There are some elements on the betting sheets or an application that will be unfamiliar to newbies to sports betting. Understanding how betting odds operate and what they signify is among the most essential things to learn. To begin, odds are given in a variety of ways, and the figures represent quite different things based on the sportsbook’s system. American odds, decimal odds, and fractional odds are the three most frequent ways to present odds.
American odds appear to be a little bewildering. They’re more complicated than fractional odds or decimal odds. The odds in the United States are based on $100, but how they relate to $100 depends on whether the bet is preferred or not. The betting odds for favorite bets will begin with a negative number and therefore will inform you how much you must bet to win $100. If the odds or chances are -110, which is a normal number for just a spread bet, you’d have to wager $110 to win $100. If the odds are -200, you must wager $200 in order to win $100. Of course, betting don’t have to be that big, but the proportion will.
Bets with a plus sign are considered underdog bets. The plus odds show you how much money you’ll make on a $100 wager. A $100 bet with +200 odds yields a profit of $200 plus the original $100 stake. You would make a $40 profit if you staked $20.
Even money odds can be written as -100, +100, or EV.
Also Read: Beginners Guide to Sports Betting
The sum a winning bet might receive on a $1 bet is displayed as a single number in decimal odds. If the odds are 6, a successful bet will net a profit of $5 plus the original stake of $1. A favorite bet is one that is between 1 and 2, while an even money bet is one that is between 1 and 2.
When the fractions utilized in fractional odds grow a little unsightly, these are more typically utilized outside the US. For example, American odds of -115 are pretty typical, but in fractional odds, that equates to 20-23. Calculate the return on a $10 betting with odds of 20-23. Ew. The decimal odds would be displayed as 1.87, making the calculation on this $10 bet considerably easier. Multiply the odds by the bet to get the total return, which includes the original stake. Isn’t it much simpler now? The total profit would be $18.70. In this scenario, decimal odds may be preferable.
Outside the US, decimal odds and fractional odds are more popular, but they can also be seen in some American sportsbooks. Both function on the same principles.
Fractional odds are presented as fractions, as the name implies, such as 3-1 or 7-4. The profit is calculated by multiplying a sports betting amount by the fraction. If you bet $10 on 3-1 odds, you’ll make $30 plus get your $10 back.
With 7-4 odds, a $10 bet would return $17.50 plus the original $10. Divide the $10 by the denominator, which is four, and multiply by the numerator, which is seven in this example. That gets you 17.50 when you divide 70 by four.
The denominator of favorite bets will be more than the numerator, such as 1-2 or 2-5. The numerator of underdog bets will be greater than the denominator, as seen in the cases above.
Fractional odds are most widely employed in futures sports betting in the United States, where nearly all of the odds have a denominator of 1, making them easy to interpret.
Getting a break-even percentage via converting odds
Being capable of converting your odds into a break-even percentage, regardless of how they are given, is an important aspect in determining what is a good bet. If the odds are +200, the book is offering you a one-third chance of winning. It’s a decent bet if you believe the chances are higher than that. In poker, for example, this is analogous to pot odds.
Consider a coin toss. You know you’ve got a one-in-two probability of getting heads. It is indeed a good bet if the odds are better than one-in-two. Because sporting events are rarely predictable, you won’t always know the exact odds, but this is an important notion to remember when evaluating a bet, particularly on a money line.
If you’ve a projection model, such as the Slingshot model for forecasting upsets in the NCAA men’s basketball tournament, this approach can be utilized. A % chance of an upset is calculated by Slingshot. Once you transform the odds to a percentage, you may compare that percentage to money line odds. If the model believes the odds are much better than the odds offered by the bet, and you trust the model, this might be a useful tool in determining whether or not to place a bet.