Sports betting 101: How to read bookmaker odds effectively

If you’re new to sports betting, odds can look like code, but once you know how to read them, they tell you two things: how much you can win and how likely the bet is to hit. This guide breaks it all down. You’ll learn the three Sportsbet.io betting odds formats, how to read them, and how to calculate your payout.

What are bookmaker odds?

Bookmaker odds are numbers that indicate the likelihood of an event occurring in sports. They help you understand the chances of different outcomes, like which team might win a game. Odds serve two main purposes: they tell you the implied probability and help you figure out potential payouts.

Implied probability

When you learn how to read bookmaker odds, you will see the implied probability of an event. This is Sportsbet.io’s estimate of how likely something is to occur. For example, if the odds are 2.00 for a team to win, it means Sportsbet.io believes there’s a 50% chance of that team winning.

You can calculate this by using the formula:

Implied Probability (%) = 1 / Decimal odds x 100

50% = 1 / 2.00 x 100

The 1 is a constant that represents the ‘whole’ or 100% probability of an event happening. Odds of 2.00 imply a 50% chance of that outcome occurring.

How are odds determined?

To set sports betting odds, Sportsbet.io looks at factors like team performance, injuries, and betting trends. This means that odds can change often, reflecting the latest information. It’s worth noting that lower odds usually reflect the favourites, whereas higher odds suggest the underdogs.

Note: Lower odds are the favourites to win, while higher odds are the underdogs.

How to read and calculate bookmaker odds

At Sportsbet.io, you’ll see odds in different formats: decimal, American, and Hong Kong. Each format shows the same information but in different ways. Here’s a breakdown on how to read them and calculate returns:

Decimal odds

These are bookmaker odds presented in decimal format, such as 2.50, showing your payout for every unit staked. This means that for every 1 USDT you bet, you receive 2.50 USDT if you win (25 USDT = 10 x 2.50).

Formula → Payout = Stake x decimal odds

American odds

American odds have positive (+) and negative (-) values. The former represents your payout for every unit staked. On the other hand, the latter represents how you need to wager to win a payout of 100 USDT.

Formula → Positive odds (bet x American odds / 100)

Negative odds (bet / American odds x 100)

Hong Kong odds

To get HK odds, subtract 1 from the decimal odds. For example, with decimal odds of 1.30, the HK odds will be 0.30. This means that a bet of 10 USDT on HK odds of 0.30 gives you a payout of 13 USDT (10 x 0.30 = 3).

Formula → Payout = Stake x HK odds

Common odds formats in sports betting

In sports betting, you’ll often see the following sports odds formats: decimal, fractional, American, and Hong Kong:

Decimal odds

Decimal odds are one of the most common odds formats you will see. They show the total amount you’ll get back per unit bet. For example, if the odds are 2.50 and you bet 100 USDT, your payout and total profit will be:

Payout → 100 USDT x 2.50 = 250 USDT

(bet x decimal odds = payout)

Profit → 250 USDT - 100 USDT = 150 USDT

(payout - bet = profit)

American odds

American odds can be positive or negative. For example, a wager of 100 USDT on odds of +250, your payout and total profit will be calculated as:

Payout → 250 + 100 = 350 USDT

(odds + 100 = payout)

Profit → 100 x 250 / 100 = 250 USDT

(bet x odds / bet = profit)

If the odds are 150:

Profit → 100 / (150 / 100) = 66.67 USDT

(bet / (odds /100) = profit)

Payout → 66.67 +100 = 166.67 USDT

(profit + original stake = payout)

Fractional odds

Fractional odds are presented as two numbers separated by a slash. For instance, with a bet of 10 USDT on fractional odds of 5/1, you can calculate your payout and profit as follows:

Profit → 10 USDT x 5 / 1 = 50 USDT

(bet x numerator / denominator = profit)

Payout → 50 + 10 USDT = 60 USDT

(profit + bet = payout)

Hong Kong odds

Hong Kong betting odds are similar to decimal odds but less than 1. A wager of 100 USDT on HK odds of 1.50 gives you a payout and profit of:

HK Odds = Decimal Odds − 1

(So Decimal 2.50 = HK 1.50)

