|Tuesday 10th May 2022|
Types of Betting Odds In Sports Betting
If you have liked making wagers, be it sports betting, casino gambling, or any other type – it is essential to understand the different odds involved. With India's large betting population, success in predictions largely requires a basic understanding of the primary types of betting odds and the ability to interpret their associated forms.
This article takes you through the different types of betting odds in various sports and points out the major differences.
What Are the Different Types of Sports Betting Odds?
There are three major forms of sports betting odds. They're the Fractional, Decimal, and Moneyline line odds. These odd types merely represent alternate methods of showcasing the same percentage probability and hold no distinctions in terms of payouts. First, however, let's provide a clearer understanding of the different betting rates explained.
What Are Fractional Odds?
Fractional odds are the ratio of profit won to the stake made, and they are quite prevalent among British and Irish bookies. Fractional odds are outlined with a slash (/) or hyphen (-) and are favored for use by some of the largest bookmakers worldwide.
For example, a fractional odd of 7/1 (seven-to-one) means winning $7 for every $1 you bet. In simpler words, it is the ratio of your winnings to the initial bet, which implies that you receive your stake ($1) and a profit of $7, giving a total profit of $8. Hence, if you bet $20 at 7/1 and win, you get $170 ($140 profit + $20 stake).
What Are Decimal Odds?
Decimal odds represent the profits for every $1 wagered. It is sometimes referred to as European, Digital, or Continental odds. These odds are much easier to wager with, common in areas like New Zealand, Australia, and Canada.
What makes them so easy to use is that the favorites and the underdogs in a match can be easily spotted by looking at the number of odds.
Unlike other odd types, this one refers to the summation of payouts rather than the profits. Therefore, you don't need to add your stake money because it has already been added to it. This can make the calculation much better to process, especially for beginners.
The total payout is equal to your stake multiplied by the decimal odds. For instance, let's place a bet between two heavyweights Indian Premier League cricket teams. If their odds are Chennai Super Kings 4.00 and Mumbai Indians 1.30, both odds will represent your potential winnings if you place a $1 stake.
So, if you bet $100 on CSK to win the IPL, you could receive a total profit of $400 ($100 x 4.00). Remember, this amount already includes the initial stake of $100, giving a net payout of $300. Similarly, you could receive a profit of $130 ($100 x 1.3) if you win a $100 bet on Mumbai Indians. However, you get a net profit of $30.
From this example, it is obvious that the bookies placed Mumbai Indians as the favorites to win the IPL.
What Are Moneyline Odds?
Moneyline odds can indicate the amount one needs to stake to win $100 or the amount one would get for every $100 wagered. These different interpretations depending on the positive or negative symbols. They are also called American odds, and they are popular in the U.S.
The odds for favorites are always given a minus (-) sign, and a positive (+) sign accompanies those for the underdogs. Let's explain with a quick example using two IPL teams.
Royal Challengers Bangalore: +585
Kolkata Knight Riders: -760
The odds of +585 for RCB indicate that they are the underdogs of the match. You will have to bet $100 on RCB to make a potential win of $585. If they do win, you get your initial stake of $100 and the $585, giving you $685.
If you bet on the KKR and they attain victory, you would need to bet $760 to win $100. So with your initial stake of $760 + a profit of $100, you'll have $860 in total profits. However, this may appear technical to you as a beginner, the more time you spend predicting games, the better understanding you'd have of these odds.
For many, there is always that quest to start making money from your predictions. Although that isn't a bad idea, it is not the best for you as a professional bettor. However, understanding the game and the different odd types will do you good in the short and long term.
If you plan to enter the betting world, especially in India, it is important to know all the odd types. You'll also have to learn their various conversions and identify favorites and underdogs at a glance. Only then can you place a well-researched and effective wager. Remember that all of these starts with choosing a reliable and licensed gaming platform, especially because of how dicey betting laws are in India.