Those new to wagering should first understand the betting odds. Knowing how likely an outcome is to occur and how much money you might win is crucial. Although betting odds seem challenging to start with, they are simple to comprehend if you apply some basic arithmetic.

Betting odds express the chance of a specific event outcome. They are frequently expressed as fractions (2/1) or decimals (3.0), but Moneyline or American odds (+200) are also used.

In any given event, betting markets offer multiple possibilities. Let’s look at basic football betting as an example. You will be allowed to choose between a home win, a draw, or an away win. Each of these three options will be valued according to the probability that they will occur, and you can place a bet on what you think will happen.

  • 100% up to $100
  • 5.0
Advantage list
  • Great odds
  • Extensive amount of games covered
  • Exceptional bet types available
Disadvantage list
  • Web version of the site can be confusing to stake
  • Cash out option is not smooth or consistent

How Do Betting Odds Work?

Betting odds are mostly displayed as a fractional or decimal number to express the probability of an outcome occurring. That representation informs us how much we would win if that event occurred. Get the best odds at Betway.

Longer betting odds indicate that an outcome is less likely but still possible. The implied probability can be determined using some simple math.

When fractional betting odds are present, we must divide the number on the right by the sum of both to find the implied probability. For example, 9/1 odds imply a 10% probability because 9+1=10 and 1/10=0.10. 0.10 equals 10% when expressed as a percentage (0.1*100=10%).

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Here are some other examples:

6/1: 6+1=7, 1÷7=0.142 (14.2 per cent)

6/3: 6+3=9, 3÷9=0.33 (33 per cent)

2/4: 2+4=6, 4÷6=0.66 (66 per cent)

To figure out probability from decimal betting odds, it’s simpler. We need to divide the number 1 by the decimal odds. For example, odds of 10.00 imply a 10% probability. That is because 1 divided by 10 equals 0.1, and 0.1 represents 10% (0.1*100=10%).

Here are some other examples:

7.00: 1÷7=0.142 (14.2 per cent)

5.00: 1÷5=0.2 (20 per cent)

1.30: 1÷1.30=0.76 (76 per cent)

how to read Betting odds

How to Read Betting Odds?

With the fractional betting odds, the amount on the left is the potential payout we can receive if we wager the amount on the right.

A $1 wager on Team A to win at 2/1, for example, pays $3 if successful and results in a profit of $2. The $1 that remains is the bettor’s stake.

Here are some other examples:

  • 10/1: $10 profit for every $1 staked
  • 7/2: $7 profit for every $2 staked
  • 3/8: $3 profit for every $8 staked

If the right number is lower than the number on the left, the bet is called odds-against. When the opposite happens, it is odds-on. And odds of 1/1 are called evens.

And regarding decimal betting odds, all we need to know about our total return is to multiply our stake by the odds.

For example, a $1 on Team A to win at 5.00 will return $5 if successful, where $4 of those returns are profit and $1 is the bettor’s stake.

Here are some other examples:

  • 00: $1 bet would return $7 inclusive of the stake
  • 00: $3 bet would return $9 inclusive of the stake
  • 50: $2 bet would return $5 inclusive of the stake

The Moneyline or American betting odds also tell us the potential profit from a bet. Using an example will help us understand how they work:

  • Team A -140
  • Team B +160
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The plus sign in front of Team B’s betting odds means they are more likely to lose. A successful bet will return $140 in profit for every $100. If Team A wins, a $10 bet will return $24 – $14 in profit and the $10 stake.

The minus sign in front of Team A’s betting odds implies they are favorites to win the match. The bettor will receive $100 for a winning bet with a $160 stake. A $10 stake, meanwhile, would return $26, $16 of which would be profit.

How Are Betting Odds Set?

A growing number of countries legalize sports betting, so it’s critical for a bettor to choose the right sportsbooks and to understand where they make their profits.

Setting the odds is about number crunching and using information databases to set the market correctly. Traders assess the probability of every outcome by analyzing dozens of sports and hundreds of matches.

For example, comparing the home team’s previous results with the away team’s form is one of the simple things to set the betting odds. Nowadays, most of the work is done in real-time using mathematical models.

By 2022, most betting odds compiling will be outsourced. Expert firms compile betting odds for in-play or pre-game markets. Some sportsbooks might have nearly identical odds to rival wagering sites. As a player, it’s crucial to carry out your research and find value.

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