Sports betting has been one of the most popular pastime activities for quite a while. And even though there are numerous sports people commonly bet on, and millions upon millions of online bettors, the fact of the matter is that some of the basics of sports betting are still unfamiliar to many.
For instance, one of the things many bettors still struggle with is understanding the concept of odds in sports betting. This comes as no surprise as many bettors are still allowing their hearts to lead their decisions, instead of their brains. Therefore, in order to avoid making the same mistakes and ensure that you’re being smart with your bets, make sure you do your homework before you start betting online.
That being said, here’s what the odds in sports betting are and how you can use them to your advantage.
What are sports betting odds?
As the name itself suggests, betting odds present the likelihood of a certain outcome in betting. So, for instance, if a team you’re betting on has 5-1 odds, that means that in case they win, you will get a x5 return on every wager you’ve made. Therefore, if you’ve placed a $3 bet on that team, you can expect to win $15 ($3×5=$15) plus your initial wager of $3, which amounts to $18.
Knowing this, it becomes quite clear why you need to learn more about the odds and how they work if you hope to reach success with your betting efforts. As an example, just like you would search for the best possible casino bonus, such as a free $20 CAD no deposit casino bonus, to boost your chances of success if you were gambling online, you should ensure that you find the best possible odds that will work in your favor when placing online bets.
Fractional odds
The example that we’ve provided previously is a great representation of how fractional (or “traditional”) odds work. These are most commonly written with / (5/1) or – (5-1) and they represent the ratio between the profit and the original bet. Needless to say, the higher the amount of money you deposit as your initial bet, the greater the profit you can expect if the team you’ve wagered on comes out as the winner. However the risk of a loss goes up as well.
Decimal odds
Decimal odds are presented using decimals and they determine the amount of potential winnings for every dollar wagered. So, if you decide to wager $20 on a team that has 5.0 odds, you can expect to win $100 ($20×5.0=$100) in case they come out as winners. But unlike the fractional odds, decimal odds include the initial wager, which means that your pure profit (in the example we’ve just mentioned) would be $80, since you originally wagered $20.
Money lines
Money line odds are the most popular type of odds commonly used in the US. Here, the odds for the favorites will feature a minus sign, while the ones for the underdogs will have a plus sign. The favorites and the underdogs are determined by the bookmaker, offering different chances to score a win. No matter if you decide to wager on the underdogs or the favorites, you’ll get your original wager back (if they manage to win) plus the amount won. But the size of your payout may vary significantly. Let’s look at the example.
- Team A +200 (underdogs)
Wagering $100 on team A will bring you $300 (the initial $100 + $200 won) if they score a win.
- Team B -200 (favorites)
Wagering on favorites will require you to make a $200 wager, in order to potentially win $100. If they come out as winners, you can expect to receive $300.
Now, even though both of these outcomes may seem like a great option, keep in mind that the differences between the two will usually be much bigger. So, the more favorites are likely to win, the bigger the difference between the odds you can expect. Make sure to check Rowdie’s odds converter.
The bottom line
It’s safe to say that the more you learn about the different types of betting odds, the easier it will be for you to accurately predict and calculate your potential winnings. Not only that, but this will also allow you to more accurately determine which types of odds you should choose in the first place. As you’ve had the opportunity to see earlier, when money lines are concerned, for instance, you will be likelier to win if you choose to wager on the favorites. However, if you bet on the underdogs and they come out victorious, your winnings – or the actual profit – will be significantly higher, then the actual profit you can expect to get from wagering on the favorites.
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