For beginners: Reading different kinds of sports betting odds
Love for sports is not enough if you want to enter the world of sports betting. Anyone can cheer for their favorite sports teams. However, when money is involved, it’s a different kind of affair. The point of sports betting is to enjoy and have fun, but thriving in it also requires you to wisely measure your chances.
If you’re a beginner, you should know that one of the factors of a great sports betting experience is knowing your way around it. Just because you’re a beginner, doesn’t mean you cannot instantly thrive. Remember that in the end, your basic knowledge in betting is as valuable as your choice of sportsbook. To broaden your knowledge on sport betting, Saibo has the resources you need to get you started.
When you look at odds for the first time on top betting sites like Sportsbet, you may find yourself intimidated by the numbers you see. What do they mean and how do you use them when betting? Read on to learn about the basics of sports betting odds.
Whether you’re doing traditional sportsbet, online sportsbet like on Bitcoin sportsbet, there’s always a set of odds. It gets locked in at the time that the bookmaker accepts your bet. To simply define odds, odds refer to the ratio of the amount of money you get paid relative to the amount of money you risk.
In summary, odds serve you two main purposes. The first is for the computation of payouts or winning wagers. These odds that a bookmaker offers play a big role in determining how much you win. The higher the odds, the greater the chances of winning.
The second is to inform you of the probability of various outcomes. The greater the possibilities of outcomes happening, the lesser the chances of winning.
Sports betting odds play a primary role in leveling the playing field. Sportsbooks encourage bettors to bet on the underdog as much as you want to bet on the favorite. Everyone would always bet on the favorite when the payout is the same for both sides.
Read on to learn about the different kinds of sports betting odds and how to read them.
As its name suggests, Moneyline odds or American odds are the most common format of sports betting odds used in the United States. In general, they are also the most common format used in online sportsbooks.
The odds are displayed as a positive or negative number. The sign of the number denotes whether or not placing a bet on that outcome will result in more payout than you wagered. They work differently for favourites and underdogs.
Another characteristic of this type of odds is that odds are described in terms of the number 100 or ‘in terms of $100.’
Though this may be misleading, it is important to remember that no sportsbook has a $100 minimum bet or requires betting in increments of $100. The value of the number itself indicates the number of dollars you’d have to risk to win $100.
Odds with a negative (-) mean that the outcome will likely happen (favorite). When you place your bet on the said outcome, you will have a lesser payout than the money you wagered. For instance, if you place a $10 bet at -200 odds and you happen to be on the winning side, you would get your $10 back plus $5 in profits.
Odds with a positive (+) mean that the outcome is less likely to happen (underdog). Your payout will be bigger than the money you wagered. If you bet $10 on a +150 bet and you win, you would get your $10 wager back plus profits of $15.
Fractional odds are the traditional format of sportsbooks used in the United Kingdom. They are known for being commonly used in horse racing betting.
Odds quote the net total which will be paid out to you if you win, factoring in your stake. They offer a simple ratio of reward to risk in a positive fraction reduced to the lowest number possible.
For example, a 6/2 bet would be reduced to 3/1. Therefore, a winning 3/1 bet translates to a profit of $3 for every $1. Fractional odds of less than one mean the bet will pay you out a total of less than $1 per dollar risked. A 2/5 bet then means you profit 40 cents for every $1 you risk.
Decimal odds or European odds are said to be the easiest to understand. They are the most common odds format in Europe. Simply multiply the amount you want to bet by the decimal odds offered. This will be your payout.
In decimal/European odds, a 3/1 fractional bet translates to 4.00 odds. Favorite bets are listed as numbers less than 2.00. For instance, a winning $10 bet at 4.00 odds means you’ll have a net payout of $40 (your $10 wager and $30 in profits).
When calculating your potential payout, do not forget to subtract your wager from it. Always remember that the amount you bet is part of the product in decimal/European odds.
Most online betting sites offer options of betting odds formats. You can change the way you want your odds to be displayed. Many find the decimal/European odds format to be the simplest format there is.
For your reference, check out the table below to see how each format of betting odds differ from one another.
|Moneyline/American Odds||Fractional/UK Odds||Decimal/European Odds||Net Payout on a $10 wager|
Again, one of the key conveniences on online sports betting sites like Bitcoin sportsbet is that you can select the betting odds format you find the easiest to read. Most, if not all formats are available so you don’t have to worry about the format. If you want more information, get them all from Saibo now!