For those unfamiliar with consensus betting, it’s essentially a way for bettors to compare their selections to general trends. You could think of it as a guideline for bettors to use when they would like to check a general “consensus” on one game or a set of games. It’s something sportsbooks use as well when coming up with betting lines.
For average bettors, checking the consensus before placing your bets allows you to determine whether you’re thinking with the group or the opposite. You shouldn’t always rely on the consensus though, just because a group of people says a game will finish a certain way doesn’t always mean it’s correct.
Before you look more into consensus betting, let’s go over what it entails and how you can use it to maximize winnings.
What exactly is “consensus betting”?
Say you had a group of 100 people in a room, and they had to bet on whether the Green Bay Packers were going to beat the Chicago Bears on Monday Night Football. After a short time, when all the bets had been placed, seventy-five of the bettors selected the Packers, and twenty-five picked the Bears.
Think of it as you being the 101st person to place your bet, and on the board, you see that 75% of the previous bettors had selected the Packers to win, while just 25% selected the Bears. If you decided to place your bet on the Packers, you’d be betting with the consensus.
It works the same if you decide to bet on the Chicago Bears in this scenario as well. Only then, you’d be betting against the consensus instead of with it. Neither of these things is better than the other, it’s just a tool to use when comparing your picks with fellow bettors.
Where else is consensus betting used?
Traditionally, consensus betting can be used with any sport and even is used when making prop bets. If 67% of the betting population decided to bet that Patrick Mahomes will win the MVP this season, you could use that information to bet with the consensus or against it.
If you’re looking for ways to confirm you’re not in the minority when betting, checking a consensus is a helpful option. Remember, though, these are regular bettors just like you, and they have no impact on the game’s outcome.
Using a consensus picks to your advantage
As stated earlier, a consensus is a valuable tool when deciding which way to bet on a particular game or a set of games. However, a consensus should not be the only way you determine a bet. Diligence and research into trends and how the team has been performing under certain circumstances is still the best way to make your picks.
The best way to maximize winnings with a consensus is with games or sports you’re unfamiliar with. Say you have a growing interest in betting on Major League Baseball but have no understanding of how the game works. If you’d like to, you can dip your toes in the water by using consensus betting to start. You might not win every time, but you’ll begin to learn how to bet on the sport.
How useful are consensus betting picks, and should you incorporate it?
For seasoned bettors, as long as you aren’t solely basing your picks on the consensus, it can be a helpful tool if you’re on the fence about a specific game. It shouldn’t be used as the number one deciding factor, but it has its place in the betting world.
For beginning bettors, using a consensus and winning a bet will bring them the confidence to branch out and make more decisions independently. So, regardless of who’s using it, the consensus can be a vital tool to maximize your wins at the sportsbook.