In sports betting, odds are a very important factor that players need to understand clearly. Odds contain numbers that show the chance of winning as well as the amount of money you can get when you win a bet. In each sporting event, bookmakers often offer many different types of odds for players to choose flexibly. However, for new players, understanding the types of odds will be difficult. In order to support players to easily access sports betting, we have compiled here detailed information about the most common types of odds, their meanings, as well as how to convert between types of odds.
The most popular types of betting odds
Currently, in the sports betting market, there are three most popular types of odds:
- Decimal odds
- Moneyline odds
- Fractional odds
Decimal odds (European odds)
Decimal odds also has another popular name, European odds. Decimal odds are relatively simple and easy to understand, and through this type of bet, players can easily distinguish which team is the higher-rated team (the favorite) in a match by looking at the numbers.
How to read decimal odds:
- Decimal odds usually represent the amount of money you can win for each currency unit you bet. The special thing is that this amount includes the amount you initially bet, instead of just showing the net profit like other types of odds. You can easily calculate the total amount you will be paid when you win a bet. One thing to note is that the higher the decimal odds, the lower the odds of winning. In return, the higher the payout ratio.
Fractional Odds (UK Odds)
These odds are indicated with a hyphen or slash, for example, 3-1 or 3/1, meaning 3 to 1. Nowadays, fractional odds have become increasingly popular around the world, and almost every bookmaker offers this type of bet.
How to read fractional odds:
- If the fractional odds are 3/1, it means that you will make a profit of $3 for every $1 you bet. This is the net profit, not including the initial bet you made. Therefore, the total amount you will be paid by the bookmaker when you win your bet will be $4, including the $1 you used to place your initial bet.
Moneyline Odds (American Odds)
American odds are also known as Moneyline odds. These odds are very popular with US bookmakers and are usually accompanied by a minus sign (-) if you bet on the favorite and a plus sign (+) if you bet on the underdog. Moneyline odds represent the amount you must bet if you want to win a certain amount of money.
How to read moneyline odds:
- For example, the moneyline odds for a match between two teams A and B are as follows:
- A: +585
- B: -760
Thus, the bookmaker has predicted that the probability of winning for team A is at least 15% lower than that of team B. If you bet 100 $, you can win 585 $ if team A wins this match. Conversely, you will win 100 $ if you bet 760 $ on team B and team B wins. Thus, betting on the underdog will bring a larger profit to the player; however, the probability of occurrence is lower.
What is Probability?
When it comes to sports betting odds, implied probability is defined as converting actual betting odds into percentages that take into account the bookmaker’s profit margin when expressing the likelihood of an outcome. Bookmakers need to offer different odds, regardless of how they perceive the probability of a match to win/lose/draw, to avoid all players being able to win, leading to the bookmaker’s interests being affected.
How to convert odds to probability and odds types together
From the information we have just provided, it can be seen that there are many different odds, representing many different options to express the probability of an event occurring. Analyzing the implied probability hidden in each odds will help you make a more accurate decision on whether to bet or not.
Convert odds to probability
If you want to convert odds to probability, you should take the lower number and divide it by the sum of the lower and upper numbers. For example, if the odds are 5/6, the conversion will be as follows:
6 : (5 + 6) = 6 : 11 = 54.5%
If this number represents a higher probability of the team you did not choose to win, then if you win the bet, the bonus you will receive will be higher.
If you participate in betting with decimal odds, the calculation will be much simpler, you just need to divide by that ratio to know the probability. In addition, you will also understand how the odds work more easily.
How to convert decimal odds to fractional odds
Take the decimal odds and divide them by 1. For example, if the decimal odds are 0.25, write them as 0.25/1
Multiply both the top and bottom numbers by 100 (if there are 2 decimal places) or 1000 (if there are 3 decimal places. For example: 0.25/1 x 100 becomes 25/100
Proceed to simplify the fraction. For example: 0.25 becomes 25/100, which gives a fractional odds of ¼.
Decimal odds are the most widely used odds today because this type of bet is very easy to use, and it is easy to calculate the payout for players. The conversion between decimal odds and fractional odds is also very simple, unlike other odds formats.
How to convert fractional odds to US odds
If the fraction is greater than 1, the formula to convert fractional odds to US odds is:
US odds = (Fractional odds) x 100.
If the fraction is less than 1, the formula is:
US odds = -100/ (Fractional odds).
How to convert decimal odds to US odds
If the decimal odds are 2.0 or higher, the formula to convert to US odds is:
US odds = (Decimal odds – 1) x 100.
If the decimal odds are between 1.01 and 1.99, the formula to convert to US odds is:
US odds = -100 / (Decimal odds – 1)
How to convert US odds to decimal odds
If the US odds are positive, the formula is as as follows:
Decimal Odds = (American Odds / 100) + 1
If the American odds are negative, the formula is as follows:
Decimal Odds = 1- (100/ – American Odds).
How to convert American Odds to Fractional Odds
If the American odds are positive, the formula is as follows:
Fractional Odds = American Odds / 100
If the American odds are negative, the formula is as follows:
Fractional Odds = -100 / – American Odds
Conclusion
With the detailed information about odds that we have just provided, we hope that you will understand more about how odds work, how to convert between odds so that you can make wise betting decisions and maximize your chances of winning. We wish you good luck and receive valuable winnings when participating in sports betting.
