For those of you interested in betting online, understanding betting odds can be a daunting task. However, this does not have to be the case, as a basic understanding of how odds are calculated should allow even beginners to understand and implement them in their betting activities.

What are the odds?

In essence, Probabilities are a reflection of the probability that a certain outcome will take place in a specific event.

What the hell does that mean?“, you might ask.

In all events where betting is involved, all outcomes have some probability of occurring. The odds are simply an interpretation of those odds, and the odds presented by the bookies simply reflect such odds to the extent of the bookmaker’s odds, less the bookmaker’s advantage. Most online bookmakers offer up to three different options for how you want to view your betting odds: Decimal, Fractional, or American.

decimal odds

Decimal odds are commonly used in Europe and are therefore sometimes referred to as European odds.

To convert an opportunity to decimal odds, simply put the odds as a percentage and divide by 100.

100/% probability = decimal odds

So if you think something has a 50% chance of winning then:

100/50 = 2 or odds of 2.0.

So let’s say you want to place a bet on a selection that has decimal odds of 2.0. If you win, for every dollar you bet, you will receive $2 back. Bet $100 and you’ll get $200 back. This received amount includes your original bet in the odds.

fractional odds

The more traditional fractional odds are often still used in the UK, and may therefore also be referred to as British odds, UK odds, or traditional odds. These odds quote the net total the bettor will be paid if he wins, relative to his initial bet. Using the 50% probability example mentioned above again, the fractional odds equal to 2.0 are 1/1, which is also known as evens or even money.

For example, you want to place a bet that has odds of 1/1. If you win, for every dollar you bet, you’ll win $1 and receive your initial bet of $1, giving you a total return of $2. If you place a $100 bet at 1/1, then you will win $100 and your $100 bet will be returned to you, giving a total return of $200.

American odds

Also known as money line odds, these odds are a favorite of US bookmakers, as the name suggests. These probabilities show a negative or positive number by citing the probabilities of a certain outcome occurring.

If the US odds are indicated with a + sign, then they show the amount you would win for a $100 bet. If there is a – sign, it shows how much you need to bet to win $100.

So if you are betting on an event that has decimal odds of 2, or fractional odds of 1/1, the US odds would be +100 (ie you would win $100 if you bet $100). If you are betting with decimal odds of 1.5, or fractional odds of 1/2, then the US odds would be -200 (you need to bet $200 to win $100 more)

conclusion

Gambling is often referred to as a fool’s game and for good reason. The high possibility of any outcome occurring in an event and the difficulty of predicting which outcome will occur, as well as the inherent bookmaker advantage in all betting events, often make it extremely difficult for individuals to make a profit. in the long term of your betting activities.

However, if you are interested in online sports betting and think you have what it takes to make a profit, it is important to educate yourself first before you start betting. This will give you the best possible chance of getting ahead in the long run.

Find bookmakers that offer odds with the least advantage and therefore present you with the best value. Also, take advantage of the generous free bets offered by bookmakers, as they can increase your winnings if you use them wisely.

Finally, do an in-depth study on the event you want to bet on. Read statistics, past performances and anything that could have an impact on the result. Being informed in this way will allow you to make the best possible choice, which in turn will give you the best possible chance of winning that day.

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