Profit → 100 x 1.50 = 150 USDT

(bet x odds = profit)

Payout → 150 + 100 = 250 USDT

(profit + stake = payout)

Betting markets available in Sportsbet.io

Aside from competitive odds, Sportsbet.io also offers various markets to explore. Here’s a rundown of the main ones:

Winner bets → You pick the team or player you think will win. The odds reflect their chances of winning—lower odds mean a higher chance of winning, while higher odds suggest an upset.
Handicap betting → In handicap betting, one team starts with a disadvantage or advantage. This evens the playing field, especially if one team is much stronger. The odds adjust based on this handicap, making it more exciting and balanced.
Match result (1x2) → You bet on one of three outcomes: Team A wins (1), a draw (x) or Team B wins (2). This type of bet is popular because it’s straightforward and offers clear choices.
Total bets → Total bets let you wager on the combined score of both teams. You can bet on whether the total will be over or under a certain number. The odds are set based on teams' scoring history, making it a strategic choice.
Both teams to score (BTTS) → Here, you bet on whether both teams will score at least one goal. It’s a fun way to add excitement to a game, even if you’re not sure who will win.

Sports betting types you can maximise

When you dive into sports betting at Sportsbet.io, you'll also find different types of bets that help you maximise your wagers. While betting markets focus on specific events or outcomes in a single game, these betting types offer different ways to engage with the sport.

Here’s a breakdown of three popular types you can take advantage of:

In-play bets → In-play bets let you place wagers while a game is happening. This means you can watch the action and make decisions based on the flow of the game. The odds change in real-time, adding excitement and giving you a chance to react quickly.
Parlay bets → These wagers let you combine multiple bets into one. You can pick different outcomes from various games and link them together. The catch? All your picks must win for you to get paid out. While this makes it riskier, the returns are bigger due to the higher odds.
Future bets → You place a bet on an event that will happen later, like which team will win the championship at the end of the season. The odds for these bets can change as the season progresses, based on team performance and other factors.

How to know which betting format is right for you?

At Sportsbet.io, you can pick from three odds formats: decimal, American, and Hong Kong, but why does this matter? Choosing the right format isn’t just a small detail—it changes how you read odds, spot value, and make informed decisions.

Here’s how to find the best odds format that suits your betting style the best:

Test them out

Try different formats on smaller bets. See which one feels most comfortable. Pay attention to how easily you can understand the odds and calculate your potential wins.

Explore betting strategies

Different odds formats affect your betting strategies. For instance, if you plan to place multiple bets or parlays, decimal odds simplify your calculations across different bets.

With fractional odds, you might want to focus on single bets where you can fully grasp the value. Similarly, moneyline odds can help in sports where underdogs are common, as they let you see potential profits.

Stay consistent

Once you find a format you like, stick with it. Familiarity helps you make quicker decisions and enhances your overall betting experience.

How to change odds formats at Sportsbet.io?

To change odds formats on Sportsbet.io, follow these quick steps:

Navigate to the sports section of your choice.
Locate the drop-down menu for odds format selection, which is found at the bottom left of the page.
Select your preferred odds format from the options available, such as Decimal, Hong Kong, or American. This will instantly update and display the odds in your selected format across the platform.

Tips to increase your odds of winning when sports betting

Follow these tips to increase your odds of winning when sports betting:

Research

Before placing any bet, research the teams or players involved. Look into their past performances, injuries, and head-to-head records. Knowing these trends gives you an edge. For example, if a team has won most of their last games, they may be more likely to win again.

Understand betting types

Familiarise yourself with various betting types. Beyond winner bets, explore parlay, future, and in-play bets. Each type has unique rules and odds, allowing you to find what suits you best. Knowing the differences also helps you make informed decisions.

Manage your bankroll

Decide how much you’re willing to risk before you start betting. Stick to this amount to avoid chasing losses. If you lose a bet, don’t try to win it back by betting more than you planned. This discipline will help you maximise your betting session.

Bet with your head, not your heart

If you have a favourite team, try to remain objective. Evaluate the game based on facts, not feelings. This will help you make clearer decisions and avoid biased bets.

