Sports Betting Odds
Sports Betting Odds
Odds are an important part of sports betting. They determine the worth of any wager. Basically, the possible payout of your sports wager is calculated based on the combination of your stake and the applicable odds. In this post, we will explore the different aspects of odds, including the definition and the specific role they play in sports betting. We will also check out the different formats that you may come across when betting with a bookmaker.
What are Betting Odds?
Odds are terms used in betting and they generally do two things. First, odds are used to calculate the payouts from a winning wager. Whenever a player wagers a bet with a bookmaker, they are given odds and these affect the winning the player makes at the end of the day. Technically, the higher the odds, the higher the chance of the win you make.
Second, odds indicate the probability of any specific outcome occurring. The higher the chance of an outcome occurring, the lower the odds will be. For instance, in a soccer game where a player that ranked first in the world is placed against a player that ranked 200th, it makes sense to assume that the player that ranked first will win against the player that ranked 200th. In this case, a wager on the highly ranked player will have very low odds while the odds for his opponent will be higher. This gives a broad idea of the purpose of odds in sports betting with bookmaker.
The basics of odds are pretty simple but the complexity has to do with the fact that there are three formats of odds that can apply. These are Decimal Odds; Fractional Odds; and Moneyline/American Odds. In the course of your sports betting with bookmaker, you will come across each of these three formats at some point. Therefore, it’s important that you understand each of them.
• Decimal Odds
These are used mostly in Canada, Australia, and mainland Europe but over time, they have become the standard at many bookmakers online, except some United States betting websites. Decimal odds are expressed as single positive number, generally in two decimal places. For instance, in a game between Sharks versus Kings with a 2.30 and 1.70 decimal odds and a winning of $130 and $70 respectively at a betting of $100; this implies that a winning bet of 1.5 technically returns a sum of $1.5 for each $1 wagered. The winning bet of 2.25 on the other hand will return $2.25 for each $1 wagered. An even bet will be expressed as 2.00.
• Fractional Odds
These are the traditional format in the UK. The calculation of potential payouts with fractional odds is a bit complex but the fundamental principle is not. Fractional odds reflect the potential profit a player can make. The odds are reflected in fractions. For example, 3/1 (three to one) means you can win three units for each unit wagered. However, in a situation where you have 5/2, 11/10, or 6/4, the calculation will become a bit complex but the principle is the same.
• Moneyline/American Odds
This format is commonly used in the United States and can be reflected as either negative or positive. A negative number reflects the amount a player has to stake to win $100 and a positive number reflects the amount that a correct $100 wager will win. For instance, if you come across +150 odds, it means that a bet of $100 might return $150 winning, in addition to the original $100 wagered. -150 on the other hand would mean you have to wager $150 in order to return winnings of $100, in addition to the original $150 wagered.
This explanation above is the basics of sports betting odds with bookmaker.