The betting odds are used to analyze the probability of events taking place. The event which is less likely to happen will have high odds and it offers a large reward. On the other hand, more likely events are the least risk and they offer low rewards. Your profit will be based on the amount you on the given set of betting odds. The betting odds are represented in different formats. They are usually seen as a fraction. But somewhere they are also represented as decimals.
Introduction To Betting Odds
If you are not familiar with the betting odds format, then decimal and fraction odds may look confusing. Not just betting odds and formats, but all betting terms and types will seem confusing. Here, in this guide, you will get to know about the betting odds in simple language. This article will let you know about various useful tips and tricks that will help you to understand the betting odds. You can use the betting odds calculator to determine the return value.
The betting odds are used to show the probability of an outcome. In addition to this, betting odds also help you to know how much you can win from the bet. The betting odds can be implemented on anything which has a set of outcomes. The odds help in measuring the probability of a certain outcome. You can bet on cricket, footballs, election, etc. For betting on a football match, you have to analyze the football betting odds.
How Do Betting Odds Work?
The betting odds are quite helpful in finding the probability and calculating the profit amount from a bet. Usually, odds are recognized as long, short, or even. If you want to know how do betting odds work then read the following:
When the two events or outcomes are equally probable, then they are known as even odds. In the fractional format of betting odds, these are represented as 1/1 and in decimal order, these are represented as 2.0. In this situation, your profit would be the same as your stake. For instance, if you bet $10 for one of the even odds, then you will get $20 in return if you win.
If an outcome is less probable to happen, then it is known as long odds. It means that you have the potential to win more than your stake. But in this situation, the risk of losing is also very high. For instance, odds are like 10/1 then you can win $10 for every $1. It means that your winning can exceed your stake. It means if you invest $10, then you can win $100 and $10 your stakes. The total return would be $110.
If there is a high probability of an event happening, then it is known as short odds. There is a high probability of an event taking place. Therefore, your winning amount will be smaller. For instance, if you will consider the case of 1/10 short odds, you could gain $1 for every $10 you invest on a bet.
Tips To Read Betting Odds
We have already explained that betting odds are commonly represented in decimal or fractional form. Along with these forms of representation, Moneyline odds are also getting popular. The Moneyline odds format is mostly used in the US. Reading odds can be quite confusing, therefore, you should read the following points to make the process simple. The various formats of betting odds explained below:
Understanding Decimal Odds
According to the thumb rule, in decimal betting odds if a person bet on a bigger number, then it lets you get a larger return. For instance, the decimal odds of 3.5 will let you earn a high profit as compared to the decimal odds of 1.75. If you want to calculate your winnings from decimal odds, you have to simply multiply the odds with the stake. The outcome you will get after multiplication will show your winning and stake as well. For instance, if you bet $10 on 3.5 decimal odds, then your return would be $35.
Understanding Fractional Odds
The fraction odd is a traditional way of displaying the odds. In this format, the odds have appeared in the form of a fraction. You have to first work on your winnings. After that, you have to add your stake value to find the total return. One of the best ways to calculate your total return is from fractional odd is by using the formula.
((stake/second number) x first number) + stake = total returns
This formula may seem a little complicated. But it will look simple when you will enter your number in the formula.
For instance, if you bet $20 on a 5/2 bet, then you have to put the numbers in the formula:
((£20/2) x 5) + £10) = £55
If you have bet on longer odds, then your returns would be larger. In longer odds, the first half would be larger than the second half. In shorter odds, the first half would be shorter than the second half.
For instance, if you bet $10 on odds of 5/1, then your return would be $60. On the other hand, if you have bet $10 on odds of 1/5, then you will get $12.