Are you in the line of beginner sports bettors who want to learn to gamble effectively? Do you excited to place and win bets on your favorite sport? If yes, then you need to have patience! Betting is not a cakewalk that you can learn in two days. It requires time, research, and practice to make definite wins. The most crucial aspect of betting is to understand the odds. If you can read them accurately, you can make wins, perhaps. But, if you do not have a perceptive, then learn how to read sports odds first. Having a fair understanding of the odds is essential to beat the sportsbook. You can only win when you are capable of predicting better than the bookies. So, let’s see how to learn the odds and how they can tell you the chances to win a bet.
What odds do actually?
You can visibly see the present sportsbook odds when you place bets on a particular sports event. They are mainly in decimal, fractions, and +/- signs. Usually, they tell you about which team is supposed to win the sport. It gives you an idea of the outcome of the game. Technically, they help you to decide on a particular bet. But, you have to use your instinct to make a winning decision.
American or Moneyline betting odds
These are popular odds that work in the United States mainly. They represent three-digit numbers with the sign of minus and plus. You can see them like -300 and + 250 for example. Suppose if the battle is between the Miami Heat and Phoenix Suns and the odds are -200 for Miami and +150 for Suns. Now, the team with a minus sign is a favorite and another one is the underdog. Now, if you want to bet on favorites, you have to place a stake of 200 to win 100 dollars. On the other hand, if you bet on the underdog, you have to place 100 dollars to make a profit worth 150.
You can also compute implied probability using these odds. You can divide the amount of bet by the positive odds plus 100 and then multiply by 100. Similarly, you can divide 100 by the addition of negative odds and 100 to multiply with 100. It will bring the winning probability for you that will determine your chances to win in percentage.
Moneyline betting odds are considered easy to read and compute. These are widely used in the United States and are said to be preferable odds for even novice bettors.
Decimal betting odds
In the betting endeavor, these odds are considered fairly easier to read and calculate. The bookmakers will display them as 3.50 and 2.70 for example. Most of the bettors also prefer these odds to calculate the winning payout due to the ease these odds offer. You can find it by multiplying the wager with odds and subtracting the wager from that result. It requires you to make simple mathematical computations that you can have with your mobile calculator.
Previously, the bettors used to compute the payouts manually. But, now the technology has enabled you to make calculations faster. There are also no chances to make mistakes while computing the payouts using these odds. Moreover, you can also compute implied probability with these odds without any flaw. You can compute it simply by dividing 1 by the decimal odds and then multiplying the result by 100. This is the way how to read sports odds with decimals and simply calculate these odds.
These odds are mainly popular in the European region and can also be seen in North American countries.
Fractional betting odds
These odds are somewhat tedious and complicated to understand and are mainly used in the United Kingdom. However, these odds are popular in several betting realms and are shown as 5/2 and 4/1 for example. The reading standard that you need to follow for these odds is related to the left and right digits. The number on the left side will state the possibility of the relevant outcome failing. The right side digit will state the possibility of the given outcome being successful. You can compute the implied probability by dividing the right digit by the sum of both digits and then multiplying with 100. It will provide you with the accurate result for implied probability to the chances of winning the bet.
Now, you probably want to calculate the payout you are expected to get to win the bet. So, in order to compute it, you simply need to divide the fractional odds and multiply them with the wager. Suppose, if 5/2 are the odds, the payout for 100 dollars bet would be 5/2×100 = 250.
Pro Tip on betting odds
This is one of the best places to attain thorough information about the working of odds. However, understanding odds can give you a clear-cut ability to calculate your likelihood to win. But, still, there is a need to place bets safely as the predictions with odds can prove wrong as well. All the betting outcomes mainly depend upon the performance in the sports events.
To Wind Up
Now that you know how to read sports odds, the time has come to start betting. Consider a comprehensive guide on how to place bets before you bet for a particular sport. By keeping in mind valuable tips and strategies, you can place bets to earn good money.