What are opening odds vs closing odds?

Opening odds and closing odds are terms commonly used in sports betting and gambling to describe the initial and final odds set by bookmakers for a particular event or outcome. These odds represent the bookmakers’ estimation of the likelihood of a specific outcome occurring and determine the potential payouts to bettors. Here’s a brief explanation of each:

  1. Opening Odds:
  • Opening odds are the initial set of odds that bookmakers offer for a particular event or outcome.
  • They are usually released well in advance of the event, often several days or weeks before.
  • The opening odds are determined by the bookmakers based on their assessment of the relevant factors, such as team or player performance, injuries, and other statistical and historical data.
  • These odds are often subject to change as new information becomes available or as more bets are placed. Bookmakers may adjust the odds to balance their books and manage their risk.
  1. Closing Odds:
  • Closing odds are the final odds offered by bookmakers just before the event begins.
  • They represent the most up-to-date assessment of the event’s likely outcome, considering all available information and the bets placed by the public.
  • Closing odds are often considered a more accurate reflection of the market’s sentiment and the true probability of an outcome.
  • The closing odds are used to determine the payouts for winning bets when the event is settled. They are fixed at the time the event starts and will not change further.

The difference between opening odds and closing odds can provide valuable insights for bettors. If you see significant movement in the odds between their opening and closing values, it may indicate a change in the perceived likelihood of the outcome or the influence of significant bets being placed by the public. Understanding how odds change over time can help bettors make more informed decisions when placing their bets.