Understanding online betting odds is one of the most crucial abilities a gambler can have. It helps determine bet sizes, payouts, and how to spot value in a betting line.
Betting odds come in many different formats, such as American, fractional, and decimal. Each offers a particular probability for an outcome.
1. American Odds
Sports betting odds are an integral component of online wagering, providing bettors with an indication of the probability of an outcome and how much money they’ll win if their bet wins. Unfortunately, understanding these odds can be challenging for novice gamblers.
Different formats are used to display odds. Some are more widely used than others, such as decimal odds and fractional odds.
American odds are one of the most popular forms of betting odds and can often be found in US-based sportsbooks. These odds usually appear with either a plus (+) or minus (-) sign followed by an amount ranging from -110 to +400.
Typically, these numbers indicate the favorite or underdog team. They may also include a point spread or total line value.
A positive number suggests you will win $100 if you stake $100 on either the underdog or favorite. Conversely, a negative number implies the opposite – in order to win $100, one must wager $150.
In addition to these two payout calculations, there are two additional types of odds. Decimal odds, which appear as a whole number with a decimal point, are the most popular form of betting odds in European countries.
Second is fractional odds, which appear as fractions and are popular in the United Kingdom. Although these can be more challenging to interpret at first glance, once you learn how to read them correctly, they can prove invaluable resources.
Understanding fractional odds requires familiarizing yourself with their workings and what to look for. Although they’re more intricate than decimal odds, understanding them doesn’t take too much effort or time.
2. Fractional Odds
Betting odds come in many forms, and it is essential to understand their workings so you can make the most informed decisions when placing wagers. Understanding online betting odds and how to interpret them correctly is the first step toward developing a successful wagering strategy.
Fractional odds are a popular form of sports betting odds, particularly in the UK and Ireland where they’re frequently used when wagering on horse racing events.
When bookmakers display fractional odds with one number on top of another, it indicates they anticipate failure more times than success. For example, 7/9 odds on the Kentucky Derby indicate they believe the Patriots will win nine times out of 10.
If you’re unfamiliar with these odds, they may seem complex to interpret. But if you possess basic math knowledge, it should be relatively straightforward for anyone to make sense of them.
On a fractional betting line, your profit is expressed as a percentage of your original bet. For instance, winning at 5/1 odds would return you $600 plus any initial $100 wager.
Decimal odds are a popular type of odds and they’re easier to use than fractional ones. They’re commonly used in horse racing and other events, but you may also find them in some sportsbooks.
In addition to fractional and decimal betting odds, you can also view money line odds. These numbers are calculated based on a formula that calculates the net amount you’ll receive if you win. For instance, betting on the New York Yankees versus Kansas City Royals with money line odds of +130 would return a profit of $200 plus your original $100 bet.
3. Parlay Bets
If you are new to sports betting, it is essential to understand online betting odds and how to read them. Doing so will enable you to make informed decisions when placing wagers that can lead to winning money. Furthermore, understanding these odds helps keep your bankroll under control as it helps determine where and when your bets should be placed.
Parlays are one of the most sought-after types of bets in sports. They allow you to combine multiple bets into a single wager and can be found in many online sportsbooks.
Parlay bets offer a much larger payout than individual wagers, making them ideal for recreational bettors; however, professional sports gamblers typically steer clear of parlay bets due to their larger potential returns.
To win a parlay, you must correctly predict the outcomes of at least three or four bets. This can be an intimidating task but one that can be rewarding if done correctly.
Another type of parlay bet is known as a “round robin.” This style of wager is popular in football and basketball, though it can also be found elsewhere. Round-robin parlays typically consist of three elements: spread, money line, and the total bet.
If any of the bets on a round-robin parlay are tied, then it will be removed from the parlay and converted back to a two-event ticket. Be sure to consult your sportsbook’s rules for clarification.
Similar to decimal betting odds, fractional odds can be tricky to interpret at first. They consist of a left number (numerator) and a right number (denominator), making them difficult to interpret at first glance; however, once you understand how to read them properly, they become much simpler to interpret.
4. Over/Under bets
Over/Under betting odds, also referred to as totals, are one of the most popular types of online wagering. They differ from spread and money-line bets in that they focus on the overall score of a game rather than individual performances between teams.
These bets can be highly profitable due to the low-vig markets offered by sportsbooks. Unlike moneyline and spread bets, which require the sportsbook to keep more of your stake for payout purposes, over/under bets return only the amount initially staked.
Sport-specific over/under totals can be adjusted based on various factors, such as teams’ offensive and defensive statistics, weather conditions, injuries, and home/away results.
Football teams’ running ability is another factor that influences Over Under bets. Running takes up a lot of time on the clock, so teams that rely on their running games typically see lower totals than those without.
Another factor that could influence Over Under bets is the pace of play. Some teams and coaches prefer playing at a slower tempo than others, giving rise to different Over Under bets.
It is essential to comprehend how factors such as travel and fatigue can impact Over Under bets, and how to utilize them to your advantage. This is especially true in basketball where travel and fatigue can greatly alter game pace. Spending time analyzing both teams’ stats, trends and analytics will give you a deeper insight into this type of wager. It will also boost your confidence level when making decisions which could ultimately increase winning chances.
5. Moneyline bets
Moneyline bets offer a straightforward payout based on the odds of winning, making them ideal for newcomers to betting.
Sports wagers are a common form of bet, but you may also find them in futures betting, prop bets and awards betting. These bets involve teams or players competing against one another to see if they can reach a specific goal or accomplish an objective.
When selecting which team to wager on, it’s essential that you understand how online betting odds function. Doing so will enable you to place a more informed bet and boost your chances of winning big.
Moneylines offer negative odds for the favorite and positive ones for the underdog. This format is common in international events like the PGA tour and the Olympics.
Decimal odds are the easiest to understand, as they show how much profit you would receive for every dollar bet. While these numbers may differ between online bookmakers, most offer odds in the plus-minus range.
However, it’s essential to remember that oddsmakers don’t always get things right. That is why it’s beneficial to compare odds from various sportsbooks and take advantage of any slight discrepancies in pricing.
Moneyline bet odds will vary depending on the matchup and sportsbook. Generally, games with a point spread have lower moneyline odds; thus, the higher the spread, the better odds you’ll receive for your wager.