Online sports betting is always fun. But before starting to bet on favourite sports, you should know what betting odds really mean. Betting odds indicate the chances of something happening and how much money you can win from it.
Now, reading it might seem a bit confusing at first. But believe us, it’s quite easy once you understand the concept behind it.
So, with this guide, let’s go through three main betting odds types – decimal, fractional, and American.
What Are Sports Betting Odds?
Sports betting odds show the possibility of an outcome and the amount you can win by betting on it. So, they work as a probability indicator and payout guide for you.
Suppose a team has low odds. Then, it has more winning chances but will pay a lesser amount. Oppositely, high odds on a team mean its winning probability is low. But if it wins, it will payout big.
We, at Maxim88 sportsbook, decide these odds for teams based on their current and past performances, with many other factors. So, you might have already understood that odds act as a risk and reward indicator for every bet.
Why Reading Odds is Important for You?
Betting odds portray the entire risk and reward ratio of bets before you. So, surely, reading it is vital to get the advantages it offers to players.
So, here’s why you should read them every time.
- Odds inform you about your winning chances and possible payout.
- You can bet smartly with concrete plans on when to go for safe or risky bets.
- Odds show the real value of every wager. Hence, you can stay away from confusion.
- Numbers help you stay logical and avoid putting wagers on guesses.
What are the Three Main Betting Odds Types?
When you start betting, you will see that betting odds are displayed on your screen in different formats. Mainly, there are three types:
- Decimal Odds: This format is most common in Europe, Asian, and Australia.
- Fractional Odds: Common in the UK.
- American Odds: Wide spread in the United States.
But, please don’t get confused by their different formats. They may look different than each other, but show the same thing!
Decimal Odds Explained
Decimal odds are the most common format, very available at our platform as well. It’s very easy to read it as you can see the total return per bet. This includes both your bet amount and profit.
For example, if you notice odds like this – 2:00, it means that, on every ₹1 bet, you will get ₹2 (your stake + profit).
How to Read Decimal Odds?
Always remember that the bigger the decimal number is, the less chance an outcome has of happening for real. However, higher risks always attract better payouts.
Similarly, lower odds indicate higher chances with smaller payouts. Suppose team A has 1.50 odds and team B has 3.00 odds. Then, A is the favorite and B is the underdog.
How to Calculate Probability
In sports betting, you can use this simple formula to find out your actual winning chance with a bet.
Implied Probability (%) = (1 / Decimal Odds) x 100
= (1/2.00) x 100 = 50 & = (1/4.00) x 100 = 25
So, as per this formula, 2.00 odds have a 50% winning chance, and 4.00 means a 25% possibility.
Fractional Odds Explained
Fractional odds are one of the traditional formats of showing betting odds. This odds format is portrayed in fractions and looks like this: 5/1 or 1/4.
How to Read Fractional Odds
It’s very easy to read fractional odds on Maxim88’s online sportsbook. A 5/1 (five to one ) odds means that you can win ₹5 on a ₹1 bet. Besides, your original betting amount will be returned to you, too.
In the same way, a 1/5 (one to five) indicates that you need to wager ₹5 to get a ₹1 profit. So, the bigger the fraction is, the higher your rewards will be.
How to Calculate Profit
So, you can calculate your profit with this formula:
Profit = Stake x (Numerator / Denominator) = 100 x (5/1)
It means that a ₹100 bet on a 5/1 odds will give you a ₹500 profit.
How to Calculate Probability
And for checking your winning chances, use this formula.
Probability (%) = Denominator / (Numerator + Denominator) × 100
= 1 / (5 + 1) x 100 = 16.67%
American Odds Explained
American odds also go by the name Moneyline odds. On our platform, you will notice them with plus or minus signs. Here, plus (+) signs signify underdogs and (-) sign goes for favorites.
How to Read Positive American Odds
During your sports betting session, if you notice a plus sign, know that it indicates how much profit a ₹100 bet will give you.
In simpler words, if there’s a bet with +200 odds, you can make a ₹200 profit by making a ₹100 bet. Plus, you will have your betting amount back.
How to Read Negative American Odds
But American odds that have a ‘-‘ sign on them point to something else. They mean how much you should bet to secure a ₹100 profit. It means that -150 shows that you have to wager ₹150 to bag ₹100 profit.
Conversion Formulas
To figure out your winning chances from these odds, use these formulas.
- For positive Odds: 100 / (Odds + 100) × 100
- For Negative Odds: (−Odds) / ((−Odds) + 100) × 100
Tips for Beginners
If you are new to sports betting on our site, understanding odds is the first thing you should do. So, here are some simple tips for you.
- Before you place any bet, check the implied probability.
- Always go for high odds when you have an idea about the risk involved.
- Start with small bets and understand how the payout works.
- In case you get confused by any odds, use an odds converter.
Mastering the Basics: Read Odds Like a Pro
If you want to be smart and confident at sports betting, quickly learn to read betting odds. No matter what odds format it is, each one says the same thing.
The risk and reward attached to bets. Hence, once you learn to read it like a pro, betting on Maxim88 online sportsbook won’t take long to be more strategic and rewarding for you.
