Reading Betting Odds
Reading Betting Odds
If you want to become a good punter, there are certain things of crucial importance that you should learn. For example, knowing how to understand odds is a must for any bettor.
Nowadays, sports betting has become available for a broader spectrum of gamblers due to the overall spread of Internet. You have a unique opportunity to place bets from any spot of the Earth and anytime. Probably, the only problem left is understanding various odds formats. It is worth noting that most of the bookmakers give a chance to switch to the most suitable format, but if they don’t, you should be able to figure out which odds are the most advantageous.
So here’s a brief tutorial about odds formats. This article will be useful for those who are only starting their gambling career, and for more experienced punters as well. Sports betting requires constant learning, and if there is anything you can’t say you have too much in the world of gambling, it’s advice.
At first, you should know that there are three most popular odds formats. They are: European odds (decimals), UK odds (fractions), and American moneyline. Generally speaking, odds are simply a method of indicating the ratio of probability that a particular event will take place or not. The odds are usually used to make it easier for a punter to understand which bet is the most profitable and advantageous. However, you should keep in mind that the bookmakers’ odds are subjective, and none of the bookmakers wants you to be too lucky. That’s why you should learn how to estimate the odds yourself, taking into consideration the odds offered by the most reliable bookmakers.
Decimal Odds are probably the most popular of the three previously mentioned formats, because they are preferred by a broader spectrum of gamblers. The European odds (decimals) are favored in Australia, Europe and Canada. Most of the punters prefer namely this format because it seems to be the most logical and easiest for understanding. If you’re dealing with decimals, you will never be confused, as far as you don’t have to figure out the return of your stake. In order to calculate the winning, you just need to multiply the odds by the value of your bet. For example, if the odds are 1.50 and you bet $50, you will get $75 in case of winning.
Basically, decimal odds are equivalent to the decimal value of the fractional odds, plus one.
Fractional Odds are most popular in the United Kingdom; that’s why they are sometimes called the British odds or the Traditional Odds. Originally, fractional odds were used in horse racing, but nowadays they are available in case of practically any other sports discipline. The odds quote the net total that will be paid out to the gambler in case of winning relative to his/her stake. For instance, odds of 5/1 mean that the bettor is going to get 100 pounds on a wager of 20 pounds. If you want to announce the odds out loud, you should say “five-to-one” (in case of the respective odds).
American Odds are popular mainly in the USA. It is worth noting that they work a bit different from the decimals and fractions. Some bettors know the US odds under the name of Moneyline Odds. The American odds show how much money you would have to risk if you want to win $100. If the odds offered on a result of a particular match/game/race are 150, it means that you need to bet $150 in order to win $100. Of course, you get your original $150 back, and your winnings account for $250. This scheme is used for betting on a favorite.
But if you’re willing to place a wager on an underdog, the odds will indicate how much you will win if you bet $100. So if the odds offered on the result of a particular match/game/race are +300, it means that you will have to bet at least $100 in order to win $300. As a result, you will also get your initial stake back, and your winning will account for $400.
If “PK” is written alongside the odds offered on a match, it means that no favorite is indicated, and you have to choose one yourself.
Betfair is one of the best bookmakers providing amazing live betting possibilities – be sure to check it out if this article got you interested!