If you’re new to sports betting, reading odds can feel like learning a new language. However, mastering the basics of sports betting odds is easier than you think and can quickly help you make smarter bets. In this guide, we’ll look at how to read sports betting odds, break down the main types of odds, and give you practical examples so you can get comfortable with them. Let’s jump right in!
What Are Sports Betting Odds?
Fundamentally, sports betting odds show how likely a particular result will occur during a match or event. They also let you know how much money you might win depending on how much you wager. These chances are determined by bookmakers or businesses that provide betting services, using information, statistics, and occasionally even intuition to forecast the outcome of an event.
Why Are Odds Important?
The odds are essential because they inform you about the potential return on your bet and the probability of an event happening. Understanding how to read sports betting odds will help you make more informed decisions, find good value bets, and, hopefully, win more frequently.
Types of Sports Betting Odds
Odds are presented in three main formats:
- American Odds (Moneyline)
- Decimal Odds
- Fractional Odds
Let’s break down each type of odds and explain how to read them.
American Odds
American odds, commonly referred to as “moneyline odds,” are widely accepted in the US and are usually shown as either a plus (+) or negative (-) symbol. This is how they operate:
- Positive (+) Odds: These odds show how much profit you’ll make on a $100 bet. For example, you would profit $150 on a $100 wager if you won if the odds were +150.
- Unfavorable (-) Odds: You can see how much you must wager to win $100 from these odds. Therefore, you would need to wager $200 to make $100 if the odds were -200.
Example of American Odds
Assume you have the following odds when you wager on a football match between Teams A and B:
- Team A: +180
- Team B: -220
Here’s how to read these odds:
- If you bet $100 on Team A at +180, you’ll win $180 in profit if they win.
- If you bet on Team B at -220, To make $100, you would have to wager $220.
So, favorable odds indicate the underdog (a team or player less likely to win), while unfavorable odds indicate the favorite (a team or player more likely to win).
Decimal Odds
Decimal odds are most popular in Europe, Canada, and Australia and are straightforward to understand. The odds are shown as a decimal number in this format, like 1.50 or 2.25. Here’s how they work:
- Decimal odds represent the total payout, including your original stake. Therefore, your total return (assuming you win) will be $20 if you wager $10 on odds of 2.00.
How to Calculate Payout with Decimal Odds
When using decimal odds, multiply your stake amount by the odds to determine your total payoff.
For example:
- If you bet 50 USD on odds of 1.75: Total payout = $50 * 1.75 = $87.50.
- If you bet 50 USD on odds of 3.00, the Total payout is $50 * 3.00 = $150.
Decimal odds are often easier to work with because they show the total payout, making them straightforward for beginners learning to read sports betting odds.
Fractional Odds
In the UK and Ireland, fractional or British odds are most frequently utilized, particularly in horse racing. They’re represented as fractions, like 5/1 or 10/3.
In fractional odds:
- The first number shows your profit relative to the second number, which is the stake.
- For instance, with odds of 5/1, you’ll win $5 for every $1 you bet. If you bet $10, you’d win $50 in profit.
How to Calculate Payout with Fractional Odds
To calculate your payout with fractional odds, use this formula:
Total Payout=(Stake×Fractional Odds)+Original Stake\text{Total Payout} = (\text{Stake} \times \text{Fractional Odds}) + \text{Original Stake}Total Payout=(Stake×Fractional Odds)+Original Stake
Here’s an example:
- If you bet $20 at odds of 7/2, Total payout = ($20 * 7/2) + $20 = $90.
Fractional odds are a bit less common in online sports betting, but it’s helpful to know how they work if you’re betting on British or Irish events.
How to Choose the Best Odds Format for You
If you’re wondering which odds format to use, it largely depends on where you’re betting and your preference. Decimal odds are generally the easiest to work with, especially for beginners. However, the American odds are standard on U.S.-based betting sites, and the fractional odds are traditional in British sports betting.
