- Understanding betting odds is the key to determining which stakes are worth taking
- Odds are displayed in an assortment of different formats, but are easy to comprehend
- You need to use chances to compute the implied odds of a certain results in a sporting event
The main thing when it comes to finding value is to look for the best odds on your choice.
It’s amazing how many odds can change from bookmaker to bookmaker. That is why it makes sense to go shopping. In addition, it gives you the opportunity to take advantage of the bonuses of bookmakers and earn free money.
What are betting odds?
Betting odds are a way to tell you the likelihood of a particular event. In other words, how likely is the event to happen.
The betting market offers you many different betting results. Take, for example, the Match Odds market in football, which presents three options:
- Home team wins
- Guest team wins
Each of them has a different possibility of occurrence, and the probabilities reflect the possibility of each event.
Focusing on just how to learn chances is an essential step into being a successful sports bettor. From discovering the amount of money you would like to bet to finding out that stakes offer you the maximum value, it starts with a good comprehension of chances.
Odds on bets are odds that are likely to occur. The best way to understand how probability works is to imagine that you are betting on the outcome of a roll of dice.
When you roll dice, there are 6 different results: 1, 2, 3, 4, 5, or 6. And they all have equal chances of success. If your choice in the market was 3, then the probability that this event will happen is 16.66%.
Betting odds allow you to display this probability in fractional or decimal format to show you how likely this event will happen.
Thus, in fractional format, the real chances that you throw 3 will be 6.0 or 5/1. To calculate the estimated probability of an event, you need to divide 100% by decimal odds of choice.
How to read odds
What Are Decimal, American & Fractional Odds?
Odds are shown in American, Decimal, or Fractional formats, and serve two different functions:
- They indicate that the implied probability of the outcome they’re connected to
They signify just how much money you can win betting on that result
Your sportsbook may control the odds to incentivize bets on a specific side, and the sum of the probabilities for a single event will constantly surpass 100 percent because the sportsbook takes a cut that is baked into your odds.
What About Decimals?
Decimal odds are popular in Australia, Europe and Canada and most think they’re the most easy format. Almost all online sportsbooks will offer the choice of displaying their odds in the chronological arrangement, that is sometimes known as European Odds inside britain.
The figure is. Chances are comparable to the decimal value of the odds, plus one.
You bet an Chicago Bulls team with decimal odds of 2.00
An effective bet of $100 on the staff results in a win of $100
Total payout = $200 (2.00 x your original wager of $100)
Understanding American Odds
American Odds are mostly popular in the USA here with Sports books as the name suggests. American sports gambling odds work differently for both favorites and underdogs, and are occasionally known as Moneyline Odds.
American chances for gambling on a favorite job by revealing how much you would need to risk in order to win $100. Let’s exemplify that concept with a few football chances. In American Chances, the + and – symbols until the quantity signify if a team is an’underdog’ or a’favorite’ and the calculation to determine the payout is different for the two cases.
The Chicago Bulls are -110 to win Sunday’s game
Placing a successful $110 bet on them yields $100 winnings
You also get you original $110 bet back
Total payout = $210
Things are a little different when gambling on an underdog, because the positive number shows just how much you’ll win should you risk $100. You may observe that this is comparable to’odds-on’ stakes in UK markets.
The Chicago Bulls have chances of +240 that this Sunday
Putting a successful $100 bet will yield $240 winnings
Additionally you get your $100 bet back
Total payout = $340
Finally, Fractional Odds
Called British Odds, UK Odds, or Conventional Odds, Fractional Odds are popular in the Great Britain and are often used at Horseracing . Chances quote the total which will soon be paid out – if they win – comparative with their own stake.
Bournemouth takes on Manchester United from the EPL
Bournemouth’s odds are 5/1, or so the payout will be X 5 in the Event That You back Bournemouth and they win
A $20 bet yields winnings of $100 (20 x 5 = 100)
Additionally you get your $20 wager back
Total payout = $120
On the other hand, a gambler backing Manchester United, that will have odds of 1/5, will observe a payout rate of just $1 for a $5 stake. That means a total payout of 6 to get someone.
It isn’t unusual for the chances to appear repeatedly to events or games with regard. This is sensible once you consider it, as the disparity between teams/competitors’ skill levels can be really large in front of a competition gets unfair.
Online sportsbooks in 2019 will allow you to switch between American Fractional or plagiarize Odds however we’ve provided a straightforward graph to convert between a number of their Decimal. Consider it like a reference guide to sports betting!
Obviously, this does not imply that you may not find chances dissimilar to all people. This graph should provide you with a fast and effortless leg upward you are setting your stakes.
It’s somewhat harder to switch between Fractional or Decimal Odds and Moneyline/American Opportunities due to their capacity to select the kind of negative and positive amounts.
Odds Converter Calculator
Decimal to Fractional
Remove 1 from the decimal and convert to a fraction, then reduce to simplest form:
1.75: 1.75 – 1 = .75 = 75/100 = 3/4
2.20: 2.20 – 1 = 1.20 = 120/100 = 6/5
Decimal to American
To convert a decimal of 2.00 or higher:
moneyline = (decimal – 1) *100
2.00: (2.00 – 1)*100 = 1*100 = +100
3.35: (3.35 – 1)*100 = 2.35*100 = +235
To convert a decimal of less than 2.00:
moneyline = (-100) / (decimal -1)
1.9091 : (-100)/(1.9091 – 1) = (-100)/(0.9091) = -109.99 = -110
1.6579 : (-100)/(1.6579 – 1) = (-100)/(0.6579) = -151.98 = -152
Fractional to American
Over 1/1: Convert Fraction to Decimal and multiply by 100.
Moneyline = (fraction value)*100
7/4: (7/4) * 100 = (1.40) * 100 = +140
6/5: (6/5) * 100 = (1.20) * 100 = +120
Under 1/1: divide -100 by the Fraction as a Decimal.
Moneyline = -100/(fraction value)
1/4: -100/(1/4) = -100/.25 = -400
1/10: -100/(1/10) = -100/.1 = -1000
Fractional to Decimal
Convert the fraction to a decimal and add one.
3/4: (3/4) + 1 = (.75) + 1 = 1.75
6/5: (6/5) + 1 = (1.20) + 1 = 2.20
American to Decimal
Positive Odds (“+”): Divide the moneyline by 100 and add 1.
decimal = (moneyline/100) +1
+100: (100/100) + 1 = 1 + 1 = 2.00
+235: (235/100) + 1 = 2.35 + 1 = 3.35
Negative Odds (“-“): Divide 100 by the moneyline, then add this value to 1.00.
decimal = (100/moneyline) + 1
-110: (100/110) +1 = 1 + 0.9091 = 1.9091
-152: (100/152) +1 = 1 + 0.6579 = 1.6579
American to Fractional
Positive Odds (“+”): Divide the moneyline by 100 and reduce to simplest form
(moneyline/100) -> simplest form
+120: (120/100) = 6/5
+250: (250/100) = 5/2
Negative Odds (“-“): Divide 100 by the moneyline and reduce to simplest form
(100/moneyline) -> simplest form
-120: (100/120) = 5/6
-300: (100/300) = 1/3