Betting odds may seem complex to a new bettor, but are actually the principle calculations in sports betting. Before stepping in, every newcomer must learn the betting odds in sports. All sport events have unpredictable outcome due to entirely a human activity.
What are betting odds?
Betting odds are the statistics that predetermines the outcome of certain events like games and sports. In sports betting, odds are numerical representation of your chances to win. Betting odds calculate the amount of money the bettor can win for each of their correct predictions.
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How do betting odds work?
Different countries follow different forms of betting odds.
There are three main types of betting odds –
- Fractional odds – These are represented as fractional numbers like 10/1 or 10-1. Here, 10/1 fractional odds for an event means that if you win the bet, you will make a profit of $10 for every $1 bet. It means your net winning amount will be $11. The fractional odds show your profit amount only and not the total return.
Formula: Net Return = [Stake x fractional odds] + Stake
You can also calculate the percentage of your chances to win. If X/Y is the fractional odds provided by the bookmaker, then Y/(X+Y) is multiplied by 100 to get the winning probability. In the above example [1/(10+1)] x 100 is equal to 9%, which means that there is 9% chance that you will win the bet.
- Decimal odds – Decimal odds represent the amount you can win for every $1 bet. Unlike fractional odds, decimal odds are your total return including your profit and bet amount. The decimal odds of 5.00 for an event mean that you can earn a net pay-out of $5 for every $1 bet.
Formula: Net Return = Stake x decimal odds
- American or Moneyline odds – They are quoted as positive or negative values like +100, -400 and so on. The positive American odds show the winning amount for every $100 bet whereas negative American odds provide the required bet amount to win $100.
You can use online bet calculators and converter tools to transform one type to the other.