The most important thing to know before you start betting on sports is how the odds work. And if you’re ever to be successful with sport betting then you should continue reading below!
A big advantage of using an online sportsbook is that you can bet on sporting events taking place anywhere in the world. But one disadvantage of this can sometimes be that the odds may be presented in a format that you are not familiar with.
All sports betting odds are simply a method of indicating the bet’s chance of winning. You can use our chance of winning calculator to see how the different types of odds represent this percentage. Alternatively, depending on where you live, you can utilise an odds converter to work out wagers in another format.
There are three different way that sports betting odds can be displayed.
- American Odds (eg +110)
- Fractional/UK Odds (eg 12/5)
- Decimal/European Odds (eg 3.40)
Read on below as we explain more about each of the different odds formats, or use our odds converter calculator to convert sports betting odds to your favorite format.
Understanding American Odds
American Odds are very popular with sportsbooks in the United States. American sports betting odds work differently for favorites and underdogs, and are sometimes known as Moneyline Odds.
The American odds for betting on a favorite work by showing how much money you would have to risk in order to win $100. If the odds offered on a particular event result are -110, for example, it means that in order to ‘win’ $100 you would need to bet $110.
The Miami Dolphins are -110 to win their NFL clash at the weekend. If you placed a $110 bet on them and they win, you would receive $100 winnings, plus get your original $110 back for a total of a $210 payout.
The American odds for betting on an underdog work by showing how much you would win if you risk $100. If the odds offered on a particular event result are +240, it means that in order to ‘win’ $240 you would need to bet $100. These are similar to ‘odds-on’ bets in UK markets.
So if your team is an underdog in their upcoming game, and the sportsbook is offering odds of +240, it means that if you bet $100 on them to win the game you would get the following back when they win – Your original bet of $100 plus $240 winnings for a total collect of $340.
If you see the letters PK alongside the odds offered on a game, it means that there is no favorite and you should “Pick” the winner of the game without any points spread.
Understanding Fractional Odds
Fractional Odds are popular in the United Kingdom and are also often used in horse racing. Fractional odds can also be referred to as British Odds, UK Odds or Traditional Odds.
Fractional odds quote the net total that will be paid out to the bettor, should they win, relative to their stake.
An English Premier League match sees Bournemouth take on Manchester United. Bournemouth’s odds are 5/1, which means that a gambler’s stake will be multiplied by five if they back Bournemouth and they win. (£20 x 5/1 = £100. The winner would also win their £20 stake back in addition.)
Let’s say Manchester United are odds-on to win the match, at 1/5. This means that gamblers will have to bet £5 to win £1.
Understanding Decimal Odds
Decimal Odds are most popular in Europe, Australia and Canada, and in our opinion are the easiest to understand. Most online sportsbooks will offer the option of displaying their odds in decimal fashion. They are sometimes known as European Odds in the UK.
With decimal odds, the figure quoted is the exact amount that will be paid out if the bet is a winner. Decimal odds are essentially equivalent to the decimal value of the fractional odds, plus one.
You place a bet on an Aussie Rules team to win. They are even-money, which would be 1/1 in Fractional Odds. In Decimal Odds, however, you would display this as 1.00 (the even-money bet) + 1.00 (the original stake), making a decimal odds of 2.00.
For example, if the decimal odds are 2.00 and you bet $100, you will receive $200 in total if your bet wins. (2.00 x $100).
Guide To Comparing American, Fractional and Decimal Odds
Most internet sportsbooks in 2018 will let you change between Fractional, American OR Decimal odds on their markets. This way, it’s easy to convert from one odds type to another.
How the Odds choice is displayed on a sportsbetting site:
|Team||American Odds||Fractional Odds||Decimal Odds|
|New York Giants||+250||5/2||3.50|
|New England Patriots||-200||1/2||1.50|
Alternatively, you can use our odds converter calculator to convert sports betting odds to your favorite format.
Calculating An Odds Payout In Sportsbetting
An odds converter or odds calculator is essential if you are betting on more than one sport at once. Most internet sportsbooks in 2018 let you gamble on more than one game at the same time.
Perms, parlays, or accumulators allow sports gamblers to mix and match several games and results onto one betting slip. But before you place the bet, using an odds payout calculator is essential to make sure you get the right price.
With so much difference between gambling sites’ odds on markets, using a sports betting calculator is even more important.
It is Sunday and you want to want to make a perm bet on the results of five matches:
Geelong v South Sydney (AFL) (HOME: 2/1)
Manchester United v Manchester City (EPL) (AWAY: 15/8)
Miami Dolphins v Chicago Bears (NFL) (HOME: +150)
Andy Murray v Rafael Nadal (Wimbledon tennis) (Murray to win: 4.00)
Brazil v Argentina (Copa America final) (Brazil to win: 8/15)
Checking an odds comparison site, you find a sportsbook online that offers the best all-round odds. But perhaps four of the five games have good odds and one has lousy odds. With a gambling calculator, you can make the best decision.
And odd calculator lets you input odds on all five outcomes, just four, or perhaps the odds and payouts of individual results. Don’t forget to use the odds converter if a European sportsbook has the best odds for football/soccer.
After using a converter and odds calculator, you are ready to make your bet. Pick a good sportsbook, open an account, and place your bet.
In the above example, the best odds are in different formats. You will need a converter to work out what fractional odds Miami are to win, and also how decimal odds of 4.00 convert for Andy Murray.
With a good sports betting calculator, you can easily discover the prices of all the Doubles, Trebles, Four-Folds, and one Five-Fold. Good luck!