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п»їBetting Odds Explained.

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Betting Odds Explained What is a Betting Exchange? Betfair v Smarkets Betfair Exchange Guide Smarkets Exchange Guide.

Matched betting is available to everyone, even those of you who have never placed a bet before. If thatвЂ™s you and you want to know more about betting odds, youвЂ™re in the right place!

In this guide, IвЂ™ll explain what betting odds are, how they work and how we can use them to work out the probability of an event occurring.

What are betting odds?

Betting odds are numbers used by bookmakers to represent the probability of an outcome occurring and tell us how much theyвЂ™re willing to pay out on a winning bet.

Betting odds may seem a little confusing to start with, but theyвЂ™re actually quite straightforward once youвЂ™re familiar with them.

What is probability?

Probability is the likelihood of an outcome happening and is usually displayed as a percentage.

For example, if we were to toss a coin, there are two possible outcomes. ThereвЂ™s a 50% chance that the coin will land on heads and a 50% chance that the coin will land on tails.

How do betting odds work?

Betting odds are displayed as fractions or decimals and tell us how much we stand to win if our bet is successful.

Traditionally, bookmakers display their odds as fractions, such as 9/1 on England to win the World Cup.

Fractional odds explained.

Fractional odds tell us how much we stand to win in relation to our stake. The number on the left is the amount we stand to win if we stake the amount on the right.

So, if we bet ВЈ1.00 on England to win the World Cup at odds of 9/1, weвЂ™ll win ВЈ9.00. WeвЂ™ll also get our ВЈ1.00 stake back, giving us total returns of ВЈ10.00.

Here are some other examplesвЂ¦

5/1 вЂ“ WeвЂ™ll win ВЈ5.00 for every ВЈ1.00 we bet 6/4 вЂ“ WeвЂ™ll win ВЈ6.00 for every ВЈ4.00 we bet 1/2 вЂ“ WeвЂ™ll win ВЈ1.00 for every ВЈ2.00 we bet.

Decimal odds explained.

Decimal odds show us how much a winning bet will return, inclusive of our stake. We simply multiply our stake by the odds, to get our total returns.

So, if we bet ВЈ1.00 on England to win the World Cup at odds of 10.00, weвЂ™ll get ВЈ10.00 back, which includes our ВЈ1.00 stake.

Here are some other examplesвЂ¦

6.00 вЂ“ A ВЈ1.00 bet would return ВЈ6.00 2.50 вЂ“ A ВЈ4.00 bet would return ВЈ10.00 1.50 вЂ“ A ВЈ2.00 bet would return ВЈ3.00.

As you can see, the fractional odds of 9/1 and the decimal odds of 10.00 return exactly the same amount. TheyвЂ™re just different ways of displaying things.

Which odds format is best?

I think if you asked a regular punter, they would probably favour fractional odds because thatвЂ™s what theyвЂ™re used to betting with.

When it comes to matched betting though, decimal odds are the clear winner. TheyвЂ™re much easier to compare at a glance, which is an essential part of the matched betting process. Betting exchanges display their odds as decimals too, so it makes sense all round to go with decimals.

To illustrate just how much easier decimal odds are to compare than fractions, take a look at the following graphicsвЂ¦

IвЂ™m sure youвЂ™ll agree, itвЂ™s much easier to compare the decimal odds at a glance than it is their fractional equivalents above.

What are moneyline odds?

You wonвЂ™t ever need to use them for matched betting, but theyвЂ™re worth mentioning as youвЂ™ll no doubt come across them as an option at some point.

Fractional to decimal odds.

We shouldnвЂ™t need to manually convert odds all that often as we can simply change our odds preference at the bookmakers.

IвЂ™ve also created an Odds Converter tool that will help you convert fractional, decimal and moneyline odds into your preferred format. You can also get the implied probability of an outcome happening based on the odds youвЂ™ve entered.

To be honest though, after a while youвЂ™ll probably find yourself converting odds in your head without even thinking.

Example.

In this example, weвЂ™ll convert fractional odds of 9/1 into decimal odds.

To do this, we simply divide the number on the left by the number on the right and then add one, which accounts for our stakeвЂ¦

So, fractional odds of 9/1 is the same as decimal odds of 10.00.

Here are some other examplesвЂ¦

5/1 вЂ“ 5 divided by 1 equals 5, plus 1 equals 6.00 6/4 вЂ“ 6 divided by 4 equals 1.5, plus 1 equals 2.50 1/2 вЂ“ 1 divided by 2 equals 0.5, plus 1 equals 1.50.

