Understanding the Most Popular Odds Formats in Sports Betting
Although there’s no ‘correct’ betting odds format, some are certainly more confusing than others to the layperson. When considering betting odds, keep in mind that they don’t directly represent the true chances of something happening. Different sportsbooks often offer slightly different odds for the same game. Line shopping is one of the smartest habits professional bettors develop.
- For this reason, it is sometimes referred to simply as American odds or US odds.
- Let’s say a betting website (also known as an online sportsbook) priced an NFL game between the Pittsburgh Steelers and the Kansas City Chiefs with the following moneyline odds.
- Converting odds between these formats allows for easier comparison across different betting markets.
- A moneyline bet is a wager placed on an event’s outcome, for example which team will win an NFL match.
- Our experts will guide you through the best strategies to find value and beat the bookie.
- However, that’s not to say it is going to be easy to compare odds.
Betting Odds Explained
They set the initial price, and this can then be affected by any number of things. Form, injuries, weather, head-to-head results and even bettors themselves can make odds change with the sportsbook reacting to what is happening. You may determine if a team is the favorite or the underdog by looking for the + and – signs. A plus (+) indicates that the team is the underdog; if they succeed, you will win more than you invested.
Alex, a ten-year iGaming industry veteran and Managing Editor at BettingTools specializes in sports betting and betting tools. He also provides insightful reviews, ensures the accuracy of all offers, and maintains content quality helping you make informed choices. Moneyline bets with odds of “pick ‘em” (meaning that both teams are given an equal chance of winning) are also priced at -110 to cover a 10% vig. Regardless of the odds, the payout on a winning bet includes both the amount of profit from the bet and the bet itself. The only exception would be bonus bets, where the payout would include the winnings only.
How to Read Betting Odds
For example, for a football match, you could bet on goals scored, yellow cards, fouls, corners in the first half or the final score. Each outcome will have been priced up individually based on the probability of it happening. They can be found in sportsbooks in Europe, New Zealand, Australia, Canada, and many other places around the betting globe, though they are often called European odds. Bookmakers build a profit margin (also called “juice” or “vig”) into their odds. This means the total implied probability of all possible outcomes exceeds 100%.
How do you calculate odds?
An underdog is a team or player not expected to win an event or competition and will typically be priced at odds-against, meaning the odds are bigger than evens (2.0 or +100). “The best betting odds will of course vary from sport to sport, but generally speaking, bet365 is the standout bookie when it comes to the best betting odds. However, you notice that a bookmaker, say for example BetMGM, have priced Liverpool at 4/6 to win the match, which equates to a 60 per cent chance of winning. When converting to fractional odds, 80 per cent equates to odds of 1/4 or 1.25.
For example, if the team’s parimatch odds of winning is 6.00, the probability of them winning is 100/6, which equals 16.7%. Before making a bet, a bettor may want to take into account the profit and their wager to work out the percentage return if they win. They will estimate the probability of an event taking place and based on their prediction, will display odds.
The math underlying these odds helps determine if a wager is worth pursuing. While odds come in different formats – American (+/-), decimal, or fractional – they’re simply different ways of presenting the same probability. Negative odds indicate the amount of money you need to wager to win $100. Low odds, and negative odds particularly, reflect a sports betting outcome that the oddsmaker considers likely. Different sportsbooks and regions use different odds formats, but they all represent the same thing—the likelihood of an outcome and potential payouts.
Team A at –150 implies about a 60% probability of winning (some margin for the sportsbook is baked in), so if you bet $150 on Team A, you’d make a $100 profit if they win. So, do you now feel that you have a better understanding of the different odds formats in golf betting? Odds formats can seem confusing at first, but once you understand them and get a little experience seeing and using different formats, it will soon become second nature. Moneyline odds, more commonly known as American odds, are primarily used in the United States and can be a little more difficult to navigate at first when compared to other formats. This is because moneyline odds utilize negative and positive numbers, requiring a little math to work out on the spot. In this article, we are going to delve into the wonderful world of odds formats in golf betting, going over how to understand the common odds formats and how they differ.
Go online and you will find conversion tools that will no doubt help make this conversion much easier and more straightforward. Whether to use an American, British or European format boils down to preference. Many find decimal odds easier to work with, especially for quick calculations. The larger the gap between the numbers, the more lopsided the matchup is perceived to be.
These numbers represent the amount you could win against each $1 you put at stake. So, if you bet $100 on Donald Trump to be reelected as president, you could receive a total payout of $400 ($100 x 4.00). This amount includes the initial stake of $100, resulting in a net profit of $300. The first type of odds format you need to know about is fractional odds. This format is predominantly used in the UK and Ireland, but it can be found at sportsbooks worldwide. A prime example of this is how almost every bookie that is offering bets for the 2024 tournament also displays fractional odds despite the competition taking place in America.
Understanding this system is the foundation of smart sports betting. It not only tells you how much you could win but also hints at the bookmaker’s view of a team’s chances. Our sports betting expert breakdown what betting odds are, how to read them and how to get the best prices in 2025. Each format displays the same underlying probabilities and payouts differently, so knowing how to interpret them ensures you can compare odds effectively. This page breaks down how each odds type works, how to read them, and what they mean for your bets. To win the bet, that team must either win the game outright or lose by less than 7 points.
Understanding how to read, interpret, and calculate odds is essential for making informed betting decisions and developing profitable strategies. This comprehensive guide will walk you through everything you need to know about soccer betting odds. In an Asian handicap, stronger teams are given virtual disadvantages and underdogs receive advantages. This system reduces the chance of a draw and promotes balanced matchups. Additionally, split bets like betting half the stake on two different outcomes allow for risk distribution.
Popular in Europe, Canada, and Australia, these odds show you exactly how much your total payout will be, including both your profit and your original stake. Here we can see that the bookmaker correctly priced Biden as the favorite to win the election. The higher the total payout (i.e., the higher the decimal odds), the less probable it is that the candidate will win (in the bookmaker’s opinion), and the riskier the bet is. The potential profit for a Milwaukee win would be even higher because you could make a profit of $700 ($100 x (7/1)). With your initial stake of $100 returned, it would result in a total payout of $800. In the above example, if you bet $100 on Brooklyn to win, you could make a $260 profit ($100 x (13/5)) and get back your initial stake of $100, resulting in a total payout of $360.
The higher the absolute value of the number, the better the chance the bet will win. For example, a -200 favorite has a better chance to win than a -120 favorite. 200 is greater than 120, so this is what we mean by absolute value – you ignore the ‘–’ sign and take just the number when considering this. As already mentioned, the various formats are just alternate representations of the same thing.
In other words, your stake is already included in the decimal number (no need to add back your stake), which makes the calculation easier. All betting odds (in any format) can be converted into an implied probability. Odd formats can be a little confusing, especially if you use various sites hosted in different countries. Fortunately, there are only a handful of popular odds formats, and once you learn them, you will be able to place bets at almost every site without worry. Bookmakers use a combination of historical data, statistical modeling, and expert analysis to set initial odds. These odds reflect the perceived probability of each outcome before any public betting takes place.