Sports Betting and All the Different Odds
The truth is that sports betting may truly seem like a rather intimidating avenue of gambling, this is especially true if you are new to the gambling scene. Although a fan favorite among gamblers and sports fans alike, online sports betting may come across as a specialty corner of the online gambling scene. As such some gamblers may feel a little weary in engaging this exceptionally entertaining segment of the gambling industry. The weariness of course stems from the lack of understanding in how online sports betting actually works. As a beginner punter there is nothing as scary as placing that first bet, in fact many bettors have agreed to not knowing exactly what they were betting on. This was mostly due to a misunderstanding of betting odds as well as bet types. It can get a little confusing to those who have never encountered a sports book before. This is why we have decided to give you a guide into the world of sports betting ad the different kinds of betting odds you will likely encounter when exploring this segment of online gambling. Before delving in – it’s important to point out that sports betting continues to grow in popularity and is a fan favorite among sports fanatics and gamblers. As such, it remains one of the most active and profitable avenues of online gambling for players.
What is an odd?
Great question! In fact, before exploring any of the betting odds found in sports betting its important to first understand what “an odd” is or what “odds” are. The best way to explain this is to use the tried and tested hypothesis of the coin toss. Everyone knows that old “heads” or “tales”, slip a coin stuff, right? Well when flipping a coin there are two potential landing options. There is a chance that you will land the coin on “heads” or “tales”, as such we can say there is 50/50 chance that you’ll get one or the other, with all possible outcomes adding up to 100%. If this is sounding like first year stats, then your mind is on the right page. A more complicated hypothesis is that of the “six-sided dice”, when rolling a dice there are only “six” possible outcomes which means there is a 1/6 chances of rolling a specific number on the dice. As such the odds in a dice are 1/6 = 16,66% of rolling any of the sides on the dice. The same principle applies in sports betting congruent to the outcomes of a particular match, game or event which are made by sports books with correlating payout prices attached to each odd.
Types of odds you’ll encounter in sports betting
When it comes to sports books there are essentially three types of odd you’ll come across when wagering. The first type of odds is the “decimal odds” which are more commonly used in European sports betting, while in the US “fractional odds” are used. Its is also common for US sports bookies to not ever offer conversion on fractions to decimal and you may have to manually calculate it yourself.
As previously mentioned these odds are used primarily in Europe, Australia, and Canada. They are of course a lot simpler to understand which is why they are extremely popular. The simple formula used to calculate potential payout for these odds is:
PP = stake x decimal odds
In order to best see how these odds would apply to you an example is in order. For example, let’s say you placed a bet on a match with winning decimal odds of 1.92. If you placed a £58.55 wager, then using the payout formula your potential payout will be (£58.55 x 1.92) = £112.42.
These are commonly used in the U.S and are a little more complicated than he above mentioned. This structure of reporting odds was initially used in horse racing; it is a rather older kind of odd. These kinds of odds are also relatively easy to calculate nowadays given that calculators both offline and online may be used. Instead of being in decimal form, the odds are displayed in fractions, having both a numerator and a denominator. The calculation is however slightly different with some arguing that it is a little more complicated to get to the “potential payout”. Like before an example would be best, if you wager on a match or outcome with odds of 10/15 fractional odds. This means that if you bet $150 bet you stand a chance of making $100 in potential net profit with your total payout being $250. Let’s use your wager of $150 to show how this works, the calculation will look like this: ($150 (original bet + $100 net profit) = $250 total profit. Essentially the fractional odd 10/15 is saying bet $15/$150 and gets a profit of $10/$100. These odds can also be written as follows, 10:15 which may be easier for some players to understand as it is usually how odds are depicted.