For the players who are new to the field of betting, they should probably learn firstly about how to make the betting odds work. The betting odds represent the likelihood of the occurrence of an event which helps to determine the amount of money that the players will win if they win the bets. These odds represent the ratio of the amount of money stacked between the betting parties.
There are mainly three betting odds associated with betting, which are as follows, and here’s how to read betting odds.
The fractional odds is also known as the British Odds are presented with a slash between the stake number like 5/1 and are read as five-to-one. This odd helps to calculate the likeliness of a given event to occur. This is generally calculated as let, 5/1 becomes 1/(5+1)= 0.16, which means there is a 16% chance of the occurrence of the event. In this odd, the total return can be calculated as : [Stake × Numerator/Denominator] + Stake.
Here, the numerator/denominator is the fractional odds. The British odd represents the net total of the profit to be paid out to the bettor, relative to the stake. These odds are quite famous among the Irish and British bookmakers and this fact makes it one of the most popular odds worldwide.
The Decimal odds are often used by the Betting Exchange, as it is quite easier to understand than other betting odds. This is also known as European odds and is popular among the countries of Canada, Australia and others. These odds are the ratio of the payout value including the original stake, to the stake itself.
The decimal odds can be calculated by multiplying the initial wager with the decimal value. Let, 2.5 can be calculated as ( 2.5×£10 )- £10 which equals a total of £15 of winnings in this bet calculation. The decimal odds are also known among the users with the name of European odds or digital odds.
Money line Odds
Money line odds are also known as the American odds are quite popular among American bookmakers. Here, the odds are reflected with the symbols plus and minus in front f of the numbers. In this odd, the favorites are represented with a minus sign in front of the number, which indicates the amount of money needed to stake to win an amount of $100.
While, the odds for the less competitive ones are presented with a plus symbol, which indicates the total amount of money won for the staked amount of $100. As the probability of winning for the favorite increases, the distinction between the both, that is, odds of favorite and less competitive increases.
These odds are quite important for the players to understand and comprehend easily for the players who want to enter the betting world as without knowing the works and calculation of the odds the chances of winning highly increases. The sports betting odds are the basics the players should learn before the start of gambling and after that they can go for a deeper knowledge about the other aspects.