Regardless of the type of betting you plan on starting, you need to understand the odds. Placing a bet without knowledge of this is absurd and makes no sense. Without understanding and being able to interpret the odds, you’re going to have a difficult time placing a winning bet.
To start with, there are three main types of odds, namely fractional odds, decimal odds and Moneyline odds. Essentially, they all represent the same thing, and the pay-out should be the same regardless. The odds simply tell you the likelihood of a certain outcome.
Understanding Fractional Odds
These are the most traditional odds most often used around the world, often referred to as British odds. They’re either written with a slash or hyphen, for example, 5-1 or 5/1. This is then expressed as a 5 to 1 chance. This means that you will win $5 for every $1 you bet should the odds be in your favour – resulting in a pay-out of $6. If you were to bet $10 following these odds, your pay-out would be $60.
If you understand the game and the odds associated with the specific sporting event, you will be able to make a well-informed decision and increase your chances of winning.
These odds are commonly used in Europe, Canada, New Zealand and Australia and are also referred to as European odds. They are easier to understand as your profit is already included in the number. For example, if you bet $100 on 4.00 odds, your pay-out will be $400.
These odds are popular in America and are often referred to as American odds. If the value has a minus in front of it, it means that that team is the favourite to win while a plus sign indicates the underdogs. The pay-out calculation is a bit more complex here. If team A has an odd of +485 and team B has an odd of -660, then team A is less likely to win based on those odds. If you were to bet $100 on team A, should they win you will receive a pay-out of $585. Whereas if you were to bet on team B, you would need to bet $660 to win $100 and receive a total payout of $760.
Much Of A Muchness
Whether you’re using fractional, decimal or Moneyline odds, it all boils down to the same thing – the calculation behind it simply differs. As you can see, each type of odds follows its own methodology which you need to understand if you are planning on making a profit. If you don’t understand the odds, then you can’t interpret them and won’t be able to make a well-informed bet. Start with the basics before moving onto more complex betting odds.