Fractional odds aka British odds, UK odds, or traditional odds are popular among British and Irish bookies. Therefore, the total potential return on a stake can be stated as:. For instance, one of the major sports betting websites listed the following fractional odds for futures betting on the team to win the NBA Championship. Below is a selection of the three teams that had the lowest odds of winning. It can quickly be determined that the Golden State Warriors are the favorites while the odds on Houston and Cleveland winning are longer.
Decimal odds aka European odds, digital odds, or continental odds are popular in continental Europe, Australia, New Zealand, and Canada. These are a bit easier to understand and work with. The favorites and underdogs can be spotted instantaneously by looking at the numbers. For decimal odds, the number represents the total payout, rather than the profit.
In other words, your stake is already included in the decimal number no need to add back your stake , which makes its total payout calculation easier. The total potential return on a stake can be calculated as:. For instance, one of the renowned betting websites priced the candidates to win the U.
Presidential Election. Here, we list the decimal odds for the candidates and the biggest long shot among the candidates listed by the bookmaker. Reviewing the prices that the bookmaker has set for each candidate, it can be determined that according to the bookmaker, the probability of Biden favorite winning the election is higher than that for Trump.
The higher the total payout i. American odds aka moneyline odds or US odds are popular in the United States. In both cases, you get your initial wager back, in addition to the amount won.
The difference between the odds for the favorite and the underdog widens as the probability of winning for the favorite increases. One of the popular betting websites priced the NCAA "Sweet 16" men's basketball game between Duke and Syracuse on March 23, , with the following moneyline odds.
In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament. If you are planning to enter the betting or the gambling world, it is important to be able to understand and interpret all types of odds well.
Once you have mastered the three popular types of odds fractional, decimal, and American , you can move towards a more detailed read on this topic and find out how the house always wins.
Trading Psychology. However, odds can be influenced by more than the events that are relevant to the outcome of the game or match. Many traditional sportsbooks are known for manipulating the odds in their favor and factor in how much the book is charging for you to place your bet.
Using the above example, calculating your odds look like this:. Many people prefer to place a series of smaller bets on multiple games to get the most out of the experience. The odds are what suggest a particular outcome in any match, and the implied probability refers to the prospect of that outcome.
Decimal style odds are typically used in Europe, but many Sportsbooks default to American odds. However, you should be able to set the preference to any betting style. Calculating your potential winnings with decimal odds is easy. Calculating your implied probability is a valuable tool to determine if a wager is worth the risk. Fractional odds are most commonly used in the UK and can typically be seen when placing bets on horse races.
The number on the left 8 tells you how many times the oddsmaker expects the related outcome to fail. And the number on the right 3 dictates how many times the outcome should succeed.
Calculating your payout for fractional betting is really quite easy. Multiply your bet by the numerator or top number , then divide the result by the denominator bottom number. Figuring out the implied probability for fractional bets can be done fairly easily.
Pretty good right? Lets jump right into an example of how American odds work. If you take a look at the odds above, you can see that Fighter A is the favourite at Here are a couple more examples using more challenging odds….
Working with American odds will take some getting used to and it can be difficult to work out the exact amount of money you will win from your bets at first. You can practice working with American betting odds by visiting Best Fight Odds and using an Odds Converter to calculate your returns.
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