Take advantage of promotions

Sportsbet.io offers exciting bonuses and promotions that give you a head start. Take advantage of these offers to maximise your potential winnings. Just make sure to read the terms and conditions, as they often come with rules you need to follow.

Keep track of your bets

Note what you bet on, the odds, and the outcomes. This will help you see patterns in your betting habits. Knowing what works and what doesn’t refines your strategy over time.

Stay informed

Stay updated on football news. Injuries, trades, and other events that impact game outcomes. Knowing this info helps you make informed decisions and increase your odds of winning. Follow news sites, podcasts, and social media for real-time updates.

Focus on specific sports

Instead of spreading your bets across many sports, focus on one or two that you know well. This allows you to deepen your understanding and improve your betting skills. The more you know, the better decisions you can make.

Be patient and persistent

Winning in sports betting doesn’t happen overnight. It requires patience and a long-term approach. Don’t get discouraged by losses; they’re part of the game. Stay persistent and keep refining your strategy.

Learn from your mistakes

Every bettor makes mistakes. Instead of getting upset, view them as learning opportunities. Analyse what went wrong and how you can improve next time. This mindset will help you grow as a bettor.

Use betting tools

Sportsbet.io has betting tools that provide insights and help you make informed decisions. Some of the betting tools you can use include:

Betslip → A handy feature that allows you to compile multiple bets from different sports and events into one place. It makes tracking and reviewing your selections easy before placing your final wagers. You can add, remove, or change your bets with just a few clicks, ensuring a seamless betting process.
Bet Builder → The Bet Builder lets you customise your bets by combining multiple selections from the same game into a single wager. This creates higher potential returns as the odds for each selection are multiplied together.
Head-to-head records → This tool gives you valuable statistics and matchups for players, helping you make more informed decisions.

Other Sportsbet.io features you can maximise

To make your sports betting experience even more worthwhile, Sportsbet.io offers the following features:

Clubhouse

The Clubhouse allows you to earn rewards based on your betting activity. This means every bet you make adds to your Clubhouse points. As you gather points, you'll advance through the Clubhouse Tiers and unlock various rewards.

When you unlock a reward, you can select from options like free bets, free spins, free hands, or cashback, each tailored to your betting style. Keep in mind that at the start of each month, your points will reset to 0.

You can claim all rewards again, starting from the Bronze Tier. However, you will retain your current Tier and Points Multiplier, helping you advance more quickly through the Clubhouse.

Club Talk

Club Talk is an interactive forum where like-minded sports enthusiasts can come together to engage in discussions about sports, bets, news, and promos. It's a space for you to swap strategies, share betting tips, and enjoy banter with other bettors worldwide.

Cash out

The Cash Out feature allows you to settle your bets before the event you wagered on is finished. This gives you control to secure a profit or minimise a loss depending on the current state of the event.

For example, if your team is leading, you might want to cash out to lock in a profit rather than waiting for the match to conclude. It's a flexible choice that gives you greater control over your bets. Just keep in mind that it’s only available for selected markets or events.

Maximise competitive betting odds at Sportsbet.io

Enjoy a safe and hassle-free experience as you bet on your favourite sports with crypto at Sportsbet.io. Always check for the best Sportsbet odds and explore various markets to find the best value for your wagers. You can also download our mobile app for on-the-go betting and to claim bonuses to increase your chances of winning.

Frequently Asked Questions (FAQs)

Do you still have burning questions about how to read bookmaker odds? Get quick answers to your queries with these FAQs:

What odds formats does Sportsbet.io offer?

At Sportsbet.io, you can choose from three odds formats: American, Hong Kong, and decimal. Each format shows the same information but in different ways. You can pick the one that feels most comfortable for you.

Do odds change during live betting?

Yes, odds do change during live betting, which means they are updated in real-time based on how the game is going. This lets you find better odds as the match unfolds, allowing you to make quick decisions based on the action.

Can I check the odds history on Sportsbet.io?

Sportsbet.io does not provide an option to view the odds history directly on the platform. If you need specific insights or historical data, contact customer support for further assistance.

Which odds format is best for beginners?

For beginners, decimal odds are often the best choice. They are easy to read and understand. With decimal odds, you can quickly see your total payout for each bet, making it simple to grasp how much you could win.