Odds changes are part of the betting industry and they change in reflection to certain scenarios. On this page, you’ll find out everything you need to know about odds changes, as well as what happens if odds change after a bet has been placed.
What Happens With Changing Odds?
Odds change regularly throughout the week in the lead-up to an event. If the odds didn’t change, then betting wouldn’t be fair on both the bookmaker and the bettor, as someone would be getting the upper hand in terms of the value being offered in the odds.
Odds can change to a smaller or greater price depending on many different factors, which we’ll discuss later on. Some betting markets have lower liquidity than others, which essentially means that the odds can change much quicker depending on how much has been staked on that market as a collective.
In horse racing, odds changes are fast, and you can decide to take the SP (starting price) of a horse when it’s set to run. This means that you won’t have to worry about odds changes in the lead-up to the race, as whatever the SP is on that selection, you’ll be paid out with those odds if the horse wins.
In live betting, you’ll see prices changing regularly throughout the event taking place, as certain scenarios can favour a team or player to win a match. The odds will then be changed accordingly to react to that scenario, but if you place a bet with the bookmaker accepting the odds at a certain price, then they have to stick to the price displayed on the betslip, unless it’s a pricing error which a punter is trying to take advantage of.
If you’re unsure of how odds work, head over to our odds explainer page where our experts discuss it in more detail.
Example
Below, you’ll find some examples of odds changing on an online betting site. The examples we’ve provided are from Sky Bet on an in-play tennis match, and an in-play table tennis match.
What Happens If Odds Change After A Bet?
When the odds change on a betting market that you’ve wagered funds on, there isn’t anything you need to do. If there are odds displayed on that market in the ‘My Bets’ section on the betting site, then you’ll be paid out accordingly if the bet is settled as a winner.
If the odds change just before you’re about to place a bet on a certain betting market, then you have the option to accept the change in odds before you place the bet. You might see that the odds have drifted out to a bigger price and that this might hold more value for you, so you can proceed with the bet. However, if the price shortens, and you’re not sure as to whether it’s worth placing the bet for a smaller return, then you might decide against going ahead with placing the bet you originally planned to.
It’s important to gamble responsibly and with funds that you can afford to lose. If you’re not doing that, then you should seek relevant help from the likes of begambleaware.org.
Why Do Betting Odds Change?
There are many reasons why betting odds can change, and some are easier to understand than others. Below, we’ll take you through some examples of why betting odds change on a betting site.
Change in condition
This is one of the most likely reasons why betting odds change. Conditions such as team/player news, or venue change can result in odds changing with bookmakers.
An example of this is when a star player is set to return to a team sooner than expected. If the punter was quick enough, they could place a bet on that team to win, as the bookies’ original odds might not reflect the true value if the star player was set to make an unexpected return to the team.
Amount Of Money Placed On A Betting Market
The betting odds are likely to change relatively quickly once a certain amount of money has been placed on a selection. This example is dependent on how much has been staked on a certain market.
Mainstream betting markets such as match result, goalscorer odds, and correct score don’t tend to see odds changes as quickly as markets such as statistical-based markets such as team shots and player passes during a match.
Price Errors
These aren’t as common as the other reasons why betting odds change, but they can still occur on certain betting markets with certain sites. If punters wager their funds on a betting market that should already be settled or is incorrectly priced in the bettors’ favour, then these could result in the odds changing after the bet has been placed.
Betting markets such as prop markets have low liquidity at times, and if a large amount of funds was placed on the bet, it could even result in the market being temporarily suspended as the bookmaker looks to adjust the odds after a bet has been placed.
