Betting Odds Comprehensive Guide For Novice Punters

February 16,2024
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Oscar Holt

Understanding Betting Odds: A Beginner's Guide To Navigating Wagers

Several things come together to make up sports betting. That said, some of these elements are more important than others. On the more critical side of things is betting odds. Because of this, anyone who wants to pray about making it in sports betting needs to take understanding betting odds very seriously. Here’s a comprehensive guide for novice punters looking to up their game in this regard!

Understanding Betting Odds – Everything You Need To Know

Betting odds form the backbone of any sports betting exercise. This is because these odds not only tell you what you stand to win, but can also indicate the likelihood of specific outcomes occurring. As such, it’s simply vital that you know how this variable works. On that note, there are various types of betting odds formats. The three most popular ones are:

#1 – The American Odds Format

Sometimes referred to as moneyline odds, these types typically feature a positive or negative symbol in front of a number mirroring 100. Odds with a negative symbol are usually assigned to favorites. These odds indicate how much a punter has to wager to win $100. So, if you see a team with -200 odds, a bettor must stake $200 to win $100. Odds with a positive symbol are assigned to underdogs. These values show how much you stand to win when you stake $100. Consequently, if you see a team with +150 odds, you only need to bet $100 to win $150.

#2 – The Decimal Odds Format

The eponymously named decimal odds are marked by odds that appear in decimal form. This is arguably one of the most popular odds formats in the entire world. A significant reason for their popularity is that understanding how they work doesn’t take much effort. A punter must multiply the size of their stake with the decimal odds given for a particular event. Then, subtract the value of your stake from the answer you get to know your profit. So, if you want to bet $100 on a game with 2.50 odds, you do this:

$100 x 2.50 = $250

$250 - $100 = $150

This means that when you bet $100, you will get a $150 profit.

#3 – The Fractional Odds Format

This odds format is more common in the United Kingdom and surrounding regions. The odds appear in fractional form and aren’t too difficult to calculate. The best thing to do here is to consider the value of the numerator as how much you will win and the value of the denominator as how much you stake. So, if you are given fractional odds of 10/1, you will be rewarded $10 (excluding your stake) for every $1 you wager.

Calculating Implied Probability

Probability simply refers to the degree of likelihood that a given event will come to pass. It always helps to know the implied probability of every game you intend to bet on. Calculating probability is most accessible with decimal odds. You calculate it with the formula:

(1/odds) x 100

So, if you’re given 3.5 odds that Man City will beat Liverpool, the implied probability of that happening is:

1/3.5 x 100 = 28.6%

Making Your Betting Odds Work For You

Ensuring that you get the best out of betting odds begins and ends with how well you can understand and interpret these variables. Once you have that in the bag, you’ll have no trouble placing more informed wagers!