If you are new to sports betting, you might be wondering what other bettors and bookmakers mean when they say “odds.” In a general sense, the odds are pretty simple to understand: it says the probability that one team would lose or win against the other. Like in the phrase, “the odds of winning,” odds in sports betting works the same easy, too. If you want to go deep into the world of sports betting, it is important that you not know what odds are, but you must also know and understand how it works, so you can even have it work to your advantage.
Another reason why knowing and understanding odds is important is that this can be a tool for bookmakers to either make you win bigger or smaller, depending on how they wish to manipulate or present the odds to their bettors. Some bookies offer better odds, and some do not. This is one of the reasons why it is important for you as a bettor to try to find the best bookmaker that will give you the best odds. Good review sites like Nostrabet will be able to provide helpful insights and tips on the best bookies you can sign up to so you can start betting on sports.
Before discussing the different kinds of odds, it is better to understand what odds in sports betting are, and how they work both for bookies and for you, as a bettor, as well.
As already mentioned, odds are, in a simple way of putting it, is the probability of a player or a team winning the game. Good odds are not simply based on personal predictions of the one presenting it, although personal bias also plays a factor in how odds are calculated. Some of the factors that affect the odds include, but not limited to individual player statistics, team statistics, playing history of both players and teams, the playing conditions of the game, and even the level of popularity of each team that will play the game.
Here are the different kinds of odds, how they are presented, and how you can interpret each of them.
Moneyline odds are also called the US or American odds, mainly because these kinds of odds are used mostly in the United States. Moneyline odds are divided into two categories, the favorites (presented with a “-” sign) and the underdogs (presented with the “+” sign).
In Moneyline odds, the absolute value of the odds, regardless of the sign, tells how much you can win for every $100 you wager. For example, and odds of +200 means you get $200 profit for every $100 wager you place, should you win the bet.
Fractional odds are presented as a fraction and is mostly used in the United Kingdom.
Fractional odds tell the bettors the percentage of what they would win, should they make a winning bet. To better understand this, take this situation as an example: An odds of ½ means that a bettor would win $1 for every $2 they bet. Thus, they are bound to get a total payout of $3 if they win the bet.
Decimal odds are also called European odds, although it is also used to present the odds in games played in other countries such as Australia and Canada. Some people call decimal odds as the type of odds that are the easiest to read since it simply presents the rate of the winnings the bettor would get should they win the wager.
To better understand this, take this as an example: if you bet on a player or a team with an odds of 2.0, and you win the bet, you get twice as much as the amount you wagered. Thus, if you bet on a 2.0 odds with $1090 and won, you get a total payout of $300–you get back your $100 wagered, plus the $200 profit.