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How Do Odds Work in Sports Betting?

Written by:
Payton
Published on:
Jun/18/2020

Sports betting has been going side by side with sports for as long as we can remember. People have always been fond of the idea of placing bets on their favourite team, teams that are likely to win/lose, overall score, etc. There are countless of betting options in every sport and all of them have certain odds of happening. The more probable the bet is, the lower the odds will be and vice versa.

The people that are most likely to place bets are the fans of the respective sport, but many of them don't know how the betting process works. That is why we wanted to take a closer look at this activity and explain how odds work. But, to place bets, you need to find the best bookies. So, let's check out where can you place bets first.

The Rise of Online Betting

Until recently, the most common way to place bets was to go to a land-based sportsbook. But, there are plenty of disadvantages that the traditional bookies have. They process the bets much slower, have a lot less betting options, and they are not too effective. That is why a new platform where all of these disadvantages can be annihilated was needed. And just like that, the rise of online bookies happened.

Online bookies have become the leaders in this industry and millions of people around the world wager their predictions each day on their sites. Some of the best features of online betting are that you can place bets at any time and place. They can be accessed from your PC/laptop and phone because their sites are completely optimized for both uses. Some online bookies even have their own apps to make mobile access even easier. 

They are also completely safe and secure and offer far more options and rewards for the players. You can bet on the NFL winner, NBA MVP, etc. Now that you know where to wager on your teams, let’s explain how the odds work.

Betting Odds Explained

There are 3 main types of odds in the world: fractional, decimal, and American. The fractional are common for UK fans, the decimal are popular in Europe, while the American are common on US soil (as the name itself suggests). 

Fractional odds are the ratio of the amount won to the stake. For example, the odds of Barcelona winning the Champions League are 7/1. That means that for every $1 staked, you will win $7. Lionel Messi’s odds of being the top scorer in this tournament are 33/1, which means that you will win $33 for every $1 that you stake. Considering the fact that he won Ballon d’Or last year and was among the top scorers, this bet might prove to be a good profit-maker. 

Next up, we have the decimal odds or commonly known as European odds. These odds represent the amount that the player wins for every $1 wagered. The total payout from these odds is calculated with a multiplication of the stake and the decimal odd number.

Lastly, we have the American odds. These odds are accompanied with a minus and a plus sign. The minus represents the favourite, while the plus represents the underdog. For example, many teams are interested in signing Colin Kaepernick, but the Ravens are the favourites with +200. All other teams have higher odds. 

There is one more type that is not used as often as these three. Implied probability is a conversion of betting odds into a percentage. But, this type is a bit complicated, which is why it's not used that much.

 

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