oddsUnderstanding betting odds is important for every single bettor who has an account at online sportsbooks. If you are planning to place wagers on sports, learn how to read odds, what types of odds exist, and way more.
All beginners in the world of sports betting should learn how the odds work. Without learning about betting odds, they won’t understand what to place bets on, what their potential profit is, how to determine favorites and underdogs, etc. Understanding betting odds is essential if you want to bet on sports events consciously.
We have already written a guide on how to calculate odds. Today, we will explain how to understand and read different types of odds.
Understanding betting odds – what is it?
What are betting odds? At sportsbook sites, odds represent a ratio that shows how likely is this or that event to happen. Odds can be represented in three different formats and are compiled by bookmakers. Betting odds are an integral part of each and every event presented at online sportsbooks, from sports to politics and entertainment.
Three types of betting odds
There are three types of odds at online sportsbooks. Depending on the target audience of this or that betting site as well as location, the site can use fractional, decimal, or American (money line) odds.
Decimal odds are used by the bookies in most European countries, Canada, Australia, and New Zealand. They are the easiest odds to understand and, probably, the most popular type of betting odds.
Decimal odds show how much money bettors can get for every $1. For example, betting at 10.00 odds means that a $1 bet would return $10 together with a stake. Decimal odds are easy to read: the higher the number, the less likely the event is going to happen and the more money punters can get if they win.
Fractional odds are popular mostly at British and Irish betting sites. They are quite difficult to understand for beginners but there’s nothing to be afraid of.
Fractional odds are written with a slash (/) or hyphen (-). That’s how you can easily spot them at betting sites. This type of odds shows the ratio of the potential profit won to the initial stake. For example, 5/1 (five-to-one) odds would mean that you win $5 against every $1 you wager, plus the initial bet.
American odds or money line odds are widely used by American bookies. The odds for underdogs have a plus (+) in front of the number that shows the amount of money won for every $100. E.g. to win at odds of +150, place a $100 bet to get $250 ($150 + $100). On the other hand, odds on favorites use a minus (-) to define the amount of money you have to wager to win $100. E.g. -150 represents a win of $100 for every $150 you wager).
What type of odds is the best?
There is no good or bad type of betting odds. All three types – fractional, decimal, and American – represent the same outcome of an event but in their own ways. Decimal odds are generally considered the easiest to read but some bettors are used to one of two other types of betting odds. If you start your betting journey at an online sportsbook with a particular type of odds, you will learn how to read them faster than the other two. To find the best offers at sportsbooks, take a look at the best online sportsbook deals.
Some sportsbooks allow their users to switch between two or all types of odds. Usually, you can change it at the bottom of the page with odds. Look for “View odds as” or something similar, choose the type you are used to and refresh the page.
