Sports Betting Odds Explained
If you are reading this article, you probably take sports betting rather seriously. Instead of blindly relying on your favorite team to win, you take the time to learn all about your chances to place a winning bet.
To understand whether you should place a bet or not, you need to understand what the numbers mean when you encounter odds calculations. Before you delve into our complex guides, learn a bit about the general idea behind calculating odds.
Once you do that, you will be able to visit the sports betting section at the casino, such as the Intertops Casino Red, and wager to your heart’s desire!
All You Need to Know
Let’s start with understanding the purpose of betting odds. Those seemingly random numbers that appear on the screen represent two things:- They describe the probability that a certain event will come true
- They give you an indication of how much money you might win if the said event will happen
The more a specific outcome is expected to come true, the less money you will get out of your bet. When you place a bet, you need to find the sweet balance between a realistic result and a worthwhile option, which is hard to do.
To understand your chances of hitting on a win while placing bets, you need to be able to read and understand the stats. There are three possible ways to display betting odds, and you should be familiar with all of them:
- American Odds – If you see a three-digit number with +/- signs attached to it, know that you are dealing with American odds. What those numbers show is how much money you will get by wagering $100. The “+” sign means that you’re probably betting on the underdog, and for a $100 bet you will get a bigger sum of money.
However, if the “-“sign appears on the screen, you will need to invest more money to get a $100 in return, as there are plenty of people who decided to place the same bet as you. All in all, you can use formulas that allow you to calculate your payout rates, whether you choose to place a bet on the fan-favorite or the dark horse. - Decimal Odds – When you see something similar to “1.25” or “2.25”, we’re talking about decimal odds. Most bookmakers use this system, as it is straightforward and allows you to calculate your winning odds quite easily. 2.00 means that you have a 50:50 chance of picking the winning team or player. Any number below 2.00 means that the team has better chances of winning, but it also means your win will be substantially smaller.
- Fractional Odds – Mainly used in association with horse racing, fractional odds appear in the form of funny-looking fractions, such as 8/15 or 9/4. The number to the left of the dividing line represents the number of times your team is expected to lose. On the other hand, the number to the right of the line represent the winning chances.
Therefore, whenever the number to the right is higher than the one to the left, you bet on the crowd favorite. Calculating the magnitude of your win is more complicated when it comes to fractional odds, which is why not many gambling venues use this system.
