Do you want to place a bet on online games but don’t know about the basics like- What are Odds, Types of Odds, and How to Understand Odds. Then I will help you to understand these terms of online betting, which will help you to identify which bets are worth the risk or not.
First, we will discuss -What is Odd in Online Betting? And How to choose a less risky bet, then we will talk about the types of odds, and at last, we will suggest to you some tips and tricks which will help in understanding odds. So first of all, we start with:
What is Odd in Online Betting?
An Odd represents the probability of an event occurring; as per some sportsbooks, the odds have two purposes:
1. At first, they represent the implied probability of an outcome they are related to.
2. And Secondly, they also indicate how much money you will win if your bet wins by betting on those outcomes.
But you should not have to completely rely on odds because some sportsbooks try their best to manipulate the odds to boost the bets on a certain side. Therefore you must have proper information about odds, so now we will discuss the Types Of Odds.
Types Of Odds In Sports Betting?
There are mostly three main types of odds in sports betting: Fractional Odds, Decimal Odds, And American Odds. The Fractional Odds are also known as (British Odds), Decimal Odds are also known as (European Odds), and American Odds are also known as (Moneyline Odds) respectively. Generally, most sportsbooks will display the odds in Fractional, Decimal, or American Odds format.
In simple words, we can consider that the Odds are just different ways of presenting the same item, and it doesn’t have any difference in terms of payouts.
The Odds show the chance or probability of an event occurring, And we can convert and present it in any of the types of odds mentioned above.
Now Let’s understand these different types of odds in detail and discuss how to read these different types of odds in sports betting. Understanding odds is crucial to turn the cards in your favor.
What Are Fractional Odds In Sports betting?
Fractional odds represent the ratio of profit you won to a stake. Fractional odds are widely used in the United Kingdom, Ireland and typically be seen while placing bets on the horse races.
A simple example of fractional odds will be 4/1, which means that if you are placing a single bet, you will receive four times more than the amount you wagered, and you will get your real stake back if the bet becomes successful.
How To Understand Fractional Odds In Sports betting?
Let us Understand Fractional Odds by taking some common terms: Suppose that you place a bid/ stack of $10 at 6/1, and if you win that bid or stack, then you will get a total payout of $70 ($60 profit + $10 stake/initial bid amount).
For calculation of total return on a stake, you can use the formulae mentioned below:
- Total Payout = [Stake x (Numerator/Denominator)] + Stake
- Here: numerator/denominator is the fractional odd (example- 6/1)
What Is Decimal Odd In Sports betting?
Decimal odds generally represent the amount a person wins for every $1 wagered. Or, in simple terms, we can say that with the help of decimal odds, a bettor can calculate the sum they will receive as a payout if they bet a specific amount.
How to understand Decimal Odds Betting?
Using decimal odds is very simple. In Decimal Odds, you just have to multiply the amount of money you are wagering to the odds related to the team you’re betting on.
Let’s take an example:
|Your Bets||The Odd||Your Winnings|
|$50x||1.40 (New York Yankees)||= $70|
|$30x||2.10 (Toronto Blue Jays)||= $63|
Total Payout = [Stake x Decimal Odd Number]
How To Calculate Implied Probability:
The implied probability is an important term that will tell us if a wager can take the risk or not.
With the help of the example we discussed above, we can calculate the implied probability using the following formula:
Implied Probability = [1 / Decimal odds] x 100.
Concerning the above example, the winning implied probability of New York Yankees was:
[1 / 1.40] x 100 = 71.4%
And the winning implied probability of Toronto Blue Jays was:
[1 / 2.10] x 100 = 47.6%
So in the case mentioned above, the New York Yankees have an Implied high probability of winning compared to the Toronto Blue Jays, and therefore it is considered a safer bet.
What Is An American Odd In betting?
An American odds can also represent in terms of plus (+) and minus (-), a negative number on the betting line represents the favorite, and it shows exactly how much you will have to bet to get back a $100 payout.
And in the case of Positive numbers, they show that they belong to the underdog and tell you about how much you’ll win if you bet $100. In both the cases of (+) and (-), you will get your initial amount back, in addition to the amount you have won on your bet.
American Odds are generally represented in (+100/-240) or other three-digit combinations.
Let’s take an example:
|American Odds||The Teams To Bet On||Odds|
How to Understand The American Odds In betting?
Let’s take the above example for Calculating your odds:
So, to win an amount of $100 on the Vikings (favorites), you would need to wager $130, and if the Vikings (favorites) wins/pull off the upset, one gets back their initial stake of $100, in addition to the $130, giving a total payout of $230.
On the other hand, if you want to win a bet of $100 on the Packers (underdogs), then you have to be paid out $260 in addition to receiving your $100 bet back if the Packers (underdogs) win/pull off the upset.
So, that’s all in this article. We hope that now you will have the basic idea about understanding Odds, Types of Odds, and How to Understand Odds. We want to say that If you want to enter sports betting, it is important for you to understand all types of odds well.
Once you have mastered these three popular types of odds, which we have mentioned above, you can move towards choosing a less risky bet.
Now, If you have any doubts or queries regarding What is Odd in Sports Betting? And How to Understand Odds, then comment it down. We will surely help you out.