Today, online sports betting is a highly competitive industry. Since this is the case, if you want to operate a successful sportsbook, you’ll require the help of third-party providers. Among those include top betting odds providers to help you run a first-rate platform that provides your users with the most convenient and easiest entertainment.
Odds in sports betting is key to generating high revenue for your betting business. Providing your users with more precise betting odds improves the chances of high user engagement and retaining your customers. The more betting markets and betting options you can provide your customers, the greater the likelihood of boosting your site’s traffic, because more betting markets provide more chances for bettors to use their betting skills. Ultimately, this makes your sportsbook platform competitive and a more reliable choice for users.
Whether you are a seasoned sportsbook operator or if you’re new to the business in need of a betting software platform, this article features information about odds and betting odds API providers to help you choose the most ideal sports data and odds supplier for your sportsbook.
What are sports betting APIs and how can they help you?
What is a sports betting API? An application programing interface (API) for sports betting contains code that can be integrated into sports applications. It displays information about sports team events, which can include live scores, lineups, odds of winning, statistics and so on. In essence, it features real-time scores, game predictions and team statistics.
How do they work?
Sports betting APIs use algorithms to perform calculations and obtain requests to retrieve data from other APIs. The data feeds from these numerous APIs reveal sports scores in real time. A sports odds API is for a business that wants to streamline their coding for retrieving data in their sports betting applications.
Additionally, betting odds APIs are used by traders who require up-to-the-minute sports statistics, historical analyses and predictive outcomes that are based on that data. These APIs may boost the odds for traders who take part in gambling on sports.
Why are they important?
With a sports betting API, sportsbook operators can allow their users to set criteria ahead of time and place bets based on these pre-set triggers. Betting odds APIs make it easier for developers with little experience to code. It provides experienced developers with time-saving advanced functionality to their betting applications. Also, the service of the live score for real-time data can make it possible for traders to make last minute bets.
How to Choose a Betting Odds Provider for Your Online Sportsbook
Just as a simple Google search will provide you with a list of sportsbook white label platform software suppliers, it can also produce a list of betting odds providers. However, it takes more than a simple search to find the providers that will give you everything you need for your betting odds site. Remember, simply because a company knows how to score well with their SEO on Google, doesn’t necessarily mean that they can offer you what you need to run a competitive and successful online sportsbook.
Here’s a look at what to consider when choosing odds sports betting providers:
- Real-time odds that are accurate and precise – Make sure the company provides real-time odds. These are the odds that allow your users to watch odds fluctuate on games and props across all major online sportsbooks, which opens up real-time opportunities for bettors to profit on betting trends. Moreover, beyond real-time odds, the provider you choose should share accurate and precise odds. This is essential if you want to draw a large audience to your platform.
- Support for multiple formats & support for different games – Choose sports betting data and odds providers that support multiple file formats (e.g. XML, JSON, CSV, etc.). The more file formats are supported, the greater your ability to retrieve data with ease and efficiency. Additionally, sports data and odds providers that provide support for multiple types of games, gives your players the flexibility to select from a wide range of sports, leagues and more.
- User-friendly & developer-friendly – Your users need to be able to access and filter what they need with ease from a single channel, such as market types, bet types, underdogs, favourites, etc. Multiple filters improve user experience. Additionally, sports betting odds APIs must be developer-friendly so that they can be easily integrated into your betting software or betting site.
- Player statistics – Player statistics provide punters with the info they need to make a knowledgeable bet on your sportsbook platform. The data and odds supplier you choose must provide player statistics to help ensure you’re a premium online bookie.
- Quick data retrieval rate – Keeping your users engaged is key. Part of nurturing this engagement is choosing a betting odds provider that offers a high functionality system for fast data retrieval rate.
- Team of manual traders – It’s not enough for a provider to have a highly functional odds calculator. The best providers also have a team of expert manual traders who specialize in analytics and stats, double checking all odds to guarantee a smooth operation as well as high risk management.
- High risk management and 24/7 support – High risk management capabilities are a must to ensure secure and safe betting. Top odds providers have quality risk analysts and risk management tools to keep your sportsbook free of security issues. Also, the odds provider you select should provide 24/7 customer support services to you and to help your customers should they ever need it.
Top 5 Odds API Providers for Sports Betting Websites
You will discover that many of the sportsbook white-label platforms TCS reviews use the betting odds services of some of the industry’s top API providers. Among the best sports odds API providers of the bunch include:
Of all available sports data and odds API providers, Betrader is the most well-known and considered by many to be the most reliable. This trusted company covers the data and statistics of over 50 sports, and serves 900+ sports betting operators in over 120 countries.
Don Best Sports
Don Best Sports is the leading global supplier of real-time betting data related to North American sporting events. Their impressive sports data and odds services cover everything from real-time odds to multiple trading solutions. Beyond data stats and odds, this company also offers consulting services.
Goalserve has been around since 2005 and provides Sports Data Feeds API solutions across the globe, and has established a presence in Europe, the USA and India. They offer Live scores API, Live Game stats feeds, Pre-match & In-play data API, and Historical Data for all major sports and leagues. Goalserve offers services in 10+ languages, 24/7 customer assistance, and feeds in XML and JSON formats.
eOddsmaker provides sport betting odds and data including pre-match odds, live scores, live feeds, and payouts feeds that can be delivered in XML and JSON formats. Using the Oddsmaker engine this betting odds API provider delivers compilation and analysis services. Bookmakers can easily integrate eOddsmaker’s database into their applications.
