How to read and understand sports betting odds
There are millions of sports fans around the world and many of them are fond of placing bets for their favourite teams and athletes. By visiting online sports betting sites, sports fans will see a lot of betting markets that they can choose from.
One way fans choose the best betting sites is by referring to the odds that each site has. These sites give bettors an idea about the assumed outcome of a game. It also determines how much players can win.
When engaging in Bitcoin sportsbetting activities on Sportsbet, players will also see that there are different types of odds. Here is a closer look at how they can be read and understood to have a better betting experience.
American odds, also known as moneyline odds, are most popular in the United States. This is usually characterized by plus and minus signs next to them. This odds format also indicates the wagered amount needed to win $100.
The plus (+) and minus (-) signs indicate both the prospective payout and whether or not players are betting on the crowd favourites or the underdog. The negative numbers signify the crowd favourites on the betting line. Meanwhile, the positive numbers determine the underdog in a match.
Calculating winnings with American odds
To win with American odds, fans must keep in mind that the formula changes if the odds to be computed are accompanied by a plus or minus sign. Here is a closer understanding of it.
For example, fans placed a $50 bet on football team A whose odds are (-150). In this case, the formula will be:
- odds/100 = wager/x
- 150/100 = 50/x
Sports bettors will have to cross multiply these equations to solve for x. This will turn the equation to 150x = 5000. As it gives x = 5000/150, the answer will be $33.33. Winning this bet will give sports bettors a total amount of $83.33 (original wager + winnings).
If in case the fans place a $20 bet on the underdog team B whose odds are (+130), the formula will look like this.
- 100/odds = wager/x
- 100/130 = 20/x
This will also be cross multiplied to solve for x. This will turn the equation to 100x = 2600. As this gives x = 2600/100, the winnings will be equal to $26. Winning this bet will give bettors a total amount of $46 (original wager + winnings).
Fractional odds, also known as British odds, are most commonly used in the UK. As the name suggests, this odds format is expressed in a fractional form. This is commonly used for horse betting odds.
These are typically written with a slash or hyphen to express the fraction form. If the odds are written as 3/1, it will be read as three-to-one. In this case, the odds mean that players can win $3 for every $1 they wager. Simply said, this odds format works as a ratio of the amount to the initial bet. The numbers on the left determine how many times a bookmaker expects relevant outcomes to fail. Meanwhile, the numbers on the right determine how many times an outcome is expected to succeed.
Calculating winnings with fractional odds
The formula to calculate winnings with fractional odds is a bit more complicated. For example, sports fans placed bets of $30 on a team that has odds of 7/13. This is a closer look at how the winnings can be computed.
- Winnings = wager x (numerator/denominator)
- X = 30 (7/13)
- X = 30 (0.538)
- X = $16.14
This means that bettors can earn winnings worth $16.14 when they place this bet. When added to the amount they have wagered, they can win a total of $46.14.
Decimal odds, also known as European odds, are the most popular in places like continental Europe, Australia, New Zealand, and Canada. These odds are easy to understand and they make it easy for sports bettors to see which ones are the favourites and the underdogs.
This odds style represents the amount a bettor can win for every $1 wagered. In this odds format, the number represents the total payout and not the profit. This means that the stake will already be included in the decimal number. With this format, players can easily compute their total payout since there are no plus and minus signs or fractions.
Calculating winnings with decimal odds
Determining the payout with this odds format is easy. All bettors would simply have to do is multiply their wagers to the odds associated with who they are betting for. Then, they will have to subtract the wagered amount. Here is an example for better visualization of how it works.
For example, bettors have placed $50 bets on both team A that has odds of (2.50) and team B with odds of (1.75). When applying the formula, this is how it will look like.
For team A:
- (wager x decimal odds) – wager = winnings
- ($50 x 2.50) – $50
- $125 – $50
This will provide an answer of $75 which will be the winnings that can be claimed by bettors. The $125 answer is what players can win in total.
For team B:
- (wager x decimal odds) – wager = winnings
- ($50 x 1.75) – $50
- $87.5 – $50
This will provide an answer of $37.5 which will be the winnings that bettors can claim. The $87.5 result in the equation is how much the person who placed this bet can bag home in total.
These are the three major odds formats that players can encounter when they take part in Bitcoin sportsbetting activities on Sportsbet. By having an idea about how to read and understand these, players will easily know their chances of winning when they bet on their anticipated sports matches. Knowing this also helps them determine how impressive the odds Sportsbet offers for sports fans.