Do you have a hard time understanding sports betting odds? If you are new to sports betting then you should definitely learn about the different types of odds and how they work.
It was reported that 77% of sports bettors nowadays didn’t actually understand how betting works. It is essential that punters know how to read odds because it tells how much you need to stake and how much you will earn if you win at 12Play casino.
There are three types of betting odds—fractional odds, decimal odds, and moneyline odds. Even though odds are being presented in various methods, what they represent is the same thing and their differences do not affect the profit you will gain.
Here are the three types of sports betting odds.
Fractional Odds
Fractional odds are commonly known as British odds or UK odds, they are the much preferred method by British and Irish bookmakers.
These types of odds are commonly written with a “slash sign (/)” or a “hyphen (-)”, for example, 8/1 or 8-1 and they are read as “eight-to-one.” Fractional odds are the preferred method of some of the prominent bookmakers all over the word, making them the most recognizable betting odds.
Ex.:
San Antonio Spurs 10/7 or 10-7
Decimal Odds
Decimal odds are typically known as European or continental odds; they are very common in Europe and Commonwealth countries such as Australia, Canada and New Zealand. This method is a little bit convenient to understand and to manage. In this method, you can instantly tell which one is the favorite and which one is the underdog just by seeing the digits.
The decimal odds are presented using decimals and the digits being presented is the total amount that the punter will receive for every $1 bet. In this method, instead of the profit, the number represents the total payout, which already includes the amount of the stake you paid that will be returned to you when you win.
Ex.:
Dallas Mavericks: 4.00
New Orleans Pelicans: 1.2
Moneyline Odds
Moneyline odds are also recognized as American odds, these odds are commonly used by bookmakers in the United States. Moneyline presents two types of numbers depending on the team being represented by the odds.
The odds that are assigned for the favorite teams are typically presented with a minus (-) symbol. This number represents the amount that you need to wager in order to win $100.
On the other hand, the odds that represent the underdog teams are usually presented with a plus (+) symbol. This number indicates the amount that you will receive for every $100 you wagered if your team wins the game.
Ex.:
Chicago Bulls: -700
Denver Nuggets: +545
In both situations, the amount of the initial bet will be returned to the punter if his or her team wins the match. The only distinction between the favorites and the underdogs is that, many punters are rooting for the favorites to win which means many individuals are taking risks for the favorites than the underdog.
Why is reading odds important?
Most new sports bettors are getting intimidated by these odds and see them as complicated. However, understanding them is simple and interpreting them properly will sharpen your skills as a bettor and will lead to many profitable sessions.
The key is to know which type of odds you are dealing with and how much profit you will gain from them.
Final Words
Sports betting is a profitable industry, however, many people are reluctant to enter the business because they believe that the concepts of betting are complex and daunting. Fortunately, there are articles and online sources like this to help simplify these basic concepts so that punters can easily understand them.
Reading sports betting odds in casino Singapore are important, it is the skill that punters must cultivate in order to gain more profits.