ExeFeed is built on state-of-the-art technology with a high level of accessibility. The company delivers a live betting data feed 24/7 and provides customized solutions tailored to their clients’ needs. By allowing their clients to have a unique offer, this can give them the advantage of setting odds that are more competitive on a single sport, market, match and country.
What Are the Different Types of Sports Betting Odds?
There are three main types of sports betting odds. They are as follows:
Decimal odds, which are commonly called European odds, continental odds or digital odds are a simple and easy odds format to understand. The decimal odds number represents the amount a bettor wins for every $/€1 wagered. They are usually displayed using two decimal places (e.g. 1.80). Decimal odds are common in European countries (hence the name European odds), such as Italy, France and the Ukraine. They are also the preferred choice among Australians as well as many sports betting beginners.
Fractional odds are also known as traditional odds, but are more commonly known as UK or British odds due to the fact that this format is the one most widely used throughout the United Kingdom. Fractional odds are the oldest type of odds, first occurring with horse racing betting. As you might have guessed from the name, these odds are written as fractions, either with a slash (e.g. 2/1) or a hyphen (e.g. 2-1).
American odds, also known as moneyline odds or US odds, are the preferred choice of most punters from the United States. These odds are expressed with either a positive number (e.g. +200) for underdogs or a negative number (e.g -200) for favourites.
Although sports betting odds can differ from one country to the next, the value of the odds do not change. It is only how they are displayed and interpreted that are different. The payout money is the same in all cases. For instance, 1.50 (decimal odds), 1/2 (fractional odds) and -200 (American odds) are the same value.
How Betting Odds work
Real-time odds are important to both sportsbooks and their customers. Providing the odds help you to compete and provide an engaging experience for your users, while for betting customers, odds make it easy for punters to bet on multiple leagues and events.
Before delving into how odds work in betting using the different types of odds as examples, it is important to understand what odds are designed to do.
- First, they flag the implied probability of the bet.
- Second, they announce the payout a bettor can win if they bet on that outcome.
How Decimal Odds Work
Decimal odds are arguably the easiest to calculate of all the odds types. Essentially, the punter simply has to multiply the amount they wish to bet by the decimal odds offered. In short, decimal odds are the direct representation of the amount a bettor can win at every $1 wagered at stake.
|Team Canada 1.80||Team USA 2.0|
If a punter stakes $100 on Team Canada and wins, the bet they will receive is $180 (1.80 x $100 = $180).
On the other hand, wagering $100 on Team USA will return a payout of $200 (2.0 x $100) if that team wins.
How Fractional Odds Work
The best way to understand how fractional odds work is to know the formula. These odds quote the net total that will be paid out to the bettor should they win and factors in their stake. Basically, the total payout = Stake x (Numerator/Denominator) + Stake.
Consider this example:
If a punter backs Southampton, which has odds of 1/5, they will see a payout of only £1 for every £5 bet they make, which translates to a total payout of only £6 for a punter who bets £5 [£5 stake x 1/5 = £1 + £5 (stake) = £6].
On the flip side, if a punter backs Everton, they will see a payout of £5 for every £1 bet. So, if the punter bets £5 and Everton wins, the payout will be £30 [£5 stake x 5/1 = £25 + £5 (stake) = £30].
How American Odds Work
With American odds, a punter does not need to wage the amount equal to the money line. They can bet more or less, with the return linked to their stake. As previously mentioned, American odds are expressed with either a positive or negative number.
A positive number (underdog) indicates how much a bettor might profit if they bet $100.
The negative number (favourites) indicates what a bettor is required to bet to make a $100 profit.
Here’s an example of how it works:
Here, the bookmaker has indicated that the Packers have a higher probability of winning the game compared to the Giants. Therefore, if a punter wants to bet on the Packers (favourites), they would need to wager $130 in order to win $100 for a total payout of $230 ($130 stake + $100 profit won).
Whereas a punter who wagers $100 on the Giants (underdogs), would need to wager $100 to be paid out $260 in addition to getting their $100 back, for a total return of $360 ($100 stake + $260 profit won).
Odds can change
Odds are not set in stone. They can be adjusted by the oddsmaker or the sportsbook. Odds are often adjusted based on the supply and demand change. That said, the point that is offered and the available payout should be streamlined by either the odds providers or the sportsbook, because if betting lines fail to move, there’s greater chances of risk.
Additionally, odds can change as a match or event proceeds, depending on a number of influences that may or may not be directly related to the match or event. For instance, factors that may cause an adjustment of odds may include, but are certainly not limited to:
- Change in weather
- Unpredictable players/participants
- Pitchers, goalies, etc.
- Key players suffering major injuries
It makes no difference if you are veteran business in the online betting industry or a new start-up, choosing betting odds providers is a process that should not be rushed. Take the time to familiarize yourself with the top names in the industry to determine which provider has all the features, tools and services you need and is the most suitable to your offering and target market.
Need help? Our sportsbook platform reviews are a great place to get started and you can always get in touch with the TCS team.