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How to read betting odds?

Understanding how betting odds work is crucial in online gambling and to betting on sports games. If you are planning to bet on something- be it a sports game or an online gambling game, you need to understand how betting odds work to win the prize you’re imagining right now.

Sometimes, it can be absurd and very immature to thinking about placing bets without having a complete understanding of how betting odds work. Even as a beginner, you should have a grip on different types of betting odds. To win, one needs nothing but the ability to interpret and read various associated formats.

This brief guide is all about how to read betting odds. It will teach you how betting odds work in spread, total, and money line. We’d be touching at fractional, American and decimal odds- 3 different ways writing the same betting odds.

So, let’s begin:

What are the odds?

Odds refer to the likelihood of the occurring outcome. In a sports game, two teams are assigned odds that represent the likelihood of only one team winning the game. For instance, if the odds of the home and opponent teams are the same, that is 1:1, it means that they have equal chances of winning. And, if team B is assigned 2 odds as compared to team A that has assigned 3 bets, it means that team B is less likely to win the game.

Odds are typically expressed using a mathematical symbol, that is, through a negative or positive sign. They are not represented as 2 to 1 or 3 to 1.

Plus and minus odds

In the betting line, let’s say between two sports teams, the expected winning team has negative odds. It means that for every $1 wagered, you’d be receiving less than one dollar even if your bet wins. In addition to that, the opponent or losing team has positive odds. For every $1 wagered, you would receive more than one dollar if you win the bet.

How American odds work?

When it comes to reading bets, Americans do it completely differently, just like dates, units and their metric system. If you have ever gone through the sportsbook, you must have seen the American odds.

While looking at American odds, you’d notice the following things:

Every odd has either a negative or plus sign in front of it

The American odds in terms of 100

Using 100-termed odds is an industry-standard. However, the story of the plus and minus sign is easier than it looks. On plus sign odds, you would win a total of $100 on a $100 bet. However, on negative sign odds, you will have to bet more than $100 to win a payout of $100.

Spread bets

Spread bets are wagered on which the betting team will recover the point spread.

Money Line bets

It is a wager on each the betting team wins the game. Both, the underdog and winning teams are given odds to win the game.

Total under and over bets

A total under or over bet focuses on how much the teams score regardless of which team wins. After a total under/over bet has been set, the bettors will wager if the finished total score will be over or under the setpoint score.

How fractional odds work?

Fractional odds are not only used in horseracing but major areas of Europe as well. Calculating fractional odds is tad bit tiring as you have to enter the desired amount or division to see the payout in the sportsbook.

How decimal odds work?

Decimal odds work in various parts of Europe where the underdog team has a higher betting number and the favorite or winning team has the lowers of the two numbers.

To calculate the decimal odds, you use the following expression: decimal value * initial wager.

If you prefer American odds, various sportsbooks offer decimal odds. If we compare fractional odds from American odds, they appear anywhere, and at any sportsbook outside the United States while the American odds appear only at American sportsbook.

Importance of odds in sports betting?

The odds are essential to observe and read when selecting a sportsbook because they can affect your winning money. For instance, if you select a sportsbook with poor betting odds, you will end up losing all the money that you wagered. Let’s say you bet $15 for one team at -200. If you win, you can take $5 home. However, if you bet the same amount at any other sportsbook, you would take home $6 for betting $1. Fortunately, reading the bets allow you to decipher and differentiate between bad and good odds.

The key takeaways

There are 3 various types of betting odds: the American odds (money line odds), the fractional odds (British), and decimal (Europe) odds.

Fractional odds are the ratio of the profit to the betting money at stake.

Decimal odds represent the money one wins for every single dollar.

The American odds work on the plus and minus sign to indicate the amount of money that the bettor has to wager in order to win $100.

Closing thoughts

Before entering the gambling and sports betting world, you need to understand how all odds work.

One thing you can do is start watching your favorite sport, let’s say American football. After some time, you’ll be able to predict the match’s outcome on your own. If you master to read all types of betting odds, you’d be able to understand how the house always wins and take the highest winning money home.