For many, the idea of placing a bet on the underdog seems counterproductive. It’s easy to tell who the favourites are for any game in any year or tournament. It is far more comforting to place a bet on the favourite, as the odds will certainly be in your favour.
However, we have all heard stories of underdogs overcoming the odds and beating the clear favourite. It might not happen all that often, but when it does happen, it is not only heart-warming, but can also be quite beneficial to those who bet on them. Is betting on the underdog advised? Below, you will find a few things to consider when making your decision.
Odds May Be Misrepresented
Every now and then, you may find that the sports betting odds are severely skewed. Occasionally, this may be towards the underdog.
For example, the odds may give the underdog a 20 percent chance of winning, when the reality is that the team has a 40 percent chance of claiming victory. Should such an instance occur, betting on the underdog for a win is advised.
However, whatever your decision may be, it is important to remember that any bet can be won or lost, not just when betting on an underdog, but when betting on a favourite too.
Are They On A Winning Streak?
Part of the excitement of sport is that it can often be very unpredictable. For example, favourites may lose a huge game to underdogs who have a strong, consistent team. If the underdog you are considering placing a bet on is on a winning streak, it might not be a bad idea to place your bet on them.
Even the most popular, most successful teams have bad days and play poorly. If your underdog has been on a great streak and has been playing well, winning games that nobody thought they would, betting on them may just work in your favour.
Do Your Research
One of the most common mistakes that people make when placing their bets is rushing and placing a wager on an underdog simply because the odds are appealing. Of course, when a potential pay-out is big, we all tend to get a bit overeager at the thought of what we could do with the cash if we won.
However, in order to lessen your chances of losing money on an underdog, do your research. Make sure you know a lot about the team so that you find the best underdogs. Once you have completed thorough research, bet on the team that you feel is the best one to take a risk on.
Over time and with enough research, you will be able to identify the strengths and weaknesses of different underdogs, which will empower you with the right information when placing any bets. Owing to the unpredictability of games, betting on the underdog is as good a strategy as any, just make sure that you use the tips listed above when considering where to place your bets as they may just help you increase your chances of winning.