How Do Sports Odds Work

Sports betting lines on FanDuel Sportsbook are presented in what is called the 'American. Understanding how betting odds work is crucial for success in gambling, whether you want to win at slots or place bets on sporting events. By knowing the odds of potential bets you can calculate your expected winnings and build an entire strategy for a successful session. That’s just how these odds work. American Odds show how much you’ll win with a $100 bet (odds with +) or how much you need to bet to win $100 (odds with -) In other words, the lower the number, the more likely they are to win, and the less money you win. WInning a bet marked at -220, means that you would win an extra $100 if you placed $220. After learning how betting odds work, bettors need to find now the best betting odds available. While some may opt to make odds comparison by opening multiple online sportsbooks at once, there is a more straightforward way to comparison betting odds on sports. The best way is to check out our odds tables here at Canada Sports Betting. If you want to start betting on sports or perhaps try out online sports betting, you should learn how to read and interpret the odds on sports events and use them to your advantage. With that in mind, here is a guide to everything you need to know about sports betting odds and how you can have them work to help you win big on your wagers.

Betting odds explained by sportsfreebets.uk

A New Look at Sports’ Betting

Sports’ betting is one of the most popular pastimes around the world. It involves placing money on sports’ events involving personalities, teams, horses and more, with the aim of winning money in the best available odds.

Sports’ betting involves predicting who the winner could be and placing sums of money on your choice for a win. If your predictions come true you stand to earn money from the wager you placed with the booking agent, aka bookmaker or bookie.

How Do Sports Gambling Odds Work

So an understanding what betting odds are, their purpose and the types of betting odds is important. The following serves as an overall summary of sports betting explained...

What are betting odds? Types of odds

Odds calculate how much the amount bettors' payments or stakes will increase by if their bet wins. Betting odds are calculated by bookies with whom bettors have taken a bet or wager and once your bet has been settled they become fixated. This means you will receive your payout based on the odds at the time of buy-in. E.g. If at the time of placing your bet you were to buy-in at 1.5 odds and as the event approaches they decrease to 1.4, you would still receive your payout based on odds of 1.5.

The higher the odds the more bettors will win and the reverse is also true, the lower the odds the lower the pay-out. The height of the odds is determined by the likelihood of the event or win taking place.

We can take horse racing for a simple example. The top-rated and fastest horse is more likely to have huge amounts of bets and cash on it, and so the pay-out or winning amounts for the bettors of the top horse will be far lower; whereas the least popular or normally slowest horse, aka ‘donkey’, is less likely to win so the stakes or money paid out will be far higher if the donkey romps home first. Sports lovers also like to take a gamble on betting on a least liked horse in the hope of winning a lot of money.

Types of betting odds

There are three different types of betting odds depending on which country one is in. They are fractional, decimal and Moneyline/US odds.

The three types of odds are different ways betting but do not affect the amounts punters win from betting. How to choose? The UK betting form of fractional odds betting is the most popular, particularly for horse racing. However, some punters say that decimal odds’ betting is far easier.

* Fractional Betting

One of the oldest forms of betting is fractional betting, which is practised in the UK and many of its commonwealth countries. In these countries traditionally, on Friday nights particularly, betting on a favourite and a drink at the pub go hand in hand.

In fractional betting there are two sets of numbers separated by a forward slash, such as 5/1, pronounced as 'five-to-one'. This odd means that for every £1 you bet, if you’re your bet wins, you win an additional £5, plus the £1 you initially paid in, making it a £6 win. If the odds are 10/1 ('10-to-one'), you win £10, plus your initial £1, so your winnings are £11.

According to mybettingsites.co.uk, bettors can calculate the likelihood of their bets winning and know how much they can win. It suggests replacing numbers with letters for example, 4/1 becomes A/B. Here is the calculation:

Probability (%) = B / (A+B).

9/1 is figured as 1 / (9 + 1) = 0.10 – so there is a 10% likelihood of the desired outcome.

4/1 is figured as 1 / (4 + 1) = 0.20 – so there is a 20% likelihood of the desired outcome.

1/1 can be figured as 1 / (1 + 1) = 0.50 – so there is a 50% likelihood of the desired outcome.

1/4 is figured as 4 / (4 + 1) = 0.80 – so there is an 80% likelihood of the desired outcome.

* Decimal Odds Betting

Decimal odds are used in European countries so are known as European, continental or digital odds. But these odds are also practised in Canada and New Zealand.

