Odds are a great way to choose the best bets and calculate the probability of a sporting event outcome. Unless you understand how to read the odds, you can never bet with certainty.
Betting odds are displayed in different formats, and here’s how you can understand them.
Fractional Odds
Famous among Irish and British bookies, fractional odds are written with a hyphen (-) or slash (/). If you see a 6/1 on a board, it simply means the $6 you won over the $1 you wagered. In simple terms, it’s a ratio of profit against the initial bet.
The bettor receives an additional $1 along with the profit they earned from the bet. Hence, a total payout of $7. Similarly, if you bet $10 at 6/1, you will get $70 upon winning the bet.
Decimal Odds
Another type of sports betting odds is decimal odds. These odds are famous in Canada, continental Europe, New Zealand, and Australia. It represents the number of wins against every $1 initial bet for the sporting event.
Decimal odds are a sum of the total payout, including the profits. In easy words, the Total Payout = Stake x Decimal Odd Number for the game.
Moneyline Odds
Known as the American Odds, the Moneyline Odds are extremely famous in the US. The favorite odds are represented with a minus (-) sign. The sign shows how much you need to stake if you want to win $100.
Apart from it, the underdog’s odds are represented with a (+) sign. The sign represent the amount you won every time you staked $100 in the sporting event.
The bigger the difference between underdogs and favorites, the bigger the probability of the favorites winning the game. In Moneyline Odds, the bettor gets the won amount along with the initial wager.
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