Understand the odds before you start to bet on sports. They are crucial part of wager and helps to determine if betting is worthy or not. Possible payout can be calculated using your stake and relevant odds. In sports betting terms odds serve two main purposes.
- They help to calculate winning wagers payout. Every time a bet is placed with a bookie, you are offered odds that can affect the amount you can win. High odds mean, you possibly win more in relation to your bet amount.
- Odds reflect the possibility of a specific outcome trend. Lower odds mean the possibility of an outcome is possibly more. It means you can anticipate less winning betting on a likely outcome instead of an unlikely one.
Different formats of odds
Basic concept of odds is very simple but things get complex, when you encounter the different kinds.
- American odds
- Decimal odds
- Fractional odds
All three function similarly but is a different way to express actual odds for specific bet.
In the US American odds or Moneyline odds is commonly used. It is displayed as a +ve or –ve number. The positive figure shows how much a correct bet will win, while negative number shows the amount at stake.
This form is popular in the UK, Australia and Canada. Fortunately, they have largely become a popular standard because decimal odds are simple to understand. A single positive figure with two decimal places quotes exact amount winner will receive.
Traditional form is still used by some bookies in the UK. However, calculating payouts is tricky with this format, so decimal odds are taking over slowly in Europe. Calculation in fractions get complicated when numerators are greater than the denominators.
Why odds of same results differ from one bookmaker to another?
Odds reflect the possibility of specific outcome happening from the perspective of bookmakers, which differ. Therefore, you will find that Odds from one bookmaker is different than the other. Prediction of possible outcomes of a sporting event is not real science but is a matter of judgment.
Other factors also affect the odds like money bookmaker took form a specific market. It means that odds set for betting are not perfect reflection of possibility of relevant outcome happening form the perspective of bookmakers. Bettors can possibly put odds in their favor while betting on games. Consistent correct predictions can help to build profits but this is difficult. Fortunately, combining knowledge of sports with getting familiar with key betting aspects can definitely help to win steadily.
Odds are key aspect, so it becomes essential to understand its working and reasons why outcomes differ. It helps to avoid silly mistakes of placing huge wagers on events having bad odds.
Do odds differ depending on sports?
Theoretically odds can be displayed in any format irrespective of the kind of sports. Practically, the target audience location has an impact at some extent. For example, the NFL odds get shown online in American format because the bettors viewing will predominantly be based in the US.