Calculating implied probability.

Implied probability is simply the conversion of betting odds into a percentage. It gives us a rough idea of how likely something is to happen.

The actual probability of an outcome happening is usually a little less than the implied probability. This is because betting odds factor in the bookmakerвЂ™s margin. Bookmakers offer odds that they believe are lower than the actual chances of something happening. This is how they make their money in the long-term.

Example 1.

In this example, weвЂ™ll calculate implied probability from fractional odds of 9/1.

To do this, we simply divide the number on the right by the sum of both numbers and then multiply by 100вЂ¦

So, if something has fractional odds of 9/1, it has an implied probability of 10%.

Here are some other examplesвЂ¦

5/1 вЂ“ 1 divided by 6, then multiplied by 100, equals 16.7% 6/4 вЂ“ 4 divided by 10 , then multiplied by 100, equals 40% 1/2 вЂ“ 2 divided by 3 , then multiplied by 100, equals 66.7%

Example 2.

In this example, weвЂ™ll calculate implied probability from decimal odds of 10.00.

To do this, we simply divide one by the decimal odds and then multiply by 100вЂ¦

So, if something has decimal odds of 10.00, it has an implied probability of 10%.

Here are some other examplesвЂ¦

6.00 вЂ“ 1 divided by 6.00, then multiplied by 100, equals 16.7% 2.50 вЂ“ 1 divided by 2.50 , then multiplied by 100, equals 40% 1.50 вЂ“ 1 divided by 1.50 , then multiplied by 100, equals 66.7%

Final words.

ThatвЂ™s pretty much everything you need to know about betting odds and how they work.

In a nutshell, betting odds give us a rough probability of an event occurring and they tell us how much money our bet will return if it wins.

DonвЂ™t worry if things still feel a little alien at this point. IвЂ™ve every faith youвЂ™ll get to grips with them in no time!

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Odds Explained.

We got you covered with the best guide for odds, everything you need to know about odds.

What are Fractional Odds?

Fractional odds are the most traditional format of listing odds and show bettors the probability of an event happening вЂ“ and how much can be made from a bet on that event.

How to Calculate Winnings with Fractional Odds?

As an example, we will use the fractional odds for an English soccer game.

You may see on BettingTop10 that Liverpool is 1/2 to win the game, while Watford is 5/1.

As you can see, the simple formula here is with an underdog is the number to the left of the slash, multiplied by your stake, equals the winnings.

With a favourite your stake is divided by the number to the right of the slash.

How to Convert Fractional Odds to Decimal Odds.

Most betting sites will have an inbuilt fractional odds calculator but here is a simple way to convert the odds.

Just divide the fraction and add 1.

In the examples we used before the odds for a Liverpool win would be 1.5.

The Watford decimal odds are 6.00.

Here is a handle conversion table covering some of the most popular betting odds.

1/2 = 1.50 1/1 = 2.00 2/1 = 3.00 3/1 = 4.00 4/1 = 5.00 5/1 = 6.00 10/1 = 11.00 25/1 = 26.00 50/1 = 51.00 100/1 = 101.00.

How to Convert Fractional Odds to American Odds.

In Canada, you may be more used to seeing American odds вЂ“ but these can be converted. For underdog fractional odds (over 1/1) first convert into decimal then multiply by 100.

For favourites you will need to divide -100 by the fractional odds as a decimal.

1/2 = -100 divided by 1/2 (0.5) = -200.

HereвЂ™s the conversion table.

How to Calculate Winnings with Decimal Odds.

Decimal odds are also the easiest for working out potential winnings. You just need to multiply the odds by your stake.

For example, Manchester City might be priced at 3.00 to win the English Premier League. If you bet $10 on that outcome вЂ“ and City win вЂ“ you would get $30.

Stake ($10) x Odds (3.00) = Winnings ($30.00)

Unlike fractional odds, your calculated returns include the original stake.

What are Decimal Odds?

Decimal odds are a way of listing the betting prices that is commonly used in Europe and are probably the most straightforward method. They are portrayed as two figures separated by a decimal point.

What are American Odds?

For example, in an NFL game the odds could look like this:

How to Calculate Winnings with American Odds?

With an underdog, the odds show you how much you would receive from a $100 bet. The favouriteвЂ™s odds tell you how much you would have to wager to make $100.

So, using the example from before, a $100 bet on Arizona could make you $300. A $100 bet on the Patriots would get you $50. The original stake would also be returned.

Point Spread Explained.

What is Point Spread in Betting?