Most online sportsbooks allow you to switch between these formats, so you can choose the one that makes the most sense.
Converting Between Odds Types
Sometimes, you can convert between different types of odds. Here’s a quick guide on how to do it:
- From American to Decimal: If the American odds are positive, divide 100 by the odds and add 1. If they’re negative, divide 100 by the odds and add 1.
- From Decimal to Fractional: The result can be expressed as a fraction by subtracting one from the decimal odds.
For example:
- American odds of +150 would be 2.50 in decimal.
- Decimal odds of 1.75 would be 3/4 in fractional.
Understanding Implied Probability in Odds
One valuable concept in sports betting is implied probability. Implied probability tells you the likelihood of an outcome based on the odds. Knowing this can help you assess whether the odds offer good value for your bet.
To calculate implied probability:
- For Decimal Odds: To calculate the percentage, Multiply the result by 100 after dividing one by the decimal odds.
- For American Odds:
- If the odds are favorable, use this formula: Implied Probability=100 Odds+100×100%\text{Implied Probability} = \frac{100}{\text{Odds} + 100} \times 100\%Implied Probability=Odds+100100×100%.
- If the odds are unfavorable, use this formula: Implied Probability=Odds×−1 Odds×−1+100×100%\text{Implied Probability} = \frac{\text{Odds} \times -1}{\text{Odds} \times -1 + 100} \times 100\%Implied Probability=Odds×−1+100 Odds×−1×100%.
For example, if the odds are 2.00 in decimal, 50% is the implied likelihood. This indicates that the bookmaker thinks the event has a 50% chance of occurring. You can assess a bet’s value by comparing your analysis to the implied likelihood.
Finding Value in Sports Betting Odds
It’s time to examine how to identify value now that you understand how to evaluate sports betting odds. When you wager on odds that appear to provide a higher return than the event’s real likelihood, this is known as value betting.
For example, if you believe a team has a 60 percent chance of winning but the odds only show a 50% likelihood, you may categorize this as a value bet. Regularly finding value bets can raise your chances of profit in the long run.
Tips for Beginner Bettors
- Start Small: Novices should begin with modest wagers until they become accustomed to the odds.
- Do Your Research: Knowing team stats, player injuries, and other game factors can help you make informed bets.
- Use a Budget: To resist the need to chase losses, establish and follow a betting budget.
- Shop for Odds: Sportsbooks may offer slightly different odds for the same event. Shopping around can help you get the best return.
- Stay Disciplined: Betting on impulse often leads to poor decisions. Remain true to your plan and refrain from placing rash wagers.
Conclusion
Learning how to read sports betting odds can be frightening, but it gets a lot simpler once you grasp the fundamentals. The basics are the same whether you’re dealing with American, decimal, or fractional odds: odds display the implied probability of an occurrence and the possible payment. Spend time learning about each kind, practice identifying value wagers, and always bet sensibly.
FAQs
1. What do American odds plus (+) and negative (-) signs mean?
Americans use plus (+) and minus (-) marks to represent the underdog and favored. Positive signs (e.g., +150) indicate how much you’d win on a $100 wager, whereas negative signs (e.g., -200) indicate how much you need to bet to win $100.
2. What form of odds are more accessible for beginners?
Beginners find decimal odds simpler because they show the total payment, including the stake. A $10 wager with odds of 2.00 would return $20 if you win. New bettors might start with decimal odds due to their simplicity.
3. How can I compute fractional odds winnings?
With fractional odds (5/1 or 3/2), the first number is your profit, and the second is your stake. Find your gains by multiplying your stake by the fraction and adding your initial bet to get the total return. Bet $10 on 5/1 odds to win $50 plus your $10 stake for $60.
4. What’s implied probability and its importance?
Implied probability is the odds-based likelihood of an event. Calculating it helps you determine fair odds and bet value. If the decimal odds are 2.00, the implied probability is 50% (1 / 2.00 * 100). It may be a good bet if the real possibility of winning exceeds the indicated probability.
