Sports Betting Guide
A comprehensive guide to sports betting for Australian punters. Learn how odds work, different bet types, and strategies for betting responsibly.
Understanding Betting Odds
Odds tell you two things: the probability of an outcome occurring and how much you'll win if your bet is successful. In Australia, decimal odds are most common.
Decimal Odds Explained
Decimal odds show your total return for a $1 bet (including your stake). To calculate your profit, subtract 1 from the odds.
Example:
Odds: 2.50
Bet: $100
Total Return: $100 x 2.50 = $250
Profit: $250 - $100 = $150
Strong favourite
$50 profit per $100
Even money
$100 profit per $100
Underdog
$400 profit per $100
Implied Probability
Odds represent probability. To convert decimal odds to implied probability:
Implied Probability = (1 / Decimal Odds) x 100
For example, odds of 2.00 imply a 50% chance (1/2.00 x 100 = 50%). Note that bookmaker margins mean the total probability of all outcomes exceeds 100%.
Common Bet Types
Understanding different bet types helps you choose the right wager for each situation.
Head-to-Head
The simplest bet - pick the winner. In some sports, draw is also an option. Popular for AFL, NRL, and tennis.
Line Betting
A handicap is applied to level the playing field. The favourite must win by more than the line for a bet on them to win.
Totals
Bet on whether the combined score will be over or under a set number. Doesn't matter who wins.
Multi Bet
Combine multiple selections into one bet. All selections must win for the bet to pay out. Higher risk, higher potential reward.
First Goalscorer
Bet on which player will score first in a match. Popular for football (soccer), AFL, and rugby league.
Futures
Long-term bets on season outcomes like premiership winner, top goalscorer, or MVP awards.
Popular Sports for Betting in Australia
Australian Rules Football
The most popular betting sport in Australia. Common markets include head-to-head, line betting, totals, first goalscorer, and margin betting. The AFL season runs from March to September.
National Rugby League
Hugely popular, especially in NSW and Queensland. Markets include head-to-head, line, totals, first tryscorer, and anytime tryscorer. Season runs March to October.
Horse Racing
A national tradition. Markets include win, place, each-way, exacta, quinella, trifecta, and more. Major events include the Melbourne Cup, Cox Plate, and Golden Slipper.
Cricket
Popular for both domestic and international matches. Markets include match winner, top batsman/bowler, totals, and player props. Big Bash League provides summer betting action.
Tennis
Year-round betting on Grand Slams and ATP/WTA events. Markets include match winner, set betting, games handicap, and player props. Australian Open is a major betting event.
Tips for Smarter Betting
Set a Bankroll
Only bet money you can afford to lose. Set aside a specific amount for betting and stick to it. Never chase losses by increasing your stakes.
Bet on What You Know
Focus on sports and leagues you follow closely. Your knowledge gives you an advantage over casual bettors and helps identify value.
Shop for Best Odds
Different bookmakers offer different odds on the same events. Even small differences add up over time. Use odds comparison tools when possible.
Avoid Multi Bet Temptation
Multi bets offer big payouts but the odds are heavily against you. Each leg you add reduces your chance of winning. Stick to singles for better long-term results.
Keep Records
Track all your bets, wins, and losses. This helps you identify patterns, find where you're profitable, and recognise if gambling is becoming a problem.
Don't Bet Emotionally
Avoid betting on your favourite team or after a frustrating loss. Emotional decisions often lead to poor bets. Take breaks when needed.
Understanding Value Betting
Value betting is the concept of finding bets where the odds offered are better than the true probability of the outcome. Consistently finding value is what separates profitable bettors from recreational ones.
For example, if you believe a team has a 50% chance of winning but the bookmaker offers odds of 2.20 (implying 45% chance), this represents value. Over many bets at positive expected value, you should profit.
Important Reality Check
Bookmakers employ teams of analysts and sophisticated models to set their odds. Finding genuine value is extremely difficult, and most recreational bettors lose money over time. Sports betting should be treated as entertainment, not a way to make money.
Bet Responsibly
Sports betting should be fun. If it stops being enjoyable or starts causing problems, it's time to take a break.
Use Responsible Gambling Tools
- - Set deposit limits
- - Use cooling-off periods
- - Self-exclude if needed (BetStop)
- - Track time spent betting
Learn More About Safe Gambling
Visit our responsible gambling resources for more information about staying safe while betting.
Responsible Gambling Resources