What is Favorite Betting?
In sports wagering, the term favorite betting means placing a bet on the outcome with the shortest odds – i.e the result most likely to happen.
Many believe that for this reason, favorite betting is typically only favored by casual players or those with a bit of time to kill, and not by more seasoned individuals. The latter will understand that consistently betting on the favorite is unlikely to yield significant positive outcomes. However their may be occasions where even the seasoned pro finds value in the favorite, such as in the case with the Floyd Mayweather, Conor McGregor fight in 2017, when many professional gamblers saw value in the odds on Mayweather.
Favorite Betting Explained
The term favorite betting is most commonly used in the sports betting field to mean a bet placed on a team, horse, or outcome (goals, for example) expected to win or occur.
For this reason, favorites to win are assigned specific odds that reflect their likelihood of winning. Heavier favorites are sometimes referred to as “‘the chalk’. Because favorite betting is a pastime utilized by the majority of less-practiced gamblers, bookies can often make a lot of money – particularly if the favorite is upset by a surprise winner.
Whether betting the favorite is a good strategy or not is a point of contention among seasoned gamblers. As a general rule, only betting on favorites will not serve the bettor well in the long run.
A good example of this is betting on a favorite horse with -200 odds. This means that the player would be required to bet $200 every time to win $100. Any time the favorite loses, the player will need to win a further two bets at the same odds simply to make back what they already lost. Needless to say, favorite betting can, if it leads to a losing streak, quickly dent the player’s finances.