Can You Truly Predict the Outcome of a Big Sports Event?

Trying to predict the outcome of any event before it happens is pure guesswork because nobody can predict the future with 100% accuracy. 

However, forecasting the outcome of a sporting event has become much easier these days, thanks to the iGaming industry’s most trusted online bookmakers. 

Let’s dive straight in to discover whether you can truly predict the outcome of a sporting event based on the odds we are offered. 

How are odds calculated at online sports betting sites, and can they be trusted?

Online sports betting website operators use either in-house or globally renowned third-party statistical models and machine learning algorithms that crunch big data to offer us competitive betting odds for specific outcomes that will most likely occur.

Their odds give us the most accurate and reliable outcomes that could potentially occur during any of the world’s biggest sporting events, such as the upcoming Euro 2024 tournament. 

The pre-match odds they provide are calculated using things like recent team/individual form, historical results, latest injuries, and other previous data. 

This information can help us place more informed/strategic bets, which gives our bets a greater chance of returning a profit. 

However, even the most reliable odds with the highest implied probability rates still don’t mean we can truly predict the outcome of any event. Instead, the odds simply allow us to make far more accurate predictions.

Anything can happen in a sporting event to upset the odds, meaning no bets are ever guaranteed to win, even when betting on the odds-on favourites with high IPRs (implied probability rates). 

In other words, remember that you are always subject to losses and that even the favourites can sometimes lose. 

To sum up, the odds we are offered today by the world’s leading iGaming operators can be trusted. These companies are in direct competition to make money, which is why the odds available online today are more competitive than ever. 

Some sites also run the occasional promotions, such as odds boosts, where you can increase the odds for certain bets. Live betting services (aka in-play betting) have made online sports betting even more lucrative for some savvy bettors. 

Top-rated Indian online sportsbooks like the official 10cricbet.com website allow people to place bets as the action unfolds. Pre-match bets can only be placed before an event starts, whereas live/in-play bets can be placed during an event. 

With live betting, the odds change in real-time to reflect what’s happening in the game/match/race, meaning the odds are now far more accurate than any pre-match betting odds you may have been offered before that event started. 

Anyone watching a live sporting event can now place bets to reflect what’s happening in real time. Being able to bet like this has made placing sports bets far more lucrative for professional bettors.

The odds are adjusted based on team/individual player performances, how much time remains, the general progress of that event, the current score, and many other constantly changing factors and dynamic variables. 

How can I place Euro 2024 bets that are more likely to win?

Let’s quickly check some Euro 2024 outright odds to see which bets are more likely to return a profit. 

As mentioned, when it comes to placing sensible bets with a greater chance of winning, you should avoid betting on the underdogs/outsiders with long odds and low implied probability rates. 

It doesn’t mean that these outcomes will never occur. They are just less likely to occur than outcomes with higher IPRs and shorter odds. 

For example, 24 teams will compete at the Euro 2024 football competition in June, and England are the current odds-on favourites to win. 

They are currently priced, on average, at around 4.00 in the decimal odds format, which is 3/1 in the fractional odds format and +300 in the American/moneyline odds format. These odds mean that England has a 25.00% chance (implied probability rate) of winning this year. 

In comparison, the three least-favourite teams to win, Slovakia, Georgia, and Albania, are all currently priced at around 501.00 (decimal odds), which is 500/1 in fractional odds and +50,000 in American/moneyline odds, with a 0.20% chance of winning. 

Here are a few quick betting examples:

• If you bet $/€/£20.00 (or equivalent currency value) on England to win using these same odds mentioned above (4.00), and they win, your t

• otal returns for this bet you placed would be $/€/£80.00, which includes a $/€/£60.00 profit (winnings) and your initial $/€/£20.00 stake returned 

• If you bet the same amount, $/€/£20.00, on Slovakia, Georgia, or Albania to win (using the same 501.00 odds mentioned above), and they win, your total returns would be a whopping $/€/£10,020.00, which includes a $/€/£10,000 profit and your initial $/€/£20.00 stake returned

• If you bet $/€/£20.00 on Portugal, who are currently priced at around 9.00 (8/1 or +800), and they win, your total returns for this bet you placed would be $/€/£180.00, which includes a $/€/£160.00 profit (winnings) and your initial $/€/£20.00 stake returned 

Inexperienced bettors may be tempted by the potential for huge returns for Slovakia, Georgia, and Albania, but placing a bet on a team like this is best avoided, especially when there is only a 0.20% chance of them actually winning Euro 2024. 

The $/€/£60.00 profit on a $/€/£20.00 bet for England to win may not seem like much of a return, but this outcome is far more likely to occur. 

When betting on the favourites with shorter odds, you need to place bigger wagers if you want to receive more significant returns, which can be risky, especially when the favourites aren’t always guaranteed to win. 

Therefore, to improve your chances of winning, understanding the odds and implied probability rate is one thing. It’s also important to conduct your own research to help you place more strategic bets. 

Staying up to date with the latest Euro 2024 team news is one thing you can do, as well as finding out who’s injured, who’s in form/out of form, and previous results between two teams. Finding out this basic information can also help you place more informed bets. 

Final thoughts

Some will argue that there is a science to placing sports bets that only a few have mastered. However, thanks to the statistical data and live/in-play betting services we now have access to on today’s most trusted iGaming sites, it’s now possible for anyone to place far more strategic bets. 

Although we can’t truly predict the outcome of a sporting event, the information at hand these days can help us make more accurate predictions. 

If you want to place bets on the upcoming Euro 2024 football competition and live in India, stick to fully licensed and regulated online sportsbooks like the official 10cricbet.com website. 

This trusted iGaming site is known for having some of the industry’s most competitive football betting odds. It’s free to join and is controlled by a reputable operator with excellent standing in the sports betting industry.