Sports Betting - Understand the Odds
Understanding sports betting odds is vital to know before placing a bet. Knowing the odds will help you win bets, win big and also manage your bankroll. In this comprehensive guide to sports betting odds, you'll learn everything you need to know to get started and make informed bets.
What are betting odds?
Simply put, betting odds are a numerical expression of the likelihood of a particular outcome in a sports event. They represent the ratio of staked amounts in a bet between the bettor and the betting agent. For example, with 5 to 1 odds, a team is five times more likely to claim victory than their opponents. Understanding how to read and interpret betting odds is key to developing a successful sports betting strategy.
Every sports encounter, unless where competitors are extremely closely matched, will have a favourite and an underdog. The odds involved indicate the levels of confidence bookies have in each team. Close odds, like 2:1 odds, means the teams are expected to be evenly matched. 10:1 odds, in contrast, show that there is a clear favourite that every punter out there expects to win. Assessing the betting odds themselves is one way to determine the probability that a sports team or athlete will be victorious.
Betting odds change frequently, and there are numerous reasons why. Injuries to players, especially star players, can reduce a team’s chance of winning and therefore impact the odds a bookmaker will set for that team. A scratching of the expected favourite horse in a race will also impact the odds for all other horses in that race.
Betting odds can be represented in three main formats: decimal, American, and fractional. Understanding how to read each format is crucial to making informed bets.
Decimal odds are used throughout the European betting world, with odds displayed as decimal numbers.
E.g. Manchester City $1.50 vs Chelsea $3.00
This indicates that Manchester is expected to win and that a $10 bet placed on Manchester will return $15 and therefore $5 profit ($10 x $1.50 = $15).
A $10 bet placed on Chelsea would return $30 ($10 x $3) and therefore a profit of $20.
American odds are written using a plus or minus sign, and are also called Moneyline bets.
E.g. Manchester City -200 vs Chelsea +200
For negative odds you need to divide 100 by the odds, then multiply that by your bet. Using Manchester’s -200 odds, 100/200 = 0.5
Multiply this with the $10 bet = $5 profit.
For positive odds you need to divide the odds by 100, then multiply that by your bet. Using Chelsea’s +200 odds, 200/100 = 2.0
Multiply this with the $10 bet = $20 profit.
Fractional odds are commonly used in the UK and are widely known as the British format of odds.
E.g. Manchester City 0.5/1 vs Chelsea 2/1
To calculate payout simply multiply your outlay by the fraction.
For a $10 bet on Manchester multiply 0.5/1 x $10 = $5 profit.
For a $10 bet on Chelsea multiply 2/1 x $10 = $20.
Comparing sports betting odds is an important step in determining which team or player to bet on. The odds can reveal which team or player is favored to win, allowing you to make an informed decision about where to put your money. By understanding the different types of betting odds and how to compare them, you can make the smartest bet and maximize your chances of winning big.
Calculating your potential winnings is an essential part of sports betting. By understanding how to read betting odds, you can calculate your potential winnings on any given bet. Different types of betting odds will yield different payouts, so it's important to understand how each type works. With this comprehensive guide to sports betting odds, you'll be well on your way to developing a winning sports betting strategy.
Below is an Odds Conversion table showing the three different types of odds and what they mean in terms of the expected win % of that team or horse.