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How do sports odds work in Betting?

How do sports odds work in Betting?

If you are new in the world of betting, you will come across the term sports betting more often. Bet it sports betting, online casino gambling or any other type of betting, you need to understand the term odd in order to succeed. If you don't have a good grip on the different types of betting odds, then it is absurd to even think about winning the bets. In this article, we will help you to develop some ability to interpret and read the different formats of the sports odds.

Talking about sports odds, there are three different types of odds. Fractional odds that are British, Decimal odds that are also known as European odds, and Money line odds which is commonly known as American odds as well. All of these different types of odds are just different ways of presenting the same thing, and there is no difference in the payout as well. However, you still need to have an idea about all these different types of odds because different sites use different types of odds and there is a chance that you might have to convert it into any of the aforementioned types of odds.

Fractional Odds:

These types of odds are popular among Irish and Bookish bookies, and they are usually written with a hyphen or a slash. For example, in 6/1 odds, the fraction means that you win 6 dollars against every one dollar that you wager. In simple words, it is basically the ratio of the amount that you would win against your money. So if you stake 50 dollars for 6/1 fraction, you will get a payout of 60 dollars if you win.

Decimal Odds:

The decimal odds are most popular in Australia, Canada, Europe and New Zealand and they are comparatively easy to understand among the three. You can easily understand the underdogs and the favourites just by looking at the numbers. In decimal odds, the player is presented with the exact amount that he/she would wind for 1 dollar wager. In other words, it displays the total payout instead of the profit. So to calculate a decimal odd all you have to do is to multiply the stake with the decimal odd number and you will get to know the total payout.

American Odd:

As the name suggests, these types of odds are popular in America and also known as Money line odds. The odds for the underdogs are accompanied by a + (positive) sign which will indicate the amount you will win for every 100 dollars you staked. While for favourites, the odds are accompanied by - (negative sign) and it will indicate the amount that needs to be staked to win 100 dollars. In both of the cases, you get the wager back along with the amount that you have won.

If you are planning to enter the world of gambling, then it is important for you to have ideas about these different types of odds and we believe this article is a good start to get an idea about them.