Exploring the most common betting strategies used whilst betting for an underdog
Our sports history serves as an unequivocal demonstration of the potentially chilling moments of unrivalled inspiration and greatness that can be presented to us by a potential underdog surpassing all odds and triumphing over a favourite competitor.
Going back to 1976 where Mark Edmondson shockingly won the Australian Open, to the fascinating Buster Duglas stoppage against the at-the-time undefeated Mike Tyson in 1990, to much more recent stories such as Leicester City winning the Premier League in 2016, most people love an underdog story. Unsurprisingly, however, this is commonly not the case in the area of online betting.
The truth is, most punters tend to back the most ‘popular’ pick when it comes to betting, and this can often create a so-called ‘bandwagon’ effect that can affect the competitor’s odds at a disproportionate rate. For example, it can often lead to the perceived ‘underdog’ or weaker contestant being significantly undervalued in relation to their actual capabilities, and consequently such cases can mean that betting on underdogs can reap a prolific amount of monetary benefits for successful punters.
Of course, this does not mean that one should merely default to always backing an underdog automatically, as that often carries significant risks. On the contrary, backing an underdog competitor should only be carried out in a strategic, efficient manner so as to serve as an efficacious gambling strategy and likely proliferate one’s profits.
How to Effectively Bet on an Underdog
Obviously, betting on an underdog can carry significant monetary risk, and consequently handling a successful underdog betting campaign should be pursued with the following steps in mind. For one, it should be noted that underdog stories are better suited for sports with only two possible outcomes- including boxing, ODI, and tennis. Additionally, always ensure you:
- Carry out extensive research- this is particularly important in removing any element of luck involved; the more an individual knows about the relevant sports bet the more likely their bet will be placed effectively. Take into account the competitor’s history and professional background from a holistic standpoint. Regardless of the undeniably attractive nature of the extremely long odds presented to you, always avoid underdogs that you cannot reasonably see as having a chance to succeed over their competitor. Do they have a history of upsets? Are they specifically tailored to triumphing over their competitor for reasons which aren’t publicly acknowledged?
- Check whether live betting is available- With a variety of bookmakers offering a very small degree of live betting coverage for sporting events, it is crucial to ensure you check whether your specific event is covered with your relevant gambling facility so as to avoid any surprises down the road
- Think, act, and move fast- Live betting environments can be extremely dynamic in nature, and can consequently vary significantly in odds from time to time. A good practice is to have already decided from beforehand what type of odds you are satisfied with, and consequently ensure you are ready to instantly place your desired bet as soon as the live betting odds meet your criteria.
Avoiding Potential Loses?
It should be duly noted that there is obviously an exorbitant risk in backing an underdog; there is often a reason that backing such a competitor can reap such significant rewards, and that reason is the likely extremely small chance of that competitor ever winning.
A smart way to avoid any significant loss is to back the competition’s favourite candidate and at the same time place your potential winnings as a bet on your chosen underdog as soon as the stakes allow you to do so.
Evaluative Comments: A Look at the New Zealand Market
All forms of gambling in New Zealand are regulated by the Gambling Act 2003, which stipulates that most forms (with some exceptions) of gambling within the country are prohibited, including the participation of any unauthorised gambling and the advertisement or offering of any gambling service.
However, the act’s strict provisions do not apply in cases where the gambling authority or bookmaker in question is based outside of New Zealand. Consequently, as long as the New Zealander wishing to place an online bet ensures that they pick an online gambling website that is not headquartered within the country, betting on their websites is completely legal according to the relevant statutory legislations.
Suggested reading: Can I Open Multiple Online Betting Accounts?