Why Underdog Betting Makes Sense for Sports Bettors

If you’ve ever placed a bet on a game, you probably fall for the temptation to bet on the favorite. After all, it makes perfect sense to go back to the team or player that’s expected to win, right? But let me tell you, there’s something undeniably exciting and often much more profitable about betting on the underdog. Underdog betting is exactly what it sounds like. It’s betting on the team or individual that’s not favored to win. Yes, we” be the first to admit that it might seem risky, there’s more to it than meets the eye. So, in this Gamingzion article, I’ll walk you through why betting on the underdog makes so much sense. Especially if you’re new to the exciting world of sports betting.

Understanding Underdog Betting

Sometimes you hear more experienced bettors talk about “underdog betting.” They’re usually referring to placing a wager on a team or individual that’s predicted to lose. On the whole, you’ll find the odds for underdogs are going to be higher because sportsbooks expect them to lose. In real terms this means you stand to win more if they manage to pull off an upset. But the kicker is that while betting on the favorite might feel safe, the odds don’t usually give you much in terms of value. So, though you might win more often, the payouts are often painfully low. On the other hand, underdog betting can pay off big, providing you have a deep understanding of what you’re doing and bet at the right time and place.

The Attraction of High Payouts

Thanks to the potential for massive payouts, many sports bettors find underdog betting so interesting. Of course, betting on the favorite feels like a no-brainer. This is in spite of the fact you’ll only make a small return on your investment. On the flip side, when you bet on an underdog, the odds are much more favorable. Let’s look at an example. Now imagine you bet on a huge favorite, with odds of say, 5-to-1. Then you need to risk $100 to win $20. On the flip side, if you bet on an underdog with odds of 3-to-1, a $50 bet could earn you $150. Yes, it’s true that you’re taking on more of a risk. But the rewards could be much bigger.

Underdogs: More Common Than You Think

We’ve all witnessed those unbelievable moments where an unexpected victory was pulled off by the underdog. For example, think about Leicester City’s stunning Premier League win back in 2016. They had odds stacked against them and no one really expected them to dethrone the giants of English football.

Yet, they did it. And sportsbettors who had a flutter on them early on made a fortune. And this isn’t just a fluke. Underdog victories happen more often than you might think across all kinds of sports. In fact professional sports bettors make their living betting on underdogs as a rule. Whether it’s a team in the NFL sneaking into the playoffs or a lower-seeded tennis player surprising the world, upsets are a regular part of the sports landscape. Knowing when to bet on the underdog is the real trick.

The Risk vs. Reward Equation

When discussing underdog betting in sports, it’s important to be honest. First off, it’s not for the faint of heart. That’s because, no matter how you spin it, it’s risky. But here’s the thing – in sports betting, high risk means high reward. If you bet on underdogs consistently, it’s a given that you’re going to lose some bets. But winning often has the potential to make up for multiple losses. The key is managing your bankroll wisely. So, don’t throw all your money on long shots. Instead, bet smaller amounts on a few carefully chosen underdogs. Over time, you’ll start to notice that those big wins can outweigh the losses. That’s where the real fun of underdog betting comes into play.

How Bookmakers Set Odds for Underdogs

You can view odds as the likelihood of something happening. Yet when it comes to underdog betting, you’ll notice sportsbooks set odds that imply the underdog has little chance of winning. But here’s a little-known sport betting secret: those odds don’t always reflect the true probability. For example, a top online bookmaker might set odds at 3-to-1 on a team that’s undervalued. This might be due to a number of pertinent factors. Things like injuries, lack of experience, or previous poor performances.

However, if you’ve done your homework, you may spot an angle that makes those odds a lot more appealing. We have found that Bet365 Sportsbook and other online sportsbooks often tend to be more conservative with their odds. Especially when it comes to underdogs. At the end of the day, all sportsbooks want to draw in more money on both sides of the bet. But you can still find value and turn those odds to your advantage. However, you’ll need to be both smart and quick.

Underdogs vs. Favorites: The Betting Line

Take note, betting lines work differently for favorites and underdogs. On the whole, when you bet on a favorite, you’ll find that the line is usually lower. This is due to the favorite needing to cover a spread or win by a certain number of points. But betting on the underdog is a different kettle of fish. In this case, the team might not need to win outright. They might, for example, just need to keep the game close. In a football game, the favorite might be -7. Meaning they need to win by 7 points for you to win the bet.

The underdog, on the other hand, could be +7. Meaning, for you to win, they just need to either win or lose by less than 7 points. So the underdog is often in a better position to pull off a cover, while the favorite has to cover a large spread.

Betting on Underdogs in Specific Sports

Although, underdog betting varies across sports, it’s especially common in a few areas.

