New to sports betting? Is it hard for you to understand how odds work? Don’t worry! We are going to explain in an intuitive way. It doesn’t matter what bet you are planning to make, on casino games, sports bets or any other type, the important part is to stay informed right from the start.
Understanding how things work can be quite helpful. That and some awesome promotions like 500% coupons paired with high-quality games will also do the job for you.
No matter the type of bet you decide to place, make sure that you know all the details. That can be essential if you’re a fan of sports betting.
As we already mentioned, knowing the odds is an important step when you decide to place a bet. Before going further, you must learn that there are three main types of betting odds:
1. Fractional (British);
2. Decimal (European);
3. American (Moneyline).
By learning how they work, you can tell if the bet is worth making. Odds can be used to calculate the winnings wager and to reflect the probability of any particular outcome happening.
To understand better, here is an example. If the best player in the world will compete against the weakest one, it’s obvious that the best one will win the match. This means that the wager on him winning will have low odds, as the wager on his adversary winning will have higher odds.
American odds, also known as Moneyline or US odds, are mostly used in the United States. They indicate in an intuitive way how much the bettor will have to wager to win a certain amount. The distinctive sign that will help you recognize this type of bet is the symbols “+” and “-“ in front of the number. Also, the American odds always use a baseline value of $100.
When you meet the minus symbol, it means you are betting on the favourite and it indicates how much you need to bet to win $100. Also, the higher the value of a number, the greater the chances of winning. For example, “-150” has a better chance to win than a “-100” favourite.
On the other hand, numbers with “+” attached have the opposite approach. Here you are betting on the underdogs, meaning that the higher the number, the larger the underdog. This means that “+300” has a better chance to win than a “+400” underdog.
Common in Europe, Canada and Australia, decimal odds are slowly becoming the most common ones. Why is that? Because they are 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 represents the total return, which means your initial stake is included in the decimal number.
Let’s say your favourite team is playing and the decimal odds to win are 3.00. If you wager $100, the potential return you can make is $300. Remember that also the original stake is calculated into your winnings.
Like the American ones, there are also negative odds called “odds on”. For these, the profit is less than the amount staked.
This type of odds, known also as British, UK or traditional odds are most often used Among Irish and British bookies. They are one of the oldest forms of odds for sports gamblers and are among the most used ones.
As you can see, these odds are displayed as a fraction. 6/1 is “six to one” and it means that you can win six units for every one unit staked. If you meet odds like 5/3 don’t worry, 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”. We can say they are like the positive US odds, the profit that can be won is greater than the staked amount.
Some people find it hard to work with some of these odds, so if you stumble upon the one you can’t figure out, you can use an odds converter to switch them to the one you understand better.
Knowing how to read the odds is a very important part of sports betting because you need to know if you’ll get good numbers out of a bet. Besides paying attention to that, you may want to find out a few information about your team and stay up to date with their matches.