Odds are a very important term of sports betting. As a sports bettor, you should understand the odds. Odds can be an internal part of any sports wager and they set a projection about whether a wager is winning or not. Payout of a wager can be calculated by combining the relevant odds and stake. This post has explained the odds briefly, and you can find out the role they play. They are expressed in three formats.
What are the Odds in Sports Betting
In sports betting online, odds serve two purposes. Firstly, they help to calculate the payout of winning wagers. Bookmakers offer odds every time you place a bet. It shows how much money you can win. Higher the odds, more the money you can win at stake. The second purpose of the odds is, they predict a particular happening. They help to make a perfect sense to win less when betting on an outcome is likely, as compared to betting on an outcome that is unlikely. There are three main types of betting odds and they are explained below.
Fractional Odds
Fractional odds are the most used type and they are the traditional format of betting in the UK. Fractional odds make it tricky to calculate potential profits and payout but they are not as much complicated as they might seem. You have to add your original stake to calculate the total potential payout through fractional odds. As the name suggests, these odds present a fraction. 3/1 is a fractional odd. It can be said three to one. With three to one odds, you can win three units for every one unit you have staked. When the odds are 1/1 or one to one then you can win one unit for every unit staked.
Decimal Odds
Decimal odds originated from mainland Australia, Canada, and Europe. Now they have become a standard at most online bookmakers. Decimal odds are very straightforward among all the three types of odds. They are expressed in a single positive number such as two decimal places. The number shows how much is the total payout and they include the original stake per unit. For instance if the winning bet is at 1.5 then it would return a total of $1.50 for every $1 staked. Even money bet is expressed as 2.00.
Moneyline Odds
Moneyline odds are also called American odds and this format of odds is mostly used by US bookmakers. Moneyline odds are expressed either in a positive or a negative number. A positive number shows how much a correct wager of $100 can win and a negative number shows how much is need to place at stake in order to win $100. Odds in the form of +150 mean $150 could be returned in winnings and intake stake of $100 can also be returned. But the odds in the form of -150 means you need to stake $150 to return $100 in winnings.