For people who’re completely new to the sports betting world, wagering on sports may seem a bit daunting. This is probably because they haven’t yet familiarized themselves with the various elements of sports betting. While sports betting doesn’t require you to learn everything in one go, there are some important things you need to be aware of. And one of them is sports odds. Continue reading as we detail the basics of sports odds and explain to you how to calculate sports odds online.
What are sports odds?
When enjoying sports betting online, you’ll find odds for every sports betting market being offered by the venue. These sports betting odds serve two main purposes:
- They showcase the potential amount you can win by wagering on that outcome.
- They indicate the implied probability of the result they’re associated with.
Remember that you shouldn’t completely rely on odds when assessing the probability of an event happening. This is because there are numerous other factors that tend to influence sports betting odds. Also, it’s worth noting that the addition of the probabilities for an event will always exceed 100 percent, owing to the fact that the bookmaker’s cut (the amount charged to place your wager) will also be included in the odds.
The three common types of sports odds explained
Depending on the sportsbook you choose to play at, your sports betting odds may be listed in any of the following three formats – American, Decimal and Fractional. When playing with the top sports betting platforms, you may have the option to select an odds format that suits your preferences. Below we explain the three main sports odds types in more detail:
American odds
This is one of the most common types of sports odds formats. The defining attribute of American odds is that they take the form of a three-digit number with a plus (+) or minus (-) sign in front of them.
American odds are centered on £100. But the way they relate to £100 varies based on whether they’re favored or not. In the case of favored wagers, they always start with a negative number and signal the amount you’ll need to wager to win £100. So, if you get -120 odds as you bet on football, you’ll have to wager £120 to win £100. Here, a total of £220 (initial bet amount of £120 and winning amount of £100) will be returned to you if you win.
American odds that come with a plus sign are referred to as underdog wagers. As you’d guess, underdog bets indicate the potential profit you’ll make on a £100 wager. So, if a £100 wager comes with +150 odds, you’ll win £150 in profits. Again, your initial stake size and your winning amount will be given to you here.
Fractional odds
Fractional odds are usually used by UK-based sportsbooks. As their name implies, these odds are displayed in the form of fractions, such as 4-1 and 7-3. The way you calculate your potential profit here is by taking the fraction and multiplying it by the wager amount for your cricket bet or any other wager.
So, for instance, if you wager £10 on 4-1 odds and happen to win, you’ll receive £50 in winnings (£40 profit plus initial stake of £10). Similarly, betting £10 on 7-3 odds means you can expect a total of £33.33 (£23.33 profits and initial £10 stake) in winnings.
In the case of favorites, fractional odds feature a denominator that’s greater than the numerator, such as 2-4 or 4-10. Underdog wagers will their numerator greater than the denominator.
Decimal odds
The third common odds type you’ll come across at online sportsbooks are decimal odds. These odds are preferred by many sports bettors as they’re relatively easier to understand than other odds formats.
As you’d guess, decimal odds are displayed in a decimal format such as 3.10, 2.50, 1.90. To calculate your potential winning amount, you multiply your bet amount by the decimal odds and then subtract your wager amount from that [(Bet amount x decimal odds) – bet amount). So, if you happen to wager £100 on 3.10 odds, your potential profit would be £210.
Summing up
As you’d have known from reading our article, betting odds are one of the most important elements of rugby betting and other sports betting options. Hopefully, we’ve covered everything that’s needed to know about betting odds. By being mindful of the things we’ve explained and managing your betting bankroll properly, you can expect an enjoyable sports betting experience.