Reading the Numbers
For anyone who wants to get into betting, reading the odds is an indispensable part of the learning curve. It’s all-important since only by understanding the figures and how prices are calculated can punters acquire preview of their potential winnings (and which team/result is best to place a bet on). So how do odds work? Let’s break down the basics.
First things first. What are odds?
– It’s the probability or likelihood of a particular outcome (e.g. match result) to occur in the view of the sportsbooks.
– The odds are used to calculate payouts. Every time you place a bet, there are odds at hand which tell how much you can win.
Different Odd Formats
Also known as American odds since it’s commonly used in the United States. These are displayed as either positive or negative numbers. A positive sign indicates how much profit would $100 win while the negative specifies how much you need to gamble in order to win $100.
How to calculate American odds
+140 (The $100 stake could reap $140 in winnings, plus your initial $100.)
-140 (You need to place $140 to get $100, plus initial money of $140)
+100 (You win an equal amount to your stake, even money wager)
*For small fry, you can easily replace the $100 bet for a $10 bet by moving the decimal place. In the case of -14, you would need a wager of $14 in order to win $10 profits.
2. Fractional Odds
Fractional odds can be simply shown as [potential winnings/required stake]. “Odds against” is when the numerator is bigger than the denominator. This is the equivalent of positive moneyline odds in which potential profit is greater than the stake. So if you have fractional odds 10/1, it stands to reason you will win €/£ 10 for every €/£ 1 stake.
How to calculate fractional odds
In calculating total payout, you have to add in your original stake.
3/1 (You can win three units for every one unit placed +stake)
5/1 (Win five units for every one unit wagered +stake)
7/2 (You will receive €/£7 in winnings + €/£2 stake)
1/1 (One unit is to one stake, even money)
Fractional Odds Variations:
6/4 (Win six units for every four, or 1.5 per unit staked)
When the numerator is smaller than the denominator, it is analogous to negative moneyline in that expected profit is less than the amount staked.
1/4 (You can win one unit for every four units)
4/7 (Get four units for every seven placed)
10/11 (You can receive eleven units for every ten, or 1.1 per unit staked)
3. Decimal Odds
This is fast becoming a standard among online betting sites. This is because punters will be able to see straight away how much the total pay will be including initial stake compared to its fractional equivalent.
How to calculate decimal odds
Profit = [Odds x Stake]
1.50 (A winning pick at odds 1.50 would return €/£1.50 for every €/£1 stake)
i.e. Stake 1000 at 1.50 odds = €/£1,500 winnings.
* The HIGHER the odds, the less likely the outcome will happen as presumed by bookies. Higher Odds means less chances of winning. That’s why HIGHER PAYOUTS are given.
*The LOWER the odds, the greater the probability is of the outcome happening. Lower odds means better chances of the bet winning, equal to LOWER PAYOUTS.
How football betting odds work
To bet on football, create an account with a bookmaker of your choice and input the amount you would like to wager on the listed odds. Better yet, shop around for the best line in a sports trading platform that aggregates odds from multiple bookmakers. That is convenience combined with better mileage.
The 1 x 2 System
The most common type of football bet is the “straight bet” or outright bet. This is betting whether a team will win or if the game will end in a draw.
“1” – Betting that home team will win the game
In football, whoever is the first team in a match-up is set to play host of the game. The odds on home team to win the game are listed under the “1” column. So in the above example, Real Madrid’s odds to win the game are at 1.730, that is you will win €/£1.730 for every €/£1 stake you place.
“x” – Betting that game will end in a draw
The “x” column shows odds for the game to end in stalemate. Odds on draw results are always quite high since they are difficult to predict especially for equally matched teams.
“2” – Betting that visitor will win the game
Under column “2” are betting odds for the away team to win the fixture. Usually, the hosts are perceived to have home turf advantage, thus odds posted for visitors are long and offer more sizable profit.
Other than odds on which team will win and match draws, bookmakers also provide additional bets. These are referred to as markets. Some examples include Half Time, Over/Under (OU) or Totals, Corners, and Asian Handicap. Asian Handicap is placing pre-assigned handicaps/scores that teams must cover.
How Asian Handicap football odds look:
How do odds work in betting markets
For every possible end result, bookies will pay out on those odds for winning bets. In given illustration, if Real Madrid v Atletico De Madrid derby end with Over 2.00 goals, you will get 1.471 for every €/£ 1 stake you placed. (See Asian Handicap potential profit table.)
Now that you’re armed with the basic knowledge of how football betting odds work, put your judgment to the test by placing your bets. With this newfound info, you will be able to choose odds and stakes with more confidence.
Want to know more about betting? Contact Eastbridge sports brokerage today on Skype (custserve01)! We’re more than glad to answer any query you may have as to signing up for an account. You might also want to check VOdds platform for the best Asian handicap odds in the market.