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Sports Betting Odds Explained | Guide for Odds Reading in [2024]

Sports betting odds reflect the probability of an event occurring in a sporting event. They are expressed as numbers and potential payouts are calculated by multiplying them by the stake. This betting guide explains how sports betting odds work and how bookmakers use them to ensure the house edge. Odds come in different forms, and the sports betting lines can be expressed as fractional, decimal, or American odds.

Betting odds are the cornerstone of online sports betting and are among the first things bettors need to understand. There is a clear link between the size of the odds and the risks you take. Understanding this is vital to maximize your chances of winning.

Summary of the article

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How to Read Sports Betting Odds

You should understand the odds when you learn how to bet on football or other sports. They are calculated based on the sports bookies’ assessment of an event that is to happen. This evaluation considers everything from team strength to injuries, form, and head-to-head results.

These are the five basic steps for reading betting odds:

  1. Identify the odds format – most online bookmakers will display the odds in decimal format (e.g., 2.00) or fractional (e.g., 1/1). Though, they are also available in American Format (+100).
  2. Calculate decimal odds – multiply the odds by the stake to get the potential payouts.
  3. Fractional odds calculation – a 3/2 odds format indicates a $150 win for every $100 bet.
  4. Positive and negative odds – negative American odds show how much money you must bet to win $100. On the other hand, positive odds indicate how much money you make with a $100 bet.
  5. Evaluate the risks — high odds indicate events with a lower likelihood of winning. Low betting odds pay less but are more likely to win, which makes them suitable for a parlay bet.

How Do Sports Betting Odds Work?

The first lesson for every punter is about the way odds work. Since they are displayed in different formats, it is worth looking at decimal, fractional, and moneyline odds individually. The way they are calculated differs, although the results are the same. You can use an online odds calculator, but knowing the betting math behind the odds is important.

Decimal Odds

Commonly used in Europe, decimal odds are the most popular worldwide, making winnings easy to calculate. Suppose you get odds of 2.50 on Chelsea, 3.00 on West Ham, and 3.50 on the draw.

    • The formula is Payout = Stake × Decimal Odds.
    • You bet  $10 on Chelsea to win, so the Payout = $10 × 2.50 = $25
    • The profit is calculated by subtracting the stake from the payout, so you get $25 – $10 = $15
    • Implied probability is 1/2.50×100 = 40%

Fractional Odds

Fractional odds are common in the United Kingdom and Ireland. Fractions are made of a numerator and denominator, which are used to calculate the odds. We use the same example, with Chelsea priced at 3/2, West Ham at 2/1, and the Draw at 5/2.

  • The first number represents profit, and the second is the stake needed.
  • If you bet 10$ on Chelsea at odds of 3/2 the profit is 10 x 3/2 = 10 x 1.5 = $15
  • The total payout is calculated by adding the stake to the profit, so you get $10 + $15 = $25
  • Implied Probability = (Denominator/Sum of Numerator + Denominator) × 100 = (2/3+2) x 100 = 2/5 x 100 = 40%

Moneyline Odds

Moneyline odds are mainly used in the US and are expressed as positive or negative numbers. In our example, Chelsea gets positive odds of +150 and negative odds of -120 on West Ham to win or draw.

  • Positive Odds show how much profit you make on a $100 bet.
  • +150 means a $100 bet on Chelsea wins $150 profit.
  • Positive Odds formula: Profit = Stake × Odds/100
  • Negative Odds show how much you need to bet to win $100.
  • -120 means you must bet $120 on West Ham or Draw to make a $100 profit.
  • Negative Odds formula: Profit = 100 × Stake / Odds.

Implied Probability:

  • Positive: (100 / Odds+100 ) × 100 = (100 / 150 +100) x 100 = 100/250 x 100 = 40%
  • Negative: (Odds / Odds+100 ) × 100 =  (120 / 120 + 100) x 100 = 120/220 x 100 = 54%

Types of Sports Betting Odds

A sports betting odds calculator will automatically convert odds regardless of format. To be successful when betting on sports, you need to understand how American, decimal, and fractional odds work.

