Simple And Quick Guide To Understanding Online Sports Betting Odds
Any online gambler who is interested in sports betting must be able to understand betting odds. This knowledge is essential. This is an essential requirement that must be met.
You can learn how betting odds work and, most importantly, what betting formats work. This will help you to determine your potential profits or losses. A better understanding of betting odds can help you make a better decision when you do your team analysis. This will allow you to make better decisions and not rely on luck.
Different odds format
Different kind of odds format exist. There are many formats available for bookies. It depends on the area or region where you are betting. Some formats are more popular than the other. While there are some bookmakers that offer odds conversion tools, not all providers of sportsbooks have them. Resorting into manual conversion does not help that much as this will only consume your effort and time.
For your reference, here are the odds formats you need to know.
Decimal odds
As the name implies, this odds is written in a decimal format. This format is preferred by bettors from Australia, Canada, and Europe as it makes it easy to calculate their potential winnings.
The formula that it follows is stake x odd = payout
If you bet $500 on a 2.50 chance, your payout will come out to $1250.
Fractional odds
Considered as one of the oldest betting formats, this is widely used in the United Kingdom and Ireland. It is also used in horseracing and apparently, it follows a fractional format. This is also known as traditional odds. They also show you the total payout that you will get, relative to your stake. If you bet $200, you'll get a 2/1 traditional odds.
American odds
American odds or moneyline is a popular betting format in the United States. Favorites are marked with a negative (+) sign. Higher numbers have a higher chance of winning. Therefore, a -300 is more likely to win than a -200.
When it comes to the underdogs, the positive (+) sign is utilized. Here, numbers with a higher value is less likely to win. https://georgiacompetitiveness.org/filed-under-start-small-but-big-fun-with-the-john-morrison-sports-betting-champ-and-sports-betting-professor/ So between a +200 and a +300, it is the former (+200) which shows higher winning possibility.
It uses a $100 baseline, which means that you have to risk $300 in order to win $100 in a bookie.
On the other hand, for a +200, this means that you will only risk a $100, but win $200.
Hong Kong Odds, Malay Odds, Indonesian Odds
The odds of Hong Kong are very similar to UK ones, but they are displayed in decimals.
Like American odds, Indonesian odds can also be expressed in negative or positive. Its baseline value is however 1.
Malay odds are simply the opposite of Indonesian and American odds.
You may need to take some time to get used the odds format. But mastering them will definitely make you a wiser and better punter.