Different Types of Betting Odds Explained
If you’re planning on betting – be it in a casino, sports betting, or any other type, it is important to understand the odds of betting.
Placing bets smartly requires having a good knowledge of the main types of betting odds and the ability to read and understand their various formats.
There are three main types of betting odds –
- Fractional odds (British)
- Decimal odds (European)
- Money line odds (American)
These methods are different ways of representing the same odds and hold no difference in terms of payouts.
Types of Betting Odds
British Fractional Odds
British fractional odds are the ratio of the amount (profit) won to the stake. They are popular among British and Irish bookies and also go by the name “U.K. ” odds or “traditional” odds.
For any game, they might appear as –
Liverpool 1/3, Everton 8/1, Draw 4/1
The explanation for fractional odds is that the second number you choose is the amount you’re willing to put on stake to win the first number.
That means, if you want to bet on Liverpool to win the match, you’ll have to wager £3 to win £1.
It also means that whenever Liverpool will win, you’ll get your stake money back too.
For instance, if you bet 10 times for £30 and win each time, you’ll see a return of £40.
Similarly, if you bet £10 on Everton to win the match at 8/1, you would win £80 if they did claim victory and you would receive £90 (your winnings and your original stake).
This is one of the systems that many stakers are comfortable with. But it can sometimes be complicated when you see odds such as 25/11 or 85/30.
Over the last two decades or so, Decimal odds have become popular since people have been betting digitally.
Decimal odds can be expressed as Liverpool 1.333, Everton 9.0, and Draw 4.0.
These are the same values as fractional odds just in decimal format
It doesn’t matter how small the stake is, it should be never less than one.
The easiest way to remember it is that the ‘1’ represents your stake. So, if your bet on Liverpool is successful, the amount you get back will be your stake (1) and your winnings of a third of your stake (0.333).
The main benefit of Decimal odds is that they are easy to understand and express, unlike fractional odds which can be a bit complicated when displayed.
American odds are different because they are expressed as either a minus or plus amount.
They’re expressed as
Liverpool -300, Everton +800, Draw +400.
Teams who are odds-on are a minus figure and teams that are odds-against are a plus figure.
The minus figure is the amount you’ll have to bet on to win $100. So in the first case, you’ll have to stake $300 to win the amount.
For the plus figure, that is the amount you would win with a $100 wager, so the Everton +800 is the equivalent of 8/1 in fractional odds and 9.0 in decimal odds.
More Queries Regarding Betting Odds
What do Betting Odds Mean?
Betting odds are the chances of a specific team winning or certain things happening.
How to Read Betting Odds?
For a prosperous betting career, understanding how to read match odds and their operating conditions are important. The good thing is that it doesn’t take much to look over the odds and the math isn’t too complicated. Betting odds vary in different countries which we have seen above. You should consider the method that you can understand very well and that suits your requirements.
How Do Match Odds Work?
Odds represent an adequate outcome in a game. This can be who wins, what events will happen, or combined point amounts.
What are Good Odds?
Usually, good odds are chosen on the betting sites. They depend on the Betting market and the odds available. Good odds could be looked at as the reasonable value for your money because as a bettor, you’re always going to be wanting to maximize your potential profits from a bet. For instance, if one bookie is offering you relatively short odds on a certain selection that is available at much higher odds elsewhere, then this indicates it is a good odd.
There are many different betting markets available on a range of events, and so punters often look around through various bookmakers on a certain selection in the hope of finding some good odds, which could potentially maximize a potential profit.
What is a Sportsbook?
Sportsbooks are a great way to record your history of betting and place your bets. These are available online. Not only do they have plenty of sports, but they also have so many different bets that you can place. It’s important to make sure it’s legitimate in your state, though, so you don’t get into any turmoil.
How to Calculate Betting Odds?
Sportsbooks calculate odds by inserting the amount that will need to be paid out to the amount of money that all bettors have expended. The sportsbooks try to keep both sides as reasonable as possible. Not only will this save them from forfeiting a bunch of money, but it guarantees that anyone who wins can be paid.
Which sports have Fixed Odds?
Almost every sport has fixed odds like cricket, football, hockey, and horse racing.
Can you lose money on a winning bet?
Yes, you can lose money on a winning bet. This can certainly happen when you place multiple bets at once.
Precautions Before Placing a Bet
Consider these factors before placing a bet.
- Only place bets with credible and recognized bookmakers. You may find some online but beware of the fake ones present. They’ll never pay your prize back. So acquaintance recommendations will be very useful.
- Do not answer or approach any email asking for your email IDs, passwords, or any other credentials once you’re enrolled in the bookmaker’s site.
- For sports betting, beginning with the sports that are easy to follow trends can be easily analyzed to make informed decisions.
Be rational and analytical all the time while choosing betting odds and placing bets. Do your research on the bookies as well as the sportsperson you’re placing your bets on to maximize your profits.