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If you are new to sports betting, understanding betting odds can seem overwhelming. However, once you understand how odds work, you will be able to make more informed decisions when placing bets. Essentially, odds represent the probability of an event occurring and the payout you will receive if you win your bet.

When reading odds, keep in mind that the lower the odds, the more likely the event is to occur. However, lower odds also mean a lower payout. On the other hand, higher odds mean a higher payout, but the event is less likely to occur. By understanding how odds work, you will be able to make more informed decisions when placing bets and increase your chances of success.

There are three main types of betting odds: American, decimal, and fractional. American odds are the most common in the United States, while decimal odds are more popular in Europe and Australia. Fractional odds are commonly used in the UK.

American odds explained

American odds, also known as moneyline odds, are the most common type of odds used in the United States. American odds represent the amount that must be wagered to win $100 or the amount that can be won from a $100 wager. For example, if the odds are -110, you must wager $110 to win $100. If the odds are +150, you will win $150 for every $100 wagered.

American odds can be presented as either a positive or negative number. A negative number represents the favorite and a positive number represents the underdog. To calculate the total payout for a positive number, simply multiply the amount wagered by the odds and add the amount wagered. For example, if you bet $50 on odds of +150, your total payout would be $125 ($50 x 1.5 + $50). To calculate the total payout for a negative number, divide the amount wagered by the odds and add the amount wagered. For example, if you bet $110 on odds of -110, your total payout would be $200 ($110 / 1.1 + $110).

Understanding the different types of betting odds is essential for successful sports betting. Each type of odds has its own advantages and disadvantages, so it is important to choose the type of odds that works best for you.

Fractional odds explained

Fractional odds are the traditional way of presenting odds in the United Kingdom and Ireland. They are also commonly used in horse racing. Fractional odds represent the ratio of the amount won to the amount wagered. For example, if the odds are 2/1, you will receive $2 for every $1 wagered.

Fractional odds are presented as a numerator and denominator. The numerator represents the amount won and the denominator represents the amount wagered. To calculate the total payout, simply multiply the amount wagered by the fraction. For example, if you bet $50 on odds of 2/1, your total payout would

Decimal odds explained

Decimal odds are the most common type of odds used in Europe, Canada, Australia, and New Zealand. They are also becoming increasingly popular in the United States. Decimal odds represent the total payout a bettor will receive on a winning bet for every unit wagered.

For example, if the odds are 2.50, you will receive $2.50 for every $1 wagered. Decimal odds are easy to understand and calculate. To calculate the total payout, simply multiply the odds by the amount wagered. For example, if you bet $50 on odds of 2.50, your total payout would be $125 ($50 x 2.50).

Probability odds explained

Implied probability is a concept that gives you the likelihood or expected frequency of a certain outcome, represented in percentage form. It is derived directly from betting odds and helps you understand the chances that bookmakers give to a particular event happening.

For instance, if a bookmaker offers odds of 2.50 (Decimal) for a team to win, the implied probability is calculated as 1 divided by 2.50, resulting in a 40% chance of that outcome. It is a crucial tool as it not only informs the bettor of the perceived likelihood but also aids in identifying potential value in the odds. In essence, if you believe the likelihood of an event occurring is higher than the implied probability, it might be a good betting opportunity. Conversely, if it is lower, the odds might not be in your favor.