Are you a total beginner of sports betting? Do you want to go deeper into this area? If you want to get a better understanding of sports betting, one of the first things you should learn about is odds. While odds are never 100% precise, they are still an important consideration to consider when wagering on sports.
In sports, your understanding of odds and how you utilize them to your advantage may make or break a winning wager.
In this article, we explain the most popular types of betting odds in sports betting which are decimal odds, Moneyline odds, and fractional odds. Each of these types of odds presents the same things–the probability of a team or a player to win a game, and other factors. Let’s check them out together!
Type 1. Moneyline Odds
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Moneyline odds are often known as American odds since they are most commonly utilized in sports played in the United States. This sort of betting odds divides the rival teams or players into two groups: favorites and underdogs.
The odds with a minus sign (i.e. -110, -130) are regarded the favorites in Moneyline Odds. This is the amount that would have to be wagered in order to win $100. The greater the number, the stronger the preference for that side.
When the odds feature a plus sign (e.g., +140, +200), it signifies the underdog is on the winning side. The amount a bettor would earn for every $100 risked is shown by the number next to the plus sign. The greater the number, the less likely it is that the result will occur. As a result, a bettor’s payoff will be increased as well.
Type 2. Decimal Odds
Decimal odds, often known as European odds, are more typically used in European and other overseas sportsbooks, such as Australia, Canada, and New Zealand. If you win your wager, the amount you bet is simply multiplied by the odds, and the result is included in your payment.
For example, if you bet $1 on a team with odds of 3.00 and win, you will receive a total payment of $4, which includes $3 in wins and the $1 you risked. Is decimal odds simple, right?
One significant distinction between decimal and moneyline odds is how the payoff is interpreted. With moneyline odds, you’d calculate your payment by subtracting your original wager from your total profit.
Type 3. Fractional Odds
Fractional odds are called UK odds, the odds are shown as a fraction. For instance, 3/1 would imply that they profited three times the value of their initial stake. As a result, bettors who put $100 will receive a total payout of $400, but only $300 of that will constitute profit.
The odds are less than 1:1 whenever a fraction is less than one. This suggests that a bettor will make a loss compared to their initial stake. The payoff will not vary regardless of the settings or the type of odds you select.
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