The first thing associated with sports bets are the odds.
No bettor can place bets without understanding what all those decimal numbers or various mathematical symbols mean.
So, it is obvious that before placing your first bet you should learn all about betting odds.
Understanding how odds work
Odds play a crucial role when it comes to generating profits over the long term.
The odds are much more than a number that represents how much you can win, but it is also and above all an expression of the probability of carrying out an event.
The greater the likelihood of something happening, the better your chances of winning your bet. However, more chances translate into lower odds.
Furthermore, the different online bookmakers offer different odds, which means placing the same bet on two separate betting sites can result in different winnings.
So, you can’t help but know how sports betting odds work and what they represent.
Without understanding the odds, you will probably place bets based on personal opinion, which can often result in losses.
Types of betting odds and how to convert them to odds
The first thing you should know is that there are three ways to represent the odds: decimal odds, fractional odds and money lines or American odds.
The decimal odds are represented as 1.35, 3.15 and so on.
The conversion of the decimal odds into probabilities is carried out through a simple calculation that provides for the division of the digit 1 for the decimal odds and therefore the multiplication of the result with 100.
For example, if Cristiano Ronaldo’s chances of scoring a goal are 1.45, you should do the following:
1 / 1.45 = 0.689
0.689 * 100 = 68.9%
Therefore, Cristiano Ronaldo’s probability of scoring a goal is 68.9%.
Let’s now focus on fractional shares; these are represented as 5/2, 1/1 etc.
Calculating the probability of a bet using fractional odds seems a little more complicated.
The formula requires you to divide the denominator by the sum of the denominator and the numerator.
Finally, the result is multiplied by 100 to obtain the desired percentage.
To simplify understanding, we give you an example.
For example, we want to bet that Cristiano Ronaldo will not score a goal with fractional 5/2 odds; here, the denominator is the number 2, while the numerator is the number 5.
Using the above formula, what we need to do is:
2 / (2 + 5)
divide 2 by 7 and get the result of 0.2857
0.285 is multiplied by 100 to get the final result of 28.57%
American odds: moneyline
Finally, it is time to explain the shares of moneyline, otherwise called American odds.
Just as their name suggests, these are mostly used in the United States, especially when it comes to basketball and baseball.
Moneyline bets are represented with positive or negative figures, for example you can see a number with a “-” or a “+” in front.
Let’s take an example: the Golden State Warriors are the favorites in an NBA game and their monelyline odds are -120. On the other hand, the Los Angeles Lakers should lose the game and their odds are +180. The question here is how to convert these odds into percentages.
transform -120 into 120
neutralized sum 120 and 100 to obtain 220
divide the first 120 neutralized by 220 (the result of point 2)
multiply the result of step 3, that is 0.545 by 100 to obtain the final result of 54.5%
Calculation of winnings
The odds not only help users calculate the probability of something happening, but they also help determine possible winnings. That is to say, regardless of the type of altitude, the numbers used to represent them reveal a lot.
Here is an example. Let’s say that the odds for a bet you want to place are 9/1; this means that for every € 1 you place you will win € 9 net if the bet is a winner. On the other hand, if the odds are 1/9, you can expect to win € 1 for every € 8 you bet.
Now, let’s see some examples for calculating winnings with decimal odds even if they are the ones you usually use.
If the odds are 8.0, you must multiply the odds with the bet amount and then subtract the bet amount from the result.
Finally, we analyze the probabilities of the moneyline.
If you bet on the negative amount, ie -150, you receive € 100 for every € 150 wagered.
On the contrary, betting on positive odds means that for example on +190 you get € 190 for every € 100 wagered.
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