The points spread is a market that is priced up by all Canadian bookmakers and is a way of making a seemingly one-sided contest into a more competitive one. Having the points spread explained can be tricky for beginners, so here at BettingTop10, weвЂ™ve compiled a short guide to this hugely popular method of wagering.

Some of the most popular leagues and competitions in Canada will stage a number of one-sided contests throughout the season and these ties tend to result in the hosts using home advantage in their favour. The points spread allows bettors to wager on a market that gives both teams a fighting chance.

The favourites would be required to overcome the pre-determined deficit in order to win the points spread whilst the underdogs would need to stay within a set number of points of the predicted match-winners.

If the favourites are -5.5 pre-match, they would be required to triumph by at least six points in order to overcome this handicap.

How to Calculate Winning Point Spread Odds?

Although it may appear a little complicated at first, calculating your winnings on the points spread market is relatively straightforward. Many reputable wagering sites also offer a Point Spread Calculator which will automatically work out your returns.

What is the Puck Line?

Whilst football and basketball are always priced up using the points spread. Hockey tends to use slightly different terminology. The Puck Line is essentially offering one side an advantage and the opposing team a disadvantage. With tighter games commonplace in the NHL, the margins are much smaller on the puck line.

Example:

On Wednesday 9 th October 2019, Dallas Stars face the Washington Capitals and Sports Interaction have priced up the puck line:

Washington Capitals -1.5.

The bookmakers are expecting a relatively close game between the pair. The smaller the points spread, the tighter the contest is likely to be.

The Capitals would be required to win by two clear points in order to pay-out on the points spread. If they won 3-1, you can subtract -1.5 from their total score (3) and they would still be leading (1.5-1). This would be chalked up as a victory on the points spread market.

Run Line.

Example:

Houston at Tampa (9 th Oct 2019)

Houston: J Verlander вЂ“ 1.5 Points Spread @ 1.72.

What is a PK or PickвЂ™em?

Occasionally there will be two teams that are extremely well-matched and there is no discernible difference between the pair. This is described as a вЂPickвЂ™emвЂ™ and means that there is no favourite or underdog for the match. If you back either side in this situation вЂ“ they must win the game in order for you to receive a pay-out.

What if itвЂ™s a Tie?

Ties are fairly common in sport and the bookmakers will simply вЂpushвЂ™ the points spread market in the event of this occurrence. If the two teams cannot be separated then you get your money back. If you wagered $10 on -2.5 and the match ended 4-4, then your account would be re-credited with the $10 outlay once the game has concluded.

Decimal Odds in Sports Betting, Explained.

IAN KINGTON/AFP via Getty Images. Pictured: Alexandre Lacazette.

Decimal odds are the most popular type of odds around the world, and have two main advantages over American odds вЂ” they convert to probabilities much easier, and theyвЂ™re slightly more intuitive once youвЂ™re familiar.

So how do decimal odds work?

Decimal odds represent the total return for every $1 wagered, including the money you risked.

An American moneyline at -110 is 1.91 in decimal odds. Why?

Because for every $1 youвЂ™re betting, youвЂ™re getting 91 cents back, plus the original dollar.

Therefore, any odds under 2.0 will represent a favorite. Any odds over 2.0 will be an underdog.

Use the links to jump to each section.

Calculating Payouts with Decimal Odds.

Calculating payouts with decimal odds is simple.

Just multiply your wager by the decimal odds, and youвЂ™re done.

Money Risked * Odds = Total Payout.

That $26 represents the $16 youвЂ™d profit from a Dolphins win, plus your original $10 back.

Your pal Norman wants to bet $10 on the Bills moneyline (-200 in American odds) in that same game. In decimal odds, that would be 1.5.

If the Bills win, heвЂ™ll get $20 back and profit $10 for a total of $30.

Why Use Decimal Odds?

The biggest reason to switch to decimal odds is because the conversion to probabilities is so easy. ItвЂ™s the same whether youвЂ™re working with an underdog or favorite.

Converting American odds to implied probabilities requires slightly different formulas for favorites and underdogs.

For decimals, itвЂ™s the same no matter what youвЂ™re betting.

Another reason to use decimal odds is that theyвЂ™re based around betting $1 and scale up and down easily, instead of being based on betting $100 like American odds.

How to Convert Decimal Odds to Implied Probability.

I promised converting decimal odds to implied probabilities was easy. So here we go.

The Bills at -200 (or 1.5 in decimal odds) would have an implied probability of 66.6%.

Converting American Odds to Decimal Odds.

Decimal odds start to look familiar when youвЂ™ve seen them enough.

