Betting Odds Explained [Guide]

It can be confusing to place sports betting odds. Online sportsbooks offer many options that can overwhelm beginners, no matter their level of expertise. When betting on sports, there are many things to consider – the type of bets, the event, and even the odds. Understanding how betting odds work will help you determine the value of your stake. It will also help you make informed decisions before you stake any money.

This guide will help you to improve your betting strategies. You’ll first learn about sports betting odds and their workings. Next, we’ll discuss the various types of odds as well as how to read them. Also, we will show you how to calculate your payout based on the stake. We will also show you how to calculate implied probabilities. For those who are just starting out, we have a step by step guide to help you make your first sports bet. There is also a FAQ section that answers many of the most frequently asked questions by Filipino players.

What are the betting odds?

If you are able to correctly predict an event’s outcome, you can make a profit with sports betting odds. Higher odds mean higher chances of winning. The reverse is true: the higher the odds of winning, the greater the payouts. Based on the likelihood of winning, there are three types of odds:

  • Even odds. Even odds. In this instance, you can choose to use either the decimal or fractional format. The stake will determine how much you can win.
  • Long odds. Long odds are when an event is statistically less likely. This means that you could win more than you might otherwise. This means that the payouts are higher. The risk of losing is higher than with even odds.
  • Short odds. Operators give shorter odds to events that have a greater chance of happening. The event is more likely to occur, but the chances of winning are smaller.

Different types of sports betting odds

The odds of you winning at sports betting may vary depending on where you are located and the operator. The odds presented by European sports betting sites are different to those displayed by Asian bookies. Before you begin betting, you should be familiar with the following formats.

Fractional Odds

Fractional odds is one of the most well-known and oldest forms of sports betting. It is most commonly used in the United Kingdom, and other commonwealth nations. Two sets of numbers can be separated by a slash (e.g. 2/1 is pronounced “two-to one”

This is how it works: For every $1 wagered, you receive an additional $2 and the $1 staked. Only if your wager is successful. Alternativly, you could calculate fractional odds by multiplying the stake by the first number and then subtracting by the second number.

Decimal Odds

Most decimal odds are found in European countries. Decimal odds are often referred to as European, continental or European odds. Decimal odds, as the name implies, are presented with a decimal mark to distinguish the pay-out total and original stake. This number includes the stake amount and indicates the potential total payout. The total return on a stake is calculated as follows:

Total Return = stake x decimal odd number

A winning wager at 2.5 would yield $2.5 per $1 staked.

Last Updated on October 11, 2021

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