Decimal odds are so called because they use a decimal point to separate the total pay-out and the original money betted, or stake.

The number shows how much the total pay-out will be, including the amount or stake the bettor originally paid to the bookie. So a winning bet at £2.5 will give the bettor £2.50 for every £2 paid. Even number bets are written as £2.00. Decimal bets therefore show the total return of wining money, not the profit.

According to investopedia.com, the total (potential) return on a stake can be calculated as: Total Return = Stake x Decimal Odd Number, such as reflected on renowned betting sites for the US 2020 Presidential election. These were the odds on 21 March 2020, (odds subject to change as the election approaches) for the top three candidates considered mostly likely to win:

Donald Trump: 3.00

Bernie Sanders: 11.00

Elizabeth Warren: 13.00

LaVar Ball US media personality and sports; businessman: 251.00

The above shows, obviously, that the bookmaker, predicts Donald Trump as the winner of the election. Investopedia says the higher the total pay-out/decimal odd, the less likely or less probable (and riskier for the bettor) it is for that candidate to win the US election.

* American (US) or Moneyline Odds

The American odds are used mostly in the US. The odds of top bets show a minus (-) sign. This shows the amount you need to pay to the bookie to win $100. The odds for the least popular show a plus sign (+). This shows the amount won (including the initial wager) for every $100 staked.

Odds of $ +150, show the bettor he can win $150 for every $100 he pays to the bookie, plus the initial stake of $100. Odds of -150 means the bettor needs to pay $150 to return $100 in winnings, plus the initial stake of $150. Even money odds means you win an amount the same as your initial payment and is written as +100.

Some online sites like onlinegambling.com offer the ability to calculate sports betting odds in different formats and compare them against each other, plus improve one's gambling ability with a sports’ odds calculator.

Featured Free Bets

Betfred£30Free Bet

Promo Code SPORTS60New CustomersFree BetsClaim £30 Free Bet

New UK & NI customers only. promo code ‘SPORTS60’. Deposit & place first sports bet of £10+ in one bet transaction, at odds of Evens (2.0) +. settled within 60 days. First bet must be on Sports. £30 in Free Bets credited within 48 hours of bet settlement, 7-day expiry. Payment restrictions apply. SMS validation may be required. Max 60 Free Spins on Justice League Comics. 7-day expiry.Full T&Cs apply.

William Hill£30Free Bet

Promo Code C30New CustomersFree BetsClaim £30 Free Bet

New customers who register, deposit & bet via Mobile only, min £10 stake, win only, min odds 1/2, free bets credited as 2 X £15 (30 day expiry), free bet/player/payment method/country restrictions apply. *By entering the Promo code in the box above you agree to the full terms and conditions of this promotion as displayed below.* See full terms below.

• Betting odds are used to assess the likelihood of an event happening.
• Less likely events tend to have higher odds and offer a larger reward, while more likely events have a lower risk attached and therefore a lower reward.
• Your winnings depend on how much you wager on a given set of odds.
• Betting odds are seen in a range of formats – they are most commonly seen as fractions but are also sometimes presented as decimals.

A quick introduction to betting odds

Decimal and fraction odds might seem confusing, especially if you’re not familiar with online sports betting and all the betting terms and types. This handy guide is ideal for anyone new to betting, or if you’re struggling to read the odds.

It contains a range of useful tips and tricks that will help you better understand just how betting odds work, so you can choose odds and place your bets with more confidence.

Here, we will highlight:

• The key points of betting odds and what you should look out for.
• How to read betting odds and make them work in your favour.
• Tips and tricks to help you understand betting odds more easily.

What are betting odds?

Betting odds are used to present the likelihood of an outcome, as well as help you understand how much you could win from a bet. They are often written out as a fraction (e.g. 2/1) or a decimal (e.g. 3.0).

Betting odds can be applied to anything that has a set outcome and is often seen in sport, football betting, entertainment, and politics. The odds measure the probability of a certain outcome, such as the result of a sports game or reality TV show, or whether a certain party gets the majority vote in an election.

How do betting odds work?

Betting odds are used to determine probability and calculate the winnings from a bet and are often seen in their decimal or fractional form. Odds are commonly recognised as being even, long, or short.

Even odds

When something is just as likely to happen as not, it is given even odds. These are presented as 1/1 in fractional odds or 2.0 in decimal odds. In this instance, your winnings would be the same as your stake.