For example, an NFL point spread at -110 is 1.91. That will become second nature quickly.

But at first, youвЂ™ll need to do some conversion, especially for favorites. You can use our odds converter, or do it by hand.

For Negative Odds: 1 вЂ“ (100 / American Odds)

So converting the Bills from -200 is slightly different.

Converting Decimal Odds to American Odds.

If you still want to use American odds but only see a line in decimal odds at a European sportsbook, you can make the conversion.

To convert a decimal of 2.00 or higher: (Decimal odds вЂ“ 1) * 100.

In our Bills-Dolphins example, youвЂ™d plug 2.6 into the following formula to convert back to American odds.

To convert a decimal of less than 2.00: (-100) / (Decimal Odds вЂ“ 1)

For the Bills at 1.5, youвЂ™d do:

Should I Switch to Decimal Odds?

U.S. sportsbooks will default to show American odds, but you can switch to show decimal odds instead. ItвЂ™s usually in the top right corner once youвЂ™re logged in.

ItвЂ™s a personal preference, but if youвЂ™re serious about using basic math like implied probabilities when you bet, decimal odds will save you the extra conversion steps.

How To Read Odds.

Understanding betting odds is key to successful betting. If you do not understand betting odds and the probabilities that they imply, you will struggle to succeed in betting on sports long term.

You donвЂ™t need to be a math genius to succeed in betting on sports, but if you do not understand what betting odds reflect, you are setting yourself up for failure.

How to read American odds.

There are three popular odds formats:

Fractional Odds Decimal Odds American Odds.

For the purposes of this article, we will focus on American odds. Know your potential profits when you make a wager with this betting odds calculator.

American odds are presented as either positive or negative odds. The following is an example of American odds for an NBA game between the Los Angeles Lakers and Chicago Bulls.

Put Your Odds Knowledge to the Test.

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How to calculate implied probability.

As previously stated, understanding and calculating the implied probability in betting odds is key to long-term betting success at, for instance, Pointsbet Sportsbook.

So how do we calculate the implied probability in American odds?

Calculating the implied probability in positive American odds is quite simple:

So the implied probability of the Lakers winning the game is 0.4348 (or 43.48%). In this instance, the bookmakers believe the Lakers are a 43.48% chance of winning the game.

Calculating the implied probability in negative American odds is fairly straightforward:

So in our example, the Bulls are at odds of -140 to win the game. What is the implied probability of these odds?

So the implied probability of the Bulls winning the game is 0.5833, or 58.33%. In this case, the bookmakers see the Bulls as a 58.33% chance of winning the game.

Value bets.

As stated earlier, the key to successful betting is to bet only when there is value. In our example, we should only bet on either the Bulls or the Lakers if we determine that they are a better chance to win the game than what the odds represent.

If we believe the Lakers are a better chance to win than 43.48%, we should bet on them. If we believe the Bulls are a better chance to win than 58.33%, then likewise, we should bet on them.

Understanding betting odds is crucial to long-term betting success. Possessing an intimate grasp of betting odds and their implied probabilities is fundamental to profitable betting.

See real odds at online sportsbooks.

At many sportsbooks, youвЂ™re free to see the odds no matter what state you happen to be in. However, you can only place real money bets at online sportsbooks odds if youвЂ™re located in states that have legal sports betting.

However, if you want to bet on horses, youвЂ™re more in luck there! Many states allow for online horse racing betting and you can see odds at most of the big horse racing tracks around the world.

Betting Against The Odds.

In Summary: Betting Odds Explained.

Betting odds represent the probability of an outcome occurring and the return (profit) you will receive if your bet is a winner. It could be the likelihood of all of your final four betting picks being correct.

The probability represented by betting odds is often referred to as the вЂimplied probabilityвЂ™. Understanding the implied probability is crucial. Why? Because you should only bet when you believe the probability of an outcome occurring is higher than the implied probability. But if you would like to learn more about betting odds and alternative odds formats, try this odds converter.

LetвЂ™s consider an example. LetвЂ™s say the New York Giants are facing the Washington Redskins in a regular season NFL game. The Giants are at odds of -110 to cover the betting line of -3.5 points. The probability implied in the odds -110 is 52.4%. YouвЂ™ve done your research and have determined the Giants are a 60% chance to cover the -3.5 betting line. As 60% is greater than 52.4%, you have found what is commonly referred to as a вЂvalue betвЂ™.

However, if following your research you determined that the Giants are only a 45% chance to cover the -3.5 points betting line, the implied probability of the odds is greater than your determined probability. You have not found a value bet and should not place a bet on the Giants.

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