  • Decimal odds are used mainly in Europe and Australia, and the payout is calculated by multiplying the odds with the stake. Assuming you bet $10 at odds of 1.70 on Djokovic to win a tennis match, you will win $17, with a 7-dollar profit.
  • Fractional odds are used more often in the United Kingdom and Ireland. If you bet $10 on a horse priced at 5/2, you will make $35, with a $25 profit.
  • American odds are used in the United States and can be positive or negative. If you bet $100 on New Orleans to win at odds of +200, you will make a profit of $200. If you bet $150 on their opponents, the Boston Celtics, at odds of -150, you would only win $100.

Types of Bets for Sports Betting Odds

Bookmakers publish odds for all types of sports betting in one of the formats above. They reflect the risks and allow bettors to calculate potential profit based on their stakes. You should know the popular betting markets when betting on your favorite sports leagues:

  • Money line – money-line odds are the most common in online sports betting and can be found in any game. You are paid if you predict the winner of the regulation time or after overtime and penalties.
  • Point Spread – some of the best sports betting odds are available on spreads, a form of handicap betting. You bet on the favorite to cover the spread or the underdog to win or lose by fewer points than the spread.
  • Totals — You bet on the total sports line, which indicates the number of goals or points scored in a game. You can adjust the total points line to decrease the risks or increase the betting chance.
  • Futures — This type of sports wagering is suitable for long-term betting strategies. You bet on the winner of a competition, such as the Champions League or the Super Bowl, before the season begins.
  • Prop Bets – these wagers are not linked directly to the match’s outcome but are special in-game events. You bet on players’ performance and achievements on a parlay or a straight bet.

Implied Probability in Sports Betting Odds

Having the sports betting odds explained is not enough to make money betting on football. Another key concept you must understand is implied probability. It represents the likelihood of an event happening by subtracting the house edge. The latter is added to ensure that the sportsbooks win in the long run, regardless of the outcomes of individual games.

Here’s an example of how expected probability works:

  • You bet on Arsenal to win at home against Manchester City at odds of 2.50.
  • The implied probability formula is 1 / Decimal Odds × 100.
  • Your chances to win at these odds are 1 / 2.50 × 100 = 40%.
  • If you believe that Arsenal has a 50% chance to win, it’s worth placing the bet.

Strategies Using Sports Betting Odds

  • Bankroll management – Based on bankroll and expertise, bettors can use simple or more complex systems. The core principles apply to all punters and the most important one is bankroll management. It’s advisable to start with single bets and wager at most 5% of your budget.
  • Use a parlay calculator – For parlays, keeping the odds low and not adding more than three or four selections is recommended. Use a parlay calculator to determine potential payouts and net profits.
  • Pay attention to implied probability – To win individual games, the best strategy is to evaluate implied probabilities accurately. Only bet on games where the odds of winning are higher than the risks reflected by the sports betting odds.
  • Bet against the spread – An advanced strategy is to bet against the spread of close games at the best sports betting exchanges. The betting odds are higher, and you have a better chance to turn a profit in the long run. This approach allows you to use arbitrage betting if game circumstances are favorable.

Pros and Cons of Sports Betting Odds

PROS

  • Is transparent and reflects the chances to win and the risks.
  • You can find value in the odds and offset the house edge.
  • They offer great flexibility because of their various formats.

CONS

  • Casual players can have a hard time calculating betting odds.
  • The house edge makes it difficult to win.

Master Sports Betting Odds Claim Your Reward

Traditional bookmakers, betting exchanges, and crypto-betting sites will give you a chance to beat the house. All you need to do is pick the right wagering events and accurately read the sports betting odds to make a profit. Find the value in the odds available and calculate the implied probability to offset the house edge. Take advantage of sportsbook promos and give yourself a better chance of winning.

Reading sports betting odds is easy, regardless of format. For example, the odds for straight betting and system bets can be calculated online with free calculators. Betting online has never been easier; now it is time to cash in on your sports knowledge.

FAQs About Sports Betting Odds

Sports betting odds represent the chance of an event occurring and determine potential payouts. Bet on low odds for frequent wins and lower risks, and choose high odds for bigger payouts.

Multiply the states with the decimal odds, and you will get the payout. Fractional odds highlight the