September 21, 2023

Understanding Sports Betting Odds: The Comprehensive Guide


Understanding sports betting odds

If you are new to the world of sports betting, it can be a little difficult to understand the different types of odds. Depending on where you are in the world, sportsbooks may offer a mix of odds.

If you’re not at all sure, that’s enough to throw you off.

In this guide, we take a look at American odds and how they work with people like this College football lines. We also look at fractional odds, decimal odds and how to convert these different formats.

First, let’s start with the basics and take a look at sports betting odds.

What are sports betting odds?

Sports betting odds are simply deals offered by gambling companies on various sports. Such sports can be from American football to football or tennis badminton.

Odds act as odds, so if the odds are 1/10 and you bet $1, you walk away with $10 plus your original stake.

In its simplest form, a betting company might offer odds for Team A to beat Team B. Depending on where you are in the world, these odds may be presented in different ways, which we will discuss in detail below.

The more certain the outcome, the weaker the odds. For example, if you back Arsenal to beat Forest Green Rovers in the FA Cup, you are likely to be offered very poor odds.

However, the more speculative the bet, the more likely it is. So if, on the other hand, you back Forest Green Rovers to beat Arsenal, you might have a much better chance.

Examples of different sports betting odds

Let’s take a look at some examples of different sports betting odds and explain how they work.

American luck

American odds are arguably the most confusing of all the different types of sports betting odds and are usually in things like NBA. However, once you understand how they work, it’s simple.

With American Luck, all bets are centered around $100. So if you’re backing the favorite, you might see odds like -110. This means that to win $100, you need to bet $110. If your odds were -300, you would have to bet $300 to win $100.

On the other hand, American odds that have a plus sign (+) indicate the potential profit from a $100 bet. So if you back a +300 bet, if you bet $100, you’ll win $300 plus your original bet.

The even bid can be listed as -100 or +100.

If you’re ever in doubt, just remember that odds with a plus sign are usually the underdogs, and they’ll get more profit if the bet is entered. Odds with a negative sign refer to the favorite.

Fractional chance

Another common type of odds offered in sports betting is the odds. With this, the odds are displayed as fractions such as 2-1 or 22-1. The procedure is very simple: you multiply your stock by the fraction. So, if you bet $10 at 22-1 odds, you could walk away with $220 plus your initial bet.

However, fractional chance can work in different ways. Sometimes, they are presented in formats such as 2-7. To find out how much profit you can make, you need to do a quick calculation. Simply multiply your share by the number (which is seven) and then divide it by the denominator, which is two. So if you bet $10, you get 70, which you then divide by two, which gives you $35.

In cases where the fan is predicted to win, you may see odds like 1/10. It just means you have to bet $10 to win $1. Obviously, these types of odds are not the best, but they can work as part of a larger bet like a stack.

decimal chance

The last type of sports betting odds that is commonly used is the decimal odds. This form is based on the amount you will win with a $1 bet. This method makes converting from other formats much easier.

Here’s how it works – with decimal odds, if you’re offered a bet between 1 and 2, that means it’s the favorite. A score of 2 represents an even bet and anything higher than that is poor.

For example, if you get odds of 1.75 and bet $10, the return will be $17.50. This is a simple way to calculate bets and returns.

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