• Football: In major tournaments like the World Cup or the UEFA Champions League, underdogs are well-known for upsetting the bigger teams. In fact, the odds reflect that. For example, Iceland’s bonkers performance in Euro 2016. No one thought they had any chance to make it that far, but they did. As you can imagine, those who backed them profited handsomely.
• Boxing/MMA: Underdog wins in combat sports can be the most dramatic. Especially given the unpredictable nature of the sport. We all remember when Buster Douglas knocked out Mike Tyson in 1990. That’s the kind of shock win that makes underdog betting so enticing and profitable.

• NFL: In American football, underdogs can have a surprising impact, more especially in the playoffs. A wildcard team can come in and upset a top seed. This happened with the 2007 New York Giants beating the undefeated Patriots in the Super Bowl.
• Tennis: This game has often unexpected wins by lower-ranked players against the top seeds. In fact, there’s always a chance that a rising star can knock out a tennis legend. More especially so in a high-stakes match.

Psychological Biases: Why Bettors Love to Bet on Favorites

Let’s face it, in reality, there’s a psychological pull to betting on the favorite. Part of this is a herding instinct, where we all want to be on the most popular side. We’re also conditioned to think the favorite will win because they have the star players or the better record. But this bias can cloud our judgment.

As previously mentioned, the favorite often doesn’t offer much value in terms of payout. But because people expect them to win, sportsbooks lower the odds. Of course, this bias works in favor of the bookmakers. After all, they know most people will bet on their favorite. This means they don’t have to offer as much of a payout. But once you understand this is how the iGaming sports betting industry functions, you can start spotting opportunities in underdog betting.

Underdog Betting and Betting Markets

All top sportsbooks like Bet365 Sportsbook offer a huge range of markets covering virtually every sport you can think of. But some are especially suited for underdog betting. These include bets like point spreads, totals (over/under), and props. For example, in a basketball game, you might find that the underdog has a decent chance of covering the spread. But not winning outright. Betting on the spread can offer a great opportunity for underdog betting. Live betting also opens up incredible opportunities for underdog bettors. Setter than expected.

The Role of Analytics in Underdog Betting

The key to being successful at underdog betting isn’t just luck. Simply put, it’s research. By using tools like analytics and studying trends, you will uncover hidden value that the average bettor would probably miss. Be sure to carefully examine player stats and team performance in similar matchups. In addition, factors like weather or injuries can have a big influence on results. Using analytics helps you to spot betting opportunities where the odds might be off. Thus giving you an edge in the underdog betting market. If you’re serious about sports betting, then you’ll always want to use data to back up your bets.

Famous Historical Underdog Wins: A Closer Look

There are a huge number of examples of underdog wins throughout history. For example, the 2016 Leicester City Premier League win. At the beginning of the season, no one expected them to finish at the top of England’s most competitive league. But they defied all the odds and managed to win big. Sports bettors who bet on them early were rewarded handsomely.

Or consider the 1990 upset of Mike Tyson by Buster Douglas. Tyson was billed as invincible. Yet Douglas came through with a knockout that shook the world of boxing. Now if you were betting on Tyson that night, then you lost. But those who took a chance on Douglas walked away with one of the biggest upsets in history. And a nice payout to boot.

Strategic Approaches to Underdog Betting 

There are a ton of strategies when it comes to underdog betting. The trick is finding the right balance. We suggest you don’t go overboard on risky bets. However, don’t be afraid to take a shot on a good value pick. One strategy is to bet small on underdogs with big odds. You might not win every time, but when you do, the payout can be substantial. Another good strategy is to combine underdog bets with hedging or arbitrage strategies. This way you can secure a profit no matter the outcome.

The Potential Pitfalls of Betting on Underdogs

Although we’ll be the first to admit that underdog betting is exciting, it does come with risks. The most obvious of these is that you’ll lose more often than you win. To be honest, that’s just the heavy nature of betting on the underdog. However, if you’re not careful, it’s super-easy to get carried away. This might result in emotional betting where you start  placing bets that are more based on hope than solid reasoning. To avoid this, it’s important to practice responsible gambling and remain disciplined. To that end, we suggest that you only bet when you’ve done your homework. And don’t let emotions or a string of losses make you chase bad bets.

Conclusion: Is Underdog Betting a Smart Strategy?

So, the six million dollar question is can underdog betting be a smart strategy? Well, it all depends. But whatever the answer, we believe that it’s not for everyone. For starters you’ll need plenty of patience and research. Also a willingness to accept the risk. But for those of you who can find the right balance, underdog betting offers excitement. And let’s not forget about the potential for great rewards. Whether you’re using a top online sportsbook in the US or looking for the latest online gambling news in the US, underdog betting offers something that traditional betting doesn’t. Namely, the thrill of the unexpected.

If you’re new to betting or just want to try something different, why not give underdog betting a go? For one thing, it’s a smart way to find value. And you never know when the next big upset will happen. So go ahead, bet on the underdog and let the good times roll.

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