If you are just getting into sports betting, you will need to understand how betting odds work and how to pick them in your favour.
In this piece, we have provided a detailed explanation of how betting odds work and the different types of odds we have for a smooth betting experience at Housebets.
Sporting odds are a fundamental aspect of sports betting, providing bettors with a way to understand the potential payout from a successful wager. Essentially, odds represent the probability of a particular outcome occurring in an event, and they determine how much money you can win if your bet is successful.
There are three main types of betting odds used worldwide: American (moneyline) odds, British (fractional) odds, and European (decimal) odds. Each format presents the same information differently, and understanding each type is crucial for bettors who engage with international markets.
Definition:
American odds, also known as moneyline odds, are primarily used in the United States. These odds can be either positive or negative and are centred around a base value of $100.
For this type of betting odds, if a team has a negative value, it means they are the favourite. However, if a team has a positive value, it means they are the underdog, meaning you will get more money if you bet on a positive value and it turns out to be the result.
Explanation:
Positive Moneyline Odds (+): Indicates how much profit you would make on a $100 bet. For example, if the odds are +200, a $100 bet would yield a $200 profit, resulting in a total payout of $300.
Negative Moneyline Odds (-): Show how much you need to bet to make a $100 profit. For example, if the odds are -150, you would need to bet $150 to make a $100 profit, resulting in a total payout of $250.
Example:
Imagine an American Football game between the Kansas City Chiefs and the Dallas Cowboys. The Kansas City Chiefs have odds of -150.
The Dallas Cowboys have odds of +130.
If you bet $150 on the Kansas City Chiefs and they win, you will receive $250 in total ($100 profit + your $150 stake).
However, if you bet $100 on the Dallas Cowboys and they win, you will receive $230 in total ($130 profit + your $100 stake).
Definition:
Fractional odds are traditionally used in the United Kingdom and Ireland. These odds are presented as fractions and show the ratio of the profit to the stake.
Explanation:
Fractional Odds Format: The odds are written as a fraction, such as 5/1 or 1/5.
The numerator (first number) represents the profit you make.
The denominator (second number) represents the amount you need to bet.
For example, 5/1 means you win $5 for every $1 bet, and 1/5 means you need to bet $5 to win $1.
Example:
Consider a horse race:
Horse A has odds of 5/1.
Horse B has odds of 1/5.
If you bet $10 on Horse A and it wins, you will get $60 in total ($50 profit + your $10 stake). If you bet $50 on Horse B and it wins, you will get $60 in total ($10 profit + your $50 stake).
Definition:
Decimal odds are predominantly used in continental Europe, Australia, New Zealand, and Canada. These odds are straightforward and represent the total payout rather than just the profit.
Explanation:
Decimal Odds Format: The odds are presented as a decimal number, such as 2.50 or 1.20.
Example: In a soccer/football match:
If you bet $100 on Liverpool and they win, you will get $250 in total ($100 stake x 2.50). If you bet $100 on Manchester City and they win, you will get $175 in total ($100 stake x 1.75).
It can be useful to convert between different odds formats, especially when betting in international markets. Here are the basic conversion formulas:
Converting American odds (Moneyline) to Decimal is simple. For positive moneyline odds, all you need is to apply this formula: (Moneyline / 100) + 1.
For example, if a team is backed at +200 to win a basketball game, and you want to convert it to decimal, just apply this formula.
(200/100)+1= 2+1= 3.00. This means that the decimal equivalent of +200 American odd is 3.00
Meanwhile, if a moneyline odd is negative, and you want to convert it to decimal, this is the formula to use: (100 / Moneyline) + 1. It is important to note that you have to ignore the negative sign when doing the conversion.
So, let’s say a team is priced at -150 to win a football game, and you want to convert it to decimal odds. This is the formula to use: (100/150)+1= 0.67+1= 1.67.
This means the decimal equivalent of a -150 moneyline odd is 1.67.
To convert decimal Odds ≥ 2.00, you will have to apply this formula: (Decimal Odds - 1) x 100. For example, if a team is priced at 3.00 to win a football match, and you want to convert the odds to American format (Moneyline), simply apply the formula.
(3.00-1) x 100= +200. +200 is the American odds equivalent of the Decimal odds.
However, if a decimal odd is ≤ 2.00, the formula to convert to American odds is (-100) / (Decimal Odds - 1).
So, let us assume that a team is given odds of 1.80 to win a game, and you want to convert the odds to the American format, all you need to do is apply the formula.
(-100) / (1.80-1)= (-100) / (0.80) = -125. This means an American odd equivalent of a 1.80 decimal odd is -125.
At Housebets, we have different types of betting odds, including the European, British (Fractional) and American (Moneyline) odds.
There are also other types of betting odds aside from the three mentioned above. They include Malaysian, Hong Kong and Indonesian odds.
This helps our users to have a smooth betting experience with us. However, understanding the different types of sporting odds is essential for any bettor.
Whether you’re dealing with American, British, or European odds, being able to interpret and convert between these formats allows you to make informed betting decisions.
This knowledge not only helps in understanding potential payouts but also in comparing odds across different markets to find the best value bets.
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