In this article you will find the most detailed and up-to-date information today about the odds. Here you shall learn what they are, how to understand them, and what to do about them. And most importantly, how to apply this concept correctly and profitably for yourself. At first glance it seems as if it is incredibly difficult, but here you will find the simplest and clearest explanations. How to read different configurations, how best to use your preferred format and how do betting odds work. Read this and much more below and enjoy the fact that you’re learning new and useful data.
Why is it important to know?
It is important to understand how betting odds work when you are getting ready to place a rate. Failure to sync basic fractional or decimal stake can result in a loss. With the right understanding, you will be able to do the right thing because of this unit, which allows you to stabilize some values. Users who have experience using even one ratio format, such as fractional, can take advantage of this and benefit from knowledge of this sector. Also, absolutely all professionals know from personal experience that using multiple formats contributes to their betting success. And that’s more than using a single type.
How to read the line correctly?
It is very important and obligatory for both a professional and a new player to be able to read the line correctly and find the most profitable options for betting. Naturally, every player should also understand that it is a very risky way to make money. But with the right approach and knowledge, which will be described in this article, you can not only steadily earn an income, but also solve most of your financial problems in life. All this is not easy, but doable, you need to minimize your losses and not to miss the most profitable offers. In order to accurately interpret the odds, follow these steps:
- First, you will first need to learn the basic meanings and a minimal list of constituent terms and acronyms. This means that you should definitely understand what ITB, TM, 2X and other readings are;
- Secondly, it is the odds analysis. In all legal betting sites the line is displayed in decimal (European) figures. This is done by default, it should be understood. And at which the winnings on a bet on a particular outcome is an amount equal to the contribution. And it will be multiplied by those odds.
That should have more than fully explained the whole point to you. But if you don’t fully understand something, you don’t have to worry. Read below for other additional and basic information that will tie all the parts of this picture together.
What does the line consist of?
In order to understand this area even better, you will need the following concepts below. Study them carefully. The line of betting platforms usually consists of two components:
- The first, is the main part. It is divided into a three-piece, a handicap and a total;
- And the second is the spread, which includes the minor outcomes, on which more experienced players often rate.
The most common betting options with users are three-way handicaps, as well as obstacle and total, individual totals. Which is not surprising, it can be explained by their margin. When betting on the handicap, you need to be careful not to get confused, clearly understand what the final score of the match should be, so that everything goes as it should.
To begin with, let’s break down the most basic concept. First of all, you need to know what the betting odds are. If you correctly understand and know how to interpret this concept, then you will not have any difficulties with its application in the future. Two definitions can be given which are equally true. But for a more nuanced approach to readers, two explanations will be given to you below:
- The first option. So, odds are values for a particular outcome that are determined by the office. They are the ratio between the bookmaker’s and the player’s betting amount. And, for example, a 7/1 odds means that the bettor makes a rate that is seven times the amount he has set. If the player wins; the result they predicted will materialize. They shall take from the bookie an amount seven times their bet (in this case);
- And the second, simpler version of the definition. The bookmaker’s odds are the probability of a particular outcome, taking into account the bettor’s margin (commission). According to the indicator, the user can determine the possible payout or transparent income in the case of a successful bet. To calculate your future winnings, you need to multiply the deposit amount by the odds.
Usually it is written with a decimal with two decimal places after the point. More accurately you can read about them below in this article. In the meantime, read a few words about margin. Absolutely all indicators bookmaker platform lays profit. And believe me, it will get it at any outcome of events. If things were different, many sites would simply go bankrupt and close their doors to the players. That’s the way they exist. The most important thing for them is absolutely always, by all means, to be in the black. It is also worth mentioning the probability of the outcome of events, which depends on the odds. The fact is that the lower the stake, the more chances a team has. This is just the pure opinion of the bookmaker’s office. But in fact, if you look more closely into the very essence, you can understand that the gamblers are evaluating not only and not so much the probability of a particular club or opponent winning, but precisely the likelihood of how many players will bet on this outcome. To put it bluntly and frankly. Then the studios set rates specifically so that it was profitable for them. And so the quotes do not always correspond to the real situation of forces in a sporting match.
How is the coefficient formed?
The coefficient is obtained by translating the probability of an event occurring, expressed as a percentage. And it’s all in decimal numbers. As an example, a 90% probability equals a ratio of 1.11 (100/90 = 1.11). A 35% likelihood of the outcome occurring equals 2.85 (100/35 = 2.85).
Types of coefficients
Today there are three most common types of odds. And here they are:
- Decimal (European);
- English (fractional);
- The American (it can be positive or negative).
Initially just by their names alone you may in principle understand a lot. The first type is most commonly used in Europe. And the second type is used in Great Britain. And the third – in the United States. Below you can also read more about each of them. Everything will be described very accurately and clearly, so keep browsing.
Decimal (or European) odds are the most popular and understandable type for European users. Usually they are written in integer format with a regular fraction: for example, 1.3, 2.45 and others. The lower the odds, the higher the probability of the outcome.
How to read the decimal values?
The European coefficient is written as a whole number with a fractional part, for example 1.75, 2.85, 3.00. And it will tell you how many times your bet shall increase in case it goes through. In order to calculate how much you earn in case of success you need to multiply the deposit amount by the coefficient. The difference with the American format is that there are no positive and negative values. Here everything is very simple. For example, with a bet of 1,000 at odds of 1.71 the potential payout would be 1,710 (a net payout would be 710). There is also a slightly different format. It is not the European, but the Hong Kong odds. It is written in the same way, but it indicates the net profit amount rather than the potential winnings amount. To find out the Hong Kong ratio as it will be in the form of the European ratio, you need to add one to the first. For instance, if you bet 1000 on Hong Kong odds 3.76, you shall get 376 net profit. The analogue of the Hong Kong stake of 3.76 is the European 4.76.
