Online sports betting is now legal in almost every country except a few. That is why there are thousands of Internet sportsbook available for 2019. You can gamble on these events, including the English Premier League and the NBA through the Olympics. That means, if any sports is happening in the world, you can bet on that. Gamblers play from different locations and regions, so betting odds are displayed according to the specific location.
As a beginner, it becomes difficult to calculate the odds. Scroll down to know everything about betting odds calculation.
Betting Odds Probability Calculation
The most basic term that betting provides you is to judge or predict the result of a game. And if your prediction is right then you would definitely win the money. Whenever you see two numbers separated by a slash such as 10/1, they are called fractional odds. These numbers explain how the event will happen according to the figures. For example, if there are betting odds of 4/1, we can consider them as A/B. The probability calculation for that event will be like, Probability (%) = B/(A+B). Then 4/1 could be calculated as 1/(4+1) = 0.20, there is a 20% chance that event will happen.
Decimal Calculation
Decimal is common on exchanges which show the betting odds in decimal format. All odds API give you the option to view betting odds in this format. Decimal betting odds are alternative to calculating the odds in fractional format. In our opinion, they are easy to calculate.
Here is the formula of decimal calculation for winning = (odds*stake) -stake. Let us take an example of 9.0 decimal odds. They can be calculated as (9.0*$10 stake) – $10 stake = $80 winnings. There has been a trend to use decimal odds instead of fractional odds because the decimal odds are easy to understand. And one more benefits of using decimal odds are that they calculate winnings and returning stake as well.
Betting Odds Winning Calculation
After knowing about betting odds, as a beginner, you must know how to use betting odds to calculate your winning. That means, how much amount you will get after placing a bet on an event. Let us use the same example which we have used in probability calculation. For example, you want to bet on 4/1 fractional odds, then the winning amount would be like, for every $1 you will win $4. And if you bet on 1/5, then for every $5, you will win 1$. They are sometimes called reverse betting odds.