Different Types of Betting Odds Explained
Bettors need to understand the betting odds that bookmakers and exchanges offer, in order to have the ability to look at the same lines offered by other suppliers and make an informed and educated decision with which one to go.
Bookmakers and exchanges offer many different types of odds. No matter the type which is used, the likelihood of winning is always the same. It is simply the presentation that is different.
Nationality, the bookmaker/exchanges let bettors choose with which type of bet to go.
Once you get at the point when you can understand the different types of odds and calculate a certain payout, you’re ready to look at the odds that are offered by the various bookmakers and trades, which will enable you to find the best options.
It is essential to learn to convert betting odds. To make this easier for you, we have prepared an easy-to-use odds converter which will help you calculate the odds.
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There are three different types of sports betting odds that are used:
Betting odds as a percentage
The betting odds represent the chance of an event occurring – how probable it is. Each of the outcomes has a certain chance of occurring and the betting odds represent this chance.
It is important to note that odds are not normally represented as percentages, despite showing the probability of an outcome better than most formats, as they are harder to compare.
To calculate the return using percentage odds, first convert to decimal odds and then multiply by the stake.
(100 / percentage) * stake = return (including stake)
What is Decimal Betting Odds?
A decimal odd represents the potential return of a particular bet plus the stake. Decimals are the most popular types of bets, as they are the easiest to compare between the different bookies and exchanges.
The potential return of a decimal odd can be calculated simply. All you have to do is multiply the amount you wish to bet by the decimal odd that is offered.
odds * stake = return (Including stake)
What are Fractional Odds?
Fractional odds are used mainly in the UK on horse racing events. These types of bets are less popular as they can be quite difficult to compare between the different providers.
The odds that are displayed show the profit you would receive for a winning bet relative to your stake.
Fractional odds are usually displayed in the following format: 10/1 or 7/2. Other might appear the other way around: 1/10 or 2/7.
The simplest way to understand this format is:
Your profit / your stake
What are American Odds?
American odds or money line odds are quite popular in the U.S. They are usually expressed with either a positive or negative number. A negative number means that what you must bet to make a $100 profit, while a positive number will show you how much you might win if you bet $100.
Remember, you do not need to bet the amount equal to the money line, you can make lower or higher bets, with the return linked to your stake.
American odds are calculated in the following format:
(100/negative money line odds) * stake
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