An Insiders Guide to Sports Betting Odds and Markets in Ireland

Ireland’s regulated gambling sector has a constant supply of sporting action to follow, and there is no shortage of accompanying betting markets being offered by sportsbook operators. 

For anyone new to sports betting, however, the sheer number of odds, markets and betting terms can make their first punt seem daunting and way more complicated than it really is. 

But once you understand what the numbers mean and how the main betting markets work, the picture will begin to take shape.

Basic Betting Terms for Beginners 

If you want to learn the basics of online sports betting, it helps to understand some of the terms you’ll come across when placing a bet.

Now that we’ve covered the basics, let’s look ahead to how betting odds work and what they mean for your potential returns.

Understanding Sports Betting Odds 

Ensuring that you understand betting odds is important for sports betting. The odds tell punters what a winning bet could pay out, how the bookmaker rates the chances of a particular result, and the betting activity.

It’s also important to know how different betting odds can be formatted.

1. Decimal odds are commonly used in sports betting in Ireland. They include the actual stake in the total payout, so working out the return is fairly straightforward. A €10 bet at odds of 2.50, for instance, pays out €25 if successful. Subtract the original stake and the profit is €15.
2. Fractional odds are another format punters will encounter, particularly in the UK and Ireland. With odds of 5/2, a €10 winning bet pays out €25, on top of the stake returned. That makes €35 in total. 

The difference between the two formats is worth understanding before placing a bet, especially when comparing prices offered on the same event.

Odds can move before an event begins. Team news, injuries, betting activity, and other factors can all greatly influence prices. Importantly, the odds you are quoted when you place your bet determine your potential return.

Getting to Know Betting Markets

Betting markets offer punters several ways to wager on a sporting event, some of which you might recognise from virtual sports games, depending on the expected outcome. 

Here are some examples of popular betting markets:

• Over/Under: Bet on whether the total number of goals, points, or runs will be over or under a set number.
• Both Teams to Score: Bet on whether both teams will score at least one goal during the match.
• Handicap Betting: One team or player is given a virtual advantage or disadvantage, and your bet depends on the result after that handicap is applied.
• Correct Score: Bet on the precise final score of the match.
• Total Corners, Cards, or Other Events: Bet on whether the total number of corners, cards, shots, or another match event will be over or under a specified number.
• Player Performance: Bet on individual performances, such as a player scoring a goal or reaching a certain number of points.

There are also in-play markets, which allow you to bet after the event has started. These vary from one sport and sportsbook to another, so read the market description before betting.

Before confirming any bet, check your stake, the odds, the potential return, and the exact market selected. A few seconds spent checking the bet slip can prevent an expensive mistake.

Accumulators work differently. Instead of betting on one selection, you build several bets into one combination, then the odds are multiplied together, producing a much larger return. But remember: every selection needs to win for the accumulator to pay out.

Placing Bets With Confidence

There is no need to know every betting market before placing your first bet. Start with a sport you follow and a market that is easy to understand, like football or horseracing.

Check the odds, then decide how much you are prepared to stake before placing a wager.  If you are betting in-play, remember that odds can change quickly and markets may temporarily suspend while something important is happening.

Most importantly, treat the odds as information rather than a guarantee. A short-priced favourite can still lose, while an outsider still has a winning chance. The point of understanding sports betting is not to remove that uncertainty, but to know exactly what you are doing before you stake real money.

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