In this article we will tell you in detail what are the odds in betting and how to make them, what kinds of odds exist and how they are transformed. And we have also prepared for you a list of the best betting odds today, and which bookmakers offer them.
If you’re planning to start betting and making a profit on it, whether it’s online casino, sports or any other type of betting, it’s very important to understand what the odds are in general. In order to bet competently, you need to be well versed in the basic types of betting odds and be able to read their various formats and values. So, let’s start with the main thing – what are the odds in betting?
The betting odds are a tool that shows the bookmaker’s opinion or position on a particular game, event or offer. They also reflect how much money bettors must deposit (spend) in order to win a certain amount of money – that is, the potential payout from the bookmaker.
At this point in time, there are three main types of bookmaker odds:
- Fractional (British) odds – are the ratio of the amount won (profit) to the amount bet;
- Decimal (European) odds – it is the amount of winnings for every $1 bet;
- Moneyline (American) odds – are either the amount one must wager to win $100, or the amount one can win for every $100 wagered.
These types are alternative ways of representing the same concept and have no payout differences. This means that the odds or percentage probability of an event occurring can be transformed and represented in any of the odds mentioned earlier.
Types of sports betting odds and their calculation
The most popular and often used by bookmakers are European, American and British odds. But there are also places such as Hong Kong, Indonesian and Malaysian. For each type of odds there is a different system of calculations. In other words, how sports betting odds work, see below for more details about each of them.
How European/Decimal Odds Work
European is the coefficient as a decimal fraction. To determine the final winnings, it is enough to multiply the number by the bet amount.
These are decimal odds, which are popular in continental Europe, Australia, New Zealand and Canada. They are a little easier to work with and understand their structure. The total (potential) income from a bet can be calculate betting odd as follows:
- Tp = S * D
Where:
- Tp – Total return;
- S – Bet;
- D – Decimal coefficient.
Favorites and underdogs can be determined instantly by looking at the numbers.
How British/Fractional Odds Work
British is the coefficient in the form of a simple fraction. This coefficient reflects the net profit that can be obtained from one unit bet. Fractional odds are popular among British and Irish bookmakers. They are usually written with a slash (/) or a hyphen (-).
The total (potential) return on a bet can be represented as follows:
- Tp = ( S ( N / D ) + S
Where:
- Tp – Total payout;
- S – Rate;
- N / D – numerator / denominator of the fractional coefficient.
For example, the coefficient 5/3 means that for three betting units (pound, dollar, euro) a player gets five units of net winnings.
How American/Money Line Odds Work
The American odds is a type of quotation in bookmakers’ offices, which, unlike decimal or fractional designations, shows the odds of the outcome by the probable amount of winnings. This type of quotes is applicable in the U.S. bookmaker’s offices, in addition, they are divided into two groups – positive and negative.
Let’s look at an example of a bookmaker’s line-up with American odds for an NBA game between the Lakers and Miami. BC offers odds of -400 on the Lakers’ win and +550 on Miami’s win. To convert the American odds into decimal format you should use the following formula (X+100) / X or 100, where X is the American odds.
Let’s convert the above quotes into decimal format:
- (400+100) / 400 = 1.25
- (550+100) / 100 = 6.50
Hence, a Lakers win is quoted as 1.25 in decimal odds format and a Miami win is quoted as 6.50.
Other Line Odds Work
Hong Kong – this has the appearance of a standard European decimal. The odds reflect the player’s net profit on a single bet. For example, a 0.9 multiplier shows that a 10-unit stake will give the player a net profit of 9. To find out the possible net profit of a bet, simply multiply the odds by the bet amount.
Indonesian odds – are similar to American odds. The only difference is in the values – the Indonesian odds (-1.5) will be equal to the American odds if multiplied by 100.
Malaysian coefficient – is very similar to the American coefficient, but has a slightly different value. A minus coefficient will mean that the net winnings will be more than the bet size. A plus coefficient says that the net winnings will be less than the bet size.
For example: Malaysian odds (-0.7) means that with a bet of 0.7 units, the net winnings will be 1.4 units. Malaysian plus odds (+0.5) means that at a bet of one unit, the net win will be 0.5 units.
Where can you find the best odds?
You can find the best odds in sports betting by comparing betting lines at different bookmakers. Choose legitimate platforms that compete with each other to attract bettors, so you can find better odds at one sportsbook compared to another. The best odds are those bookmakers’ numbers that pay out the most.