If you’re new to sports betting, it may be quite overwhelming to understand what betting odds are and how they function.
It doesn’t count what bets you are planning to make, on casino games, sports bets, or any other category, the significant part is to keep up with the information right from the beginning.
What are Betting Odds?
Betting odds are the chances of a specific team winning or certain things happening.
Placing good bets requires having a thorough knowledge of the main types of betting odds and the ability to read and comprehend their various formats.
There are three main types of betting odds –
- Fractional odds (British)
- Decimal odds (European)
- Money line odds (American)
By understanding how they operate, you can tell if the bet is worth making or not. Odds can be utilized to evaluate the winnings wager and to indicate the possibility of any particular outcome occurring
Types of Betting Odds.
Let’s acquire some more in-depth knowledge about the three types of Betting Odds.
American odds are also known as Moneyline or US odds and they are primarily used in the United States. They predict in a spontaneous way how much the punter will have to bet to win a significant amount. The distinct signs that will help you identify this type of bet are the symbols “+” and “-“ in front of the digits.
Also, the American odds always start with a minimum wager of $100.
When you see the minus symbol, it implies that you are staking on the favorite and it indicates how much you need to wager to win $100.
Also, the greater the value of a number, the huger are the chances of winning. For example, a “-150” has more of a chance to win than a “-100” favorite.
On the other hand, numbers with “+” attached to them will have the contrary approach. Here you are taking a chance on the underdogs, which means that the higher the number, the larger the underdog. This means that “+300” has a better chance to win than a “+400” underdog.
Widespread across Europe, Canada, and Australia, decimal odds are gradually becoming the most popular ones because they are super easy to understand. They are also known as digital or continental odds.
The decimal odds number is the amount that can be won for every $1 wagered. The number depicts the total return, which means your initial stake is entailed in the decimal number.
Let’s say your favorite team is playing and the decimal odds to win are 3.00. If you bet $100, the likely return you can make is $300. Remember that the original stake is also computed into your winnings.
Like in the American ones, there are also negative odds called “odds on”. For these, the profit claimed is less than the amount staked.
This type of odds, known also as British, UK, or traditional odds is most often used Among Irish and British bookies. They are one of the oldest forms of odds for sports wagerer and are among the most used ones.
These odds are shown as a fraction. 6/1 is “six to one” and it means that you can win six units for every one unit betted. If you meet odds like 5/3, it’s as simple as the first one. With this one, you can win five units for every three units staked.
If the first number of the fraction is larger than the second one, it’s called “odds against”. They are like the favorable US odds, the profit that can be won is greater than the staked amount.
Comprehending how to read the odds is a very essential part of sports betting because you need to know if you’ll get good numbers out of a bet or not. Besides paying attention to that, you may want to find out a few pieces of information about your team and stay up to date with their matches.
Now you have an understanding of the three most common types of Betting odds.
But before you dive in and stake your money, be aware of a few more things and tips that’ll help you in the future while wagering.
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 is a Sportsbook?
Sportsbooks are an incredible way to document 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 legal trouble.
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.
Things To Remember Before Placing a Bet
Consider these factors before placing a bet.
- Do your research properly on the team or player you’re wagering on. Their techniques, forms, history of any injuries, etc.
- 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 much useful.
- Set up a budget for yourself. Once you start betting, there can be no limit to spending money and before you know it, you can go bankrupt. So limit and keep the amount separately on which you want to wager.
- 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 and trends that can be easily analyzed to make informed decisions.
In the end, it’s up to you to be reasonable and logical all the time while agreeing on betting odds and placing bets. Do your study on the bookmakers as well as the sportsperson you’re placing your bets on to maximize your earnings.
Also Read: WHAT ARE CRICKET BETTING ODDS & HOW TO INCREASE CHANCES OF WINNING