If you’re new to sports betting and seeing odds for the first time, it’s forgivable if you find yourself confused. Everyone will have seen odds for the first time and not quite know what they mean or how they should be read.
Thankfully, it can be very easy to learn. Once they are known, they are an extremely useful resource in helping you to make informed decisions. You will have a better idea of what the predicted outcome of a sporting event is and how something is expected to turn out.
What are the different types of odds and how should they be read?
If you’ve headed onto an online betting site, you’ll likely see one type of odds format displayed. However, it’s possible to look at them in three different ways:
- Fractional
- Decimal
- American
Fractional
Fractional odds are those that are displayed as fractions. This is the typical format that is used in Britain and Ireland. As a result, they can also be referred to as ‘British/UK odds’.
To understand how fractional odds work, it can be easy to look at it in the following way:
- The last number is required to be wagered to win the first number.
For instance, odds of 6/1 will mean for every £1 wagered, £6 will be returned. More complex odds such as 4/7 will mean £7 will need to be wagered to return £4. In this scenario, the odds are favoring this outcome significantly, as it is expected to happen based on the predictive models and algorithms used. The first example of 6/1 means it’s unlikely to happen, which is why there is a greater win return if it does.
Decimal
Popular around Europe, decimals can be the favored approach for many as they are easier to read and understand than fractions. A market may have decimal odds that read 3.00 (to keep things simple).
In this case, this means punters will be able to obtain a return of 3x their stake if their bet is a winner. This option is also favored as it can easily identify which entities are the favorites. The decimal return will be lower for those who are expected to be winners, whereas those who are considered outsiders will have a larger decimal return.
American
American odds are depicted as +/- odds. For non-American bettors, this format can be a little more confusing to understand and read. Punters need to think of things as a 100 unit.
For example, a sports bet that has a return that begins with a minus essentially means it is the favorite. This minus number reveals how much needs to be bet to win 100. For example, -200 means you need to bet $200 to win $100.
On the flip side, a bet with a positive number means they are ranked as an outsider. The greater the number, the smaller the likelihood of them being the successful outcome. It’s common to see most being a positive number in futures markets due to the nature of this bet, although singular sporting events will often have one plus and one minus. A bet that returns odds of +300 will mean a $100 bet would return $300.
Can you change the way odds appear to suit your preferences?
Although there are certain odds that are associated with certain regions, they do not have to be set in that way. For instance, there are many British sports bettors who will use the decimal format because they understand it better than fractions.
Most sports betting websites will allow you to change their appearance to suit your preferences. This allows you to enhance your experiences and make the process simpler.
At the same time, several tools are available on the Internet that can help with the mathematical aspect of betting. Odds calculators can simplify the way the odds are depicted. They can turn them into the smallest numbers possible, which can make them easier to read.
Understanding the odds is key
It’s important to fully understand what the odds are showing you when betting, as they can provide the best clues about what to expect from an event being wagered on.
This can help to enhance and immediately improve any betting experiences that may be engaged in. With the flexibility to choose what odds layout suits you, it makes sense to pick the one that is easiest to understand.
