As a sports betting fan, you need to understand how the industry works. Odds in sports betting present a chance that a game will yield a certain result. An oddsmaker or bookmarker creates odds. He uses software to calculate odds based on injuries, prior matches, a team’s form, etc.
How To Read Betting Odds
Sports odds can tell you a bookmarker’s favorite. In sports, this is the stronger team and their odds are always on the lower side because the bookie thinks that it has a higher chance of winning. You can also find out a bookmarker’s offer on a bet and how much you may win.
How Sports Odds Work
To understand how much you can win on a bet, you need to understand different types of odds in sports and how they work. Companies like this Malaysian online betting site, use the following formats to present their odds. Notably, most betting sites provide these formats and allow you to pick what works for you.
American Odds
These odds use a + or – sign before a number. They are also called Money line and they tell you how much profit you’ll make on a bet. If an odd has +, it represents an underdog, and – is a favorite. If a bookmaker presents a +300 odd and you bet $100, you’ll get a $300 profit if you win. To get a total of your dues, add the profit to the amount of money you bet ($300 + $100= $400).
If the odds are -300, the calculation changes completely. You have to bet $300 to get $100. Use the formula above and you’ll get the same profit. The only difference is your stake is double your profit.
Fractional Odds
Bookmarkers present fractional odds as two numbers with a slash between them. This odd is a ratio between your profit and your initial bet/stake. They’re used in the U.K., particularly for the horse racing. You should read a 3/2 odd as three-to-two. Higher fractional odds show who the underdogs.
In simpler terms, if a bookmarker presents 100/1 and 25/1 odds in a game, 100/1 is the underdog and 25/1 is the favorite. Use this formula (stake x profit +stake), to calculate your total wins. Multiply your stake with the profit. Add the stake to the answer you got. Practically, if you bet $20 on a 3/2 odd, in the above formula, 20 x 3+20 = $80. If you win this bet, you are entitled to $80.
Decimal Odds
These odds have decimals and they’re also called European odds. Most online sportsbooks prefer these odds. They show the total amount you’ll win on a bet. It includes your stake and its profit. If the odds are 4.00 you’ll win $4 for each dollar you wager (1x $4= 4). The favorite also has the lowest odds. For instance, if the odds are 1.40 and 2.10, the team with 1.40 is the favorite, and 2.10 is the underdog.
How To Bet On Sports Odds To Make Money
In online sports betting, odds change all the time because of unforeseen circumstances. You must learn how to place sure bets because they are guaranteed to always make you money. Sure betting, a.k.a arbitrage betting involves bettors using various bookmarkers to wager on one game. This strategy leverages different odds and their changes to maximize your profit.
| Bookmarker | Player 1 | Player 2 |
| A | 1.95 | 2.50 |
| B | 2.15 | 1.75 |
The above bookmarkers used decimal odds. You can place a bet with each bookmarker to make money regardless of the game’s outcome. If you place a $100 bet on bookmarker A’s Player 2 and another $100 on bookmarker B’s player 1, your total stake is $200.
If player 2 wins, you’ll get $250 (2.5 x 100). Your profit is $50 ($250- $200). If player 1 wins, you’ll get $215 (2.15 x 100). Your profit is $15 ($215- $200). You’ll make money despite the direction match takes.
Conclusion
If you love betting, you must understand the odds. American, decimal, and fractional odds are used in sports betting. Each of them shows you an underdog, a favorite, and what an oddsmaker offers for the bet.