Being a noob in sports betting and understanding betting odds is a little bit of fun, and challenge. It is important to know that different odds exist depending the location where you are betting.
Understanding betting odds is a must for any online sports betting enthusiast. Gaining such knowledge is not an option. It is an important requirement that should be observed.
To know how betting odds and most importantly, betting formats work, guides you on your possible gains or profits. As you perform your team analysis, a better understanding of betting odds will help come up with a better decision. In this manner, you are no longer required to depend heavily on luck.
Different odds format
Different kind of odds format exist. The formats utilized in bookies vary. It depends on the area or region where you are betting. Some formats are more popular than the other. Although there are bookmakers, which provide odds converting tools, not all sportsbook providers have them. Resorting into manual conversion does not help that much as this will only consume your effort and time. Thus, for reference’s sake, here are the different odds formats that you must understand.
As the name implies, this odds is written in a decimal format. Bettors from Europe, Canada and Australia favor this format since it gives them an easy time to computer their possible winnings.
The formula that it follows is stake x odd = payout
Therefore, if you place a $500 on a 2.50 odds, your payout will be $1250.
Considered as one of the oldest betting formats, and since the World Cup is near these are also used as world cup betting odds and this is widely used in the United Kingdom and Ireland. It is also used in horseracing and apparently, it follows a fractional format. This is also called as traditional odds. They also show you the total payout that you will get, relative to your stake. So, for example if you see a 2/1 traditional odd, this means that you will get a $400 profit if you place a $200 worth of bet.
American odds or moneyline is a popular betting format in the United States. For favorites, a negative (-) sign is attached to the number. The higher the number value is, the higher the chance of winning. Therefore, a -300 is more likely to win than a -200.
When it comes to the underdogs, the positive (+) sign is utilized. Here, numbers with a higher value is less likely to win. So between a +200 and a +300, it is the former (+200) which shows higher winning possibility.
Since it uses a $100 baseline value, this means that in a -300 favorite, you must risk $300 to win $100 in a bookie.
On the other hand, for a +200, this means that you will only risk a $100, but win $200.