Online sports betting is the most popular areas of gambling with more than thousands of internet sportsbooks around the world. There are many favorite sports such as Football, Horse Racing, Cricket, Table Tennis, Basketball, Baseball, etc attracting more than millions of punters globally. What would be your winning possibilities is based on the odds of betting. To become a successful bettor, it is important to understand what does odds mean and how they work for various sports betting markets.
Odds are displayed in numerous ways specifically to location. In this post, you’ll get a comprehensive guide to understand betting odds and maximize the chances of coming with a winning payout.
What Are Betting Odds?
Betting odds give the possibility of how likely a sporting event is to happen and how much real money you will win on placing a bet on a specific sport. These are the terms that give punters the idea of how likely a particular team/player/competitor will win and what amount of money they can make on a successful wager of that specific result. Bookmakers adjust odds in real-time based on different factors such as weather, injuries, and betting amount.
Different Odds Formats
There are 3 following formats in which odds can be presented.
- Fractional Odds
These are the most commonly used form of odds in the UK market. These are also known as traditional odds or British odds. Understanding these flexible odds helps in determining how much you will win from bets compared to your betting amount.
- Decimal Odds
The use of decimal odds is mostly found in mainland Europe and Australia. These odds are displayed to give punters the possibility of how much money they will win without telling what wager is required. The nice feature of this type of odds is that they offer an immediate display of potential winnings including the stake. Odds for cricket betting are mainly represented in decimal format.
- American Odds
Also known as “Moneyline odds”, American odds are widely used in the US market. These odds help to determine how much money punters have to risk to win the specific amount of money.
Understanding Odds To Calculate Winnings
You can easily get an idea of how much money you will win on placing a wager after understanding the betting odds. For example, 4/1 for every £1 you wager, you’ll win £4. If you find any difficulty in understanding the specific type of odds format, then you can use trusted tools offered by some betting sites to convert the odds into your preferred format.
To master the odds, go for sports betting research and find good value bets. Keep placing bets to get aware of odds being offered.