogs punters need to step away from any personal attachments and resist gambling with the heart and instead concentrate on smarter choices who may be much closer to the favourites than the bookmakers odds suggest.