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Many people still think esports betting comes down to just match-winners AKA moneylines. In reality, though, the variety of esports bets is tremendous. There are lots of options to choose from, deep specials’ coverage, especially during the biggest events in the esports calendar.
Today, we’ll be taking a closer look at something many betting enthusiasts still don’t know much about. As the title suggests, we’re talking about overrounds in betting. Online betting enthusiasts might not be familiar with overrounds and the basic principles behind them so it’s our duty to give you a detailed look.
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Let’s start off with the basic principles behind overround betting.
Over-round bears crucial importance for the bookmakers as it’s the aspect that ensures they will be profitable in the long run. It’s what enables bookmakers to exist and do their business – without overrounds, our favorite pastime just wouldn’t be the same.
If you want a more concrete esports betting academy example, here’s a classic moneyline bet:
For bettors, this means that if they put a $100 bet on team A, their profit would amount to $50. For online esports bookmakers, though, this is basically the percentage chance of team A to win the match.
If we go in deeper and want to calculate the overround for this betting line, we have to divide 1 by each line.
In this case, that would be the following:
The results are basically over-round percentages which represent a fair (AKA perfect book). How come? Well, it’s simple – add both together and you’ll get 100% over-round.
But, in perfect books, bookmakers aren’t guaranteed a profit. That’s why they always skew the books in their favor by balancing out the odds depending on what the punters are backing. Their primary goal is to ensure a healthy over-round which is basically the equivalent of a mathematical guarantee that they’ll be profitable in the long run.
From the bettors’ side of the equation, you want to calculate the overrounds for the bets you want to place and ensure you’re as close to 100% as possible.
How do esports bookmakers achieve healthy overrounds in betting markets?
It’s simple – all they have to do is make sure that the combined implied chance is greater than 100%. The higher it is, the better the bookie’s edge is.
When talking about overrounds in esports betting, there’s another thing you should know about. It’s an extremely rare occurrence that could yield a significant profit for you. We’re referring to the over-broke.
In the simplest possible terms, an over-broke is the exact opposite of an over-round. If the total sum of all implied chances is less than 100%, that means the bookie will be on the losing end no matter the outcome. Of course, these sorts of mistakes are rare, so don’t expect to see it that often.
Overrounds aren’t just worth having in terms of betting on esports games – they are an absolute necessity. Of course, we are talking about this aspect from the bookies’ point of view. Ensuring a healthy overround is achieved takes continuous adjustments which requires additional resources.
But it’s the only way bookies can have a mathematical guarantee that they will end up in the green no matter the outcome.
From the bettors’ perspective, calculating overrounds is important too. By analyzing the odds, implied chances, and overround percentages of bets you’re thinking of placing, you’ll be able to recognize valuable bets and avoid bookmakers that take massive cuts.
In short, overrounds are basically mathematical guarantees that bookies will be profitable with the selection no matter what the outcome is at the end of the day. Bookies are required to balance out the books by adjusting the odds according to the selections bettors are investing in.
In a perfect book, implied chance amounts to exactly 100% (equal chance for both bettors and bookies to be profitable). In a realistic book, though, implied chances are higher than 100% (for instance 105%) which gives bookies a slight edge over the bettors.
Overrounds calculator is surprisingly straightforward. It goes something like this:
In extremely rare cases, bookmakers might have the exact opposite of an over-round. It’s called an over-broke and it’s basically a scenario in which the implied chance according to bookmaker’s odds amounts to less than 100%.
Well, they’re important if you’re an online betting veteran who wants to stay one step ahead of the bookies by analyzing their offers and understanding value bets and cuts. For the average bettor, though, overrounds in betting don’t bear that much importance.
Through our in-depth guides and reviews, we are focused on providing the best insights into esports betting.