Different Types of Sports Betting Odds
When entering the world of sports betting as a beginner, many unknowns can confuse you and complicate the betting process. One of the things that can confuse beginners at the beginning is the odds in quality sportsbooks. Because there are several different types of odds used in different parts of the world. If you want to learn more about betting odds, then keep reading this article.
What are odds, and what do they represent? What are all the types of odds there? How much money can you win? These are all questions that may sound very complicated at first glance, but the answers are not that complex. This article will try to explain thoroughly what the odds at betting sites are and what types of them exist, and how to convert them from one type to another.
What are the odds in betting shops?
The betting odds represent the level of probability that something will happen or that something will not happen. In a simple example, imagine flipping a coin. There are two possibilities, to be a head or to be a tail. So there is a 50% chance that you predict what will happen.
Do not mix betting odds with RTP shown in casino games. Those are two utterly different gambling terms. RTP shows potential return to the player that specific games will give at an online casino.
The odds in bookmakers show how likely the particular outcome will happen, but not in percentages, instead of in the odds.
Here is an example:
- The odds of 10.00 represent a 10% chance that something will happen,
- The odds of 5.00 represent a 20% chance that something will happen, while
- The odds of 1.20 represent an 83.33% chance of something happening.
How to calculate potential earnings concerning the odds?
Now that we have explained the probability of odds in bookmakers, we will also explain how much profit you can make in relation to the odds.
We will use the same examples as before:
- With odds of 10.00 for every € you bet, you get €9 net profit,
- With odds of 5.00 for every € you bet, you get €4 net profit,
- With odds of 1.20 on every € you bet, you get €0.20 of net profit,
The formula for calculating the profit in relation to the odds is therefore simple:
(stake * odds) – stake = profit
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Types of Betting Odds
There are three types of the most popular odds at betting sites that you may encounter when you start your sports betting journey.
Decimal odds – we have already explained this type of odds to some extent in this article. They range from 1.01 to theoretically infinity. They are planetarily popular, but they are also called European or continental odds because they are primarily used in Europe. Apart from Europe, they are also popular in Australia, New Zealand, and Canada. The decimal odds represent the gross amount of money a player wins with a stake of €1. So not net profit, but gross profit.
Fractional odds – these odds in bookmakers are used mainly in the UK and can be confusing to players who are not used to them. This odds format was initially used in horse racing betting. It is undoubtedly the oldest form of odds on the bookmaker that exists.
The calculation of this type of odds is relatively easy. Take, for example, the fractional coefficient 15/10. The second number (10) represents your bet (€10), and the first number (15) represents how much you will win if you win the bet (€15). Sometimes there can be problems if you want to convert fractional coefficients into decimal ones. Still, if such a situation occurs, there are free converters on the Internet that will convert your odds with one click without any problem.
American odds – they are also called Moneyline odds. They are used exclusively in the North American market. These odds are designed to represent the amount a bookmaker must invest to get €100. There are plus (+) and minus (-) odds on bookmakers. A large number of betting sites from the American continent use these odds.
The +350 odds mean that you win €350 net profit with €100 stakes, while the -135 odds suggest you have to bet €135 to make €100 profit.
And the odds on bookmakers explained in this way can sometimes be confusing. The good thing is that all online bookmakers have the option that you can choose which type of odds to use and choose the one you understand best. You can read the differences, advantages, and disadvantages between online and local bookmakers here.
How are the odds in bookmakers determined?
The odds represent the value determined by the bookmaker, which shows how likely an outcome will occur. When talking about the odds, it must be borne in mind that bookmakers include in this value the margin, which represents their earnings regardless of the final outcome.
What do bookmakers not want you to know?
Betting sites hide their business and their secrets very jealously. What is essential to know is that sports bookmakers are protected in different ways so that, in the end, they are profitable. First of all, you need to know that playing single bets increases your chances of earning from betting and that playing system tickets is not profitable.
How to make a living from betting?
In order to be able to live from a bookmaker, you need to master a special set of skills and be extremely disciplined. You should never rush and bet emotionally, but if possible, bet with a cool head. This way, you increase your chances of winning at the bookmaker.
How to bet football betting?
If you want to profit from betting, you need to pay attention to your discipline and the quality of the bets you will place. This is the only way to make a profit in the long run. Be smart and never bet with your heart, but with your head.
Where to find best tipsters in the world?
Finding the best tipsters in the world is no easy task. There are many sites on the Internet that are not honest with their users regarding the results they achieve. On our site, you can find honest Tipster reviews with which you can find the best tipsters in the world.