UK bookmakers most often use British odds. And they are written as a simple fraction: 1/7, 5/2, 3/10. The British odds show the ratio of the amount of net winnings to the size of the bet.
How to read fractional odds?
Fractional odds (British) is the ratio of the potential amount of transparent income (numerator) to the number to bet to get that winnings (denominator). It is written in the usual fraction: 1/9, 2/3 and others. For example, from a bet with odds of 1/3 for every 3, we will get 1 of net income. If we rate 300, in case of success we shall win 100 net. A fractional odds of 3/3 tells the user that for every 3 bets he will get 3 in the plus, if everything goes as it should. Every reputable office gives their customers various types of stake display formats. This applies to British bookmakers who offer not only fractional, but also decimal odds, and European sites, which, in addition to decimal, give the opportunity to choose fractal indicators. Some legal companies offer their customers the widest possible choice. It includes not only fractional and decimal, but also American, Malaysian, Hong Kong and Indonesian formats.
An American odds is written as a whole number with a plus or minus sign, e.g. +200, -790. A sign of the status of the favorite team or athlete is a sign “-“. Probably it is the most unclear by the format of the calculation coefficient. The American odds are not popular with legal bookmakers. Although, if a great desire, users can of course switch to this format.
How do I read American odds?
Minus American odds shows how much the bettor must bet. In order to make a net profit of 100 units in the currency of your account. For example, with a value of -200, you need to bet 200 to get 100 profit. If the staking amount is 2,000, the user will already access 1,000. What does + mean in betting? Everything is very simple. The American odds with a “+” sign shows how much net profit you will get for 100 betting units. For instance, at rate +150 we shall access 150 for every 100 staking units. What does – mean in betting? Once again, let’s clarify everything completely. The “+” and “-” signs are placed in front of the odds or lines, indicating favorites and losers. Where the former will be marked with a minus sign and the outsiders with a plus sign.
What is implied probability?
The implied probability is the transformation of odds of any form into a percentage. The advantage (margin) of a bookmaker’s office is considered, but then it is eliminated. The result is that the bettor receives the real likelihood of the result of this or another event. However, there are two very important factors that need to be understood:
- In advantage betting refers to the fact that the estimated probability of an occasion is always over 100% in the sum. The amount over 100% is the bookmakers’ margins;
- If you’re the user who wants to win steadily in an office. You are definitely advised to understand how to transform odds into probabilities. Such knowledge significantly helps to assess the potential value in a particular betting market. And not least, making a rate that will be profitable for you and not for the venue.
Now knowing this, you shall be able to apply this information to your advantage. As you see, everything is simple enough. And if you suddenly do not understand something, you can always reread and delve a little deeper into the text.
Conversion of odds and probabilities
Bookmaker’s offices put odds in the line based on the probability of a particular outcome or event. If the site sets them not to their side, they will lose money. And to avoid such a way, they insure themselves by adding the exact margin into the quotation beforehand. It allows platforms to get income for any outcome of the sporting match. And since the bettor has no such advantages, he must understand the origin of odds and be able to convert them into probability.
Conversion of odds into probability
On almost all bookmakers’ sites users see a line with a stake. How do odds work? Often the percentages of probability are not even close. But fortunately for the players this value can be calculated by themselves. To do this, divide one by the odds you are interested in, and multiply the result by 100 percent. The final result is the probability of the selected outcome in percent. And here are examples of how to do it with all value formats:
- European. How does betting odds work? For example, in a soccer match, the bookmaker put the probability of winning at stake of 1.50. Applying the formula, we get: 1/1.50*100 = 66,6%. That is, the probability of winning is 66.6%. And remember, that the bookie’s margin is included here;
- Fractional odds. Denominator should be divided by the sum of the numerator and denominator. For example, for odds 5/2 the calculation will be as follows: 2 / (5+2) = 2 / 7 = 0,28. It means the probability of this outcome is 28%;
- The American odds. They can be positive and negative. Calculation: (-(negative American)) / ((-(negative American)) + 100). That is, for the American odds (-150) the calculation will be: (-(-150)) / ((-(-150)) + 100) = 150 / (150 + 100) = 150 / 250 = 0.6. The probability of the event with the American “-150” is 60%.
Thus, you will be able to calculate on your own. And also apply it all in your favor. If you use this knowledge correctly and appropriately, you can accurately and consistently earn not bad money.
How do sports betting work?
Understanding how it all works is actually very simple. All you need to know is that two or more parties agree on whether something will happen or not. Next, a bet is made on something of value, usually money. Naturally, the odds are calculated, each side. And whoever is right wins the bet, and the other party or parties have to pay out accordingly.
Profits from Betting
You absolutely can profit by betting on sports, just as you would on the stock exchange. Sadly, it’s not simple, particularly in the long-term. Now knowing this, don’t think about betting on sports, expecting to win every rate you make. It certainly won’t be that way and no one else has. Also, don’t expect to make money that will change your life. Only a few people achieve that for sure. Now you can certainly improve your chances of making money if you are disciplined and responsible in what you do. That means not betting more than you may afford to lose. And of course take advice from respected and successful sports staking players. It is possible that you will need to enter some statistics and do various studies. And if you meet these parameters, you shall certainly be able to have a good time. Just always remember: as with most things in life, there are no guarantees in sports betting and the risks are always quite high. And there is no such thing as 100% certainty.