For example: In the case of 1/1 odds, you win £1 for every £1 you bet.

Therefore, if you bet £10 you’d win £10, and return £20 in total (your £10 stake plus your £10 winnings).

Long odds

If something is statistically less likely to happen, it is given long odds. This means you have the potential to win more than you would on even odds, but the risk of losing is higher.

For example: In the case of 10/1 long odds (or 11.0 in decimal form), you could win £10 for every £1 you bet, and therefore your winnings exceed your stake.

A winning £10 bet at 10/1 odds would result in £100 winnings plus your £10 stake, therefore returning £110 in total.

Short odds

If something has a higher probability of happening, it is given short odds. While short odds are more likely to happen, the winnings will be smaller, and therefore you’ll need to stake higher amounts for a bigger return.

For example: In the case of 1/10 short odds (1.10 in decimal form), you could win £1 for every £10 you bet.

Therefore, a winning £10 bet would result in £1 in winnings, amounting to a return of £11 (your £1 winnings plus your £10 stake).

How to read betting odds

Betting odds are most commonly presented as a fraction or a decimal in the UK. Moneyline odds, which are common in the US, are also becoming more popular.

Reading odds can be confusing if you’re not familiar with what the different sets of numbers reflect. Here, we explain how to read decimal, fraction, and moneyline odds.

Understanding decimal odds

The simple rule of thumb with decimal betting odds is the bigger the number, the larger the return will be. For example, decimal odds of 3.75 will result in larger winnings than decimal odds of 1.75.

To work out your winnings from decimal odds, simply multiply the odds by your stake. The resulting number reflects both your winnings and your stake.

For example: If you bet £10 on odds of 3.75, you would return £37.50 – this means you’ll have won £27.50 (£37.50 – your £10 stake).

Understanding fractional odds

Fractional odds are a more traditional way of displaying odds in the UK. Appearing in fraction form (e.g. 2/1), you must first work out your winnings and then add on your stake to determine your total return.

The best way to calculate your returns from fractional odds is to follow a formula:

((stake/second number) x first number) + stake = total returns

This might look complicated, but we promise it will make sense when you plug your numbers in.

For example: If you bet £10 on a 5/2 bet, your calculation would look like:

((£10/2) x 5) + £10) = £35

For longer odds with a larger return, look out for odds where the first half of the fraction is larger than the second half.

For example Odds of 5/1 will return greater winnings than odds of 1/5. If you were to stake £10 on odds of 5/1, then your return would be £60. However, if you were to stake £10 on odds of 1/5, your return would only be £12.

Understanding moneyline odds

Moneyline odds are often used in the US when betting on American sports, but they are becoming more common in Britain. They are presented as a plus (+) or minus (-) figure.

The moneyline shows you how much you have to bet to win £100.

For example: If you are presented with odds of +200, then your return (if you stake £100) will be £300 (your £200 winnings plus your £100 stake).

If you are presented odds of -200 (because this event is more likely) you will have to stake £200 to return £300 (your £200 stake plus £100 winnings).

To calculate the potential payout from a moneyline bet, simply follow this formula

stake x (odds/100) + stake = total returns

For example: If you are presented with odds of +200 and you bet £5, your formula would look like:

£5 x (200/100) + £5 = £15 total returns

Converting decimal odds to fractions

How Do Vegas Sports Odds Work

Converting decimal betting odds to fractions takes a bit of basic maths knowledge.

First, take your decimal odds and subtract 1 from the number.

For example: If you have decimal odds of 3.75, subtract 1 and you are left with 2.75. These are odds of 2.75/1.

Odds need to be made up of whole numbers, so we need to take 2.75 and turn it into a whole number. The easiest way in this instance is to multiply 2.75 by 100 and move the decimal along two places. This gives us 275/100.

From there, we can work our way to finding the smallest equivalent fraction.

In this case, we can divide our fraction by 25, leaving us with fractional odds of 11/4 – previously 3.75 when presented as a decimal.

Now that you understand betting odds and how they work, you can begin to use them to your advantage. Browse all the latest sports betting odds or sign up to Grosvenor Casinos today to get started.

How to calculate betting odds return

Using our bet calculator, you can now work out how much a potential bet could return.

The calculator gives you the option to select the bet type, the win odds, your stake, and whether the bet placed will be each way or not.

As well as finding out how much your bet will potentially return, the calculator also gives you the total profit.

Comments

How To Sports Odds Work

comments