One of the first things that you should learn about when you start betting is how betting odds work. This is important because betting odds give you a glimpse of how things might go down once the game start and this gives you the potential winnings you might get. At first, it might be confusing but as time goes by, you become more knowledgeable about them and understand them. The guide below will help you understand betting odds.
Odds simply represent a ration by which parties have set aside to bet on. The odds of 2:1 mean that the first party which is the bookie has staked two times the stake of the second party. The process of coming up with these odds is a hectic one that involves specialists like traders and odds compilers to make sense of the stakes. The best specialists work on big leagues like the much-awaited India Premier League, English premier league, Bundesliga, or even the FIFA world cup. We have discussed some different types of odds for you.
1. Money line odds
These are also known as the American odds. They are the simplest to understand and calculate on. Their format revolves around $100 as the betting amount. Money line odds have either a positive or a negative sign next to the odds. If the odds you are betting on have an appositive sign before it, it shows how much you will win if you place a bet with $100. If the odds have a negative sign, it shows how much will be needed to win back the wagered $100.
2. Fraction odds
Decimal odds are becoming more popular in the market. As the name suggests, they are based on fractions. They can be a bit hectic and complicated when you want to calculate your profits but they still work. They are expressed in fraction form in the odds. When the numerator is larger than the denominator, it means that you will get more profit plus your original wager money. If the fraction is the other way round, it means you will gain little profit plus your original amount. There can also be let’s say 1/1 which simply means that you will get your original amount back.
3. Decimal odds
These are the most popular odds in the world today. Many punters prefer to use decimal odds even if they are presented with different types of odds. It is also the easiest and to use and convert. There are no positive signs or negative once or even fractions that need to be converted. Everything in decimal odds is expressed in simple terms and all you have to do is multiply your wager amount with the odds to get your profits.
These odds are simple to use regardless of the way they look complicated. Just try using them and get accustomed.