The first thing that you need to know when it comes to betting odds is that regardless of where you’re betting and what you’re betting on, the odds all mean the same thing. This means that when it comes to online sports betting, one of the first things that you need to do is understand how the different odds are calculated and what it means to you.
Let’s start by looking at the three main types of odds, namely Moneyline, decimal, and fractional odds. While they sound very different, the only real difference between them is how the odds are calculated and represented. At the end of the day, they’re all used to determine a certain outcome.
Looking At Decimal Odds
These odds are referred to as European odds and are mostly used in Canada, Europe, Australia, and New Zealand. The odds are expressed in decimal point and tend to be a lot easier to understand. For example, betting $100 on 6.00 odds will result in a $600 pay-out should you place the https://ausbet.net.au/esports/ winning bet.
British odds, or fractional odds, are the most commonly used form of odds in betting. It’s written using a hyphen or slash, for example, 4-1 or 4/1. This means that you have a 4 to 1 chance of winning. It also means that you’ll win $4 for every $1 bet and receive a pay-out of $5 – your stake and profit combined.
To try and get an edge in betting, it’s important that you understand the sport that you are planning to bet on as this will give you additional insight into what you should be betting and increase your chance of winning.
And Finally, Moneyline Odds
Americans most commonly use these odds and as such, they’re referred to as American odds. These figures will either have a minus in front of the number, indicating that the team or individual is a favorite to win, while a plus indicates the team that’s more likely to lose. The calculation here is slightly more complex. For example, team Alpha is -195 while team Beta is +178. If you bet $100 on Alpha and won, you would receive $295 while a winning bet on Beta would pay-out $278.
It’s All About The Math
Whether you’re using decimal, fractional, or Moneyline odds, they’ve all been created to serve the same purpose which is to determine the odds of winning. Each odd follows its own strategy, which means that you need to understand all three if you’re looking to succeed; there’s no blanket approach to odds. To make a profit on your bets, the odds need to be understood and used to your advantage.
Start by learning the basics of each and placing a few different bets. Once you’ve gotten the hang of things, you can start looking into making more complex bets – within your budget of course.