Do you want to learn how to punt effectively and successfully? If so, then you should first learn how to read betting odds.
For new and seasoned players who engage in online sports betting, understanding sports betting odds and how they function is crucial. This is because sports odds represent the ratio of a bettor’s probability of winning and losing. Also, you will struggle to succeed in long-term sports betting if you do not know how to read betting odds and the possibilities they suggest.
Sportsbooks in Singapore make subjective assessments of a given result when they set odds. Betting odds are not a formula based on science. Rather, these odds will decide how much money you will win if you are accurate in your prediction.
Besides, you don’t have to be a math genius to be successful at sports betting. However, you will fail if you don’t grasp what betting odds represent. It’s harsh, but it’s true. So allow us to be the link between you and a greater understanding of betting odds.
Betting Lines Explained: How To Read Sports Odds?
In sports betting, the odds are shown in one of three formats: American, Decimal, or Fractional, and they serve two purposes:
- Odds represent the implied probability of the result to which they are linked.
- They show how much money you could win if you gambled on that result.
*When determining the likelihood of an event occurring, don’t depend just on the chances. More than one factor that is truly important to the outcome of the event can influence the odds.
Furthermore, the sum of the probability for a single event will always exceed 100 percent. This is because the sportsbook takes a cut that is built directly into the odds.
Also, the odds disclose how much the bookies charge when taking your wager. This amount is sometimes referred to as:
How To Read American/Moneyline Odds?
In the United States and Canada, moneyline odds are often utilized. To international sports and esports bettors, American odds appear confusing at first. However, if you understand how they operate, you’ll be amazed to see that American odds are the easiest to understand among the three. There are two types of American odds, these are:
- Positive number odds
- Negative numbers odds
What Does A Positive Number Imply?
If you stake $100 and the odds are positive, the number displayed represents the amount you could win. Let’s say you wager $100 and the odds are +200. When you read the betting odds, it means you will win $200 when you wager $100. Also, this does not include your stake. Therefore, your wager is just used to calculate your profit – exactly as with fractional odds.
What Does A Negative Number Imply?
The number in negative number odds refers to how much you’d have to bet to win $100. If the odds are -200, for example, you’ll need to bet $200 to win $100.
Decimal Odds: How To Read Sports Odds?
Among the three types, the decimal odds are the easiest to deal with in your sports betting activities. The decimal odds are displayed as follows:
How To Read Betting Odds In Decimal Format?
In today’s world, decimal odds are the most often used in sports betting. Unless you live in the United States or the United Kingdom, these are the betting odds you’ll be dealing with, so pay attention.
When it comes to decimal odds, all you have to do is multiply your bet by the odds to figure out your potential profit. For instance, if you bet $10 on a team to win at odds of 3.1, your possible profits are $31.
It’s worth noting, though, that, unlike fractional odds, decimal odds will show you your whole possible profits, including your bet.
To compute your win percentage using decimal odds, you need to divide 1 by the odds and multiply it by 100.
(1/decimal odds) x 100 = Win Percentage
(1/3.10) x 100 = Win Percentage
0.323 x 100 = Win Percentage
32.3 % = Win Percentage
So, in this case, you have a 32.3% win percentage when you bet on a team to win at odds of 3.1.
How To Read Sports Odds In Fractional Form?
Fractional odds are the most basic type of sports betting odds. It began with horse racing and is still the most popular in the United Kingdom and Ireland.
Here, one side of the fraction represents one team or outcome. On the other hand, it represents the other team. Fractional odds are easy to understand in their most basic forms.
For example, you are wagering $10 on a team to win at 2/1 odds. Your potential returns will be $20 and you have a 33.3% chance of winning.
So, how did we arrive at this conclusion?
Potential Winnings = ((Stake x numerator of fractional ddds) / denominator of fractional odds)
Your $10 stake is multiplied by the top number ($10 x 2 = $20), then divided by the bottom number ($20/1 = $20).
How To Calculate The Winning Percentage Using Fractional Odds?
To calculate the percentage, divide the total of the two numbers by 100 and multiply by the second number.
Win Percentage = ((100 / Total of the two numbers) x denominator of fractional odds)
In this example is 100 x 3 = 33.3 percent x 1.
If you were to support a team at odds against the spread, your profits would be $5 and your winning chance would be 66.6 percent.
With figures like these, fractional odds are simple, but with odds like 23/10, they get more complicated. Fortunately, two things can assist us in this situation.
- Online odds calculators
- Simpler and more modern odds formats
What Exactly Is A Push In Sports Betting?
A push, while not technically connected to odds, will have a significant impact on your payout. Before placing your first wager on sports, you should be aware of the likelihood of a tie.
A tie is simply a push in sports betting.
When betting on the moneyline, you will not see any pushes in sports betting. Therefore, if a sporting event allows a game to end up in a tie, then you can wager on a tie. Also, when betting against the spread or on the totals, all you have to think about is the chance of a push.
You will get your money if a push occurs. It doesn’t matter whether you win or lose.
To eliminate the risk of a push, most point spreads add a half-point to each number, although this isn’t always the case. Consider the following:
If Cincinnati wins 20-18, neither team will have covered the spread. Therefore, the game will be considered a tie/push. In this case, you will get your bet back as if the wager had never taken place.
How To Read Betting Odds FAQs:
What Does It Mean To Have Odds At +500?
Plus odds indicate how much you will earn if you place a $100 wager. For example, +500 implies you will win $500. Minus odds indicate how much you must wager to get $100. For example, -500 indicates that you must wager $500 to win $100.
In Sports Betting, What Do American Odds Imply?
American odds, often known as moneyline odds or US odds, are the standard betting odds utilized by American bookmakers. The odds in the United States are based on winning or wagering $100 on a specific bet. The plus (+) and the negative (-) sign indicates the favorite (-) and underdog (+), respectively.
What Is The Best Way To Read Sports Betting Odds?
One of the three alternative techniques of listing odds described above is likely to be easier to grasp than the others. Those who have grown up with fractional odds, for example, understand that the numerator reflects the amount of profit they may expect from a wager on the denominator’s value. For example, you wager $3 at 5/3 odds. Then, the return will be $5 in profit, for a total payoff of $8.