There are some punters who favor taking the long walk to the betting hall other than engaging in online betting. A high number of punters who do favor betting in brick and mortar sportsbooks over online bookmakers argue that at times, their winning bets come from comparing what other punters are betting on. When they see a high number of punters inside betting halls placing bets for the home team, they also are swayed to go that route as fellow punters would have compelling reasons to back the home team. While this has been the case for so long for punters who bet in brick and mortar establishments, their online counterparts didn’t have such opportunities. Stuck in their homes, they would simply make up their minds on the team they want to bet on without seeing or hearing the input from other punters. This, however, is no longer the case thanks to the emergence of consensus picks.
Consensus picks is a tool integrated at online bookmakers which allows them to publicly showcase the number of wagers being placed on one team or its opponent. The wagers placed on one team or its opponent are showcased in percentage form hence the reason consensus picks are also referred to as betting percentages. Just by viewing the betting percentages, punters can get an idea into what’s going on at the sportsbook – the team that most punters are backing to win.
Another crucial significance of consensus picks is that it allows punters to know and understand the reason for line movements. Suppose the odds for the Patriots start at -7 and then move to -8 after a while, by just looking at the betting percentages, punters may realize that a high number of other bettors are backing the Patriots hence the line movement in their favour.
Consensus picks in some circles are also referred to as betting percentages. What this means is that the sportsbooks compile in percentage form all the wagers for all events. Suppose, there is a match between Green Bay and the Tampa Bay Buccaneers, a sportsbook will compile all the wagers placed on the event for each particular market. Suppose the market is the moneyline market, the sportsbook will using percentages showcase the percentage of punters who are backing the Green Bay and the percentage of punters backing the Tampa Bay Buccaneers. This percentage will be showcased on the site publicly to allow all punters to see the team that’s being backed by a high number of bettors.
Typical markets in consensus picks
The most favoured betting market when it comes to consensus picks is the moneyline bet. The moneyline bet as many punters know is available across most sports from the NBA, NFL to the MLB. What this, therefore, means is that punters can use the consensus picks when looking to place moneyline bets on any sport they may think of.
While the moneyline market is certainly favoured when it comes to consensus picks, punters also ought to know that consensus picks has ushered in a new type of betting market. This market is known as ‘betting with or against the public’. When it comes to this market, the punter may choose to bet with the public. In this case, the punter will simply be stating that he is backing the team backed by most punters (with the highest percentage) to win the game. The punter may also choose to bet against the public. Here, the punter will simply be stating that the team with the least backing of punters will win the game. Betting against the public is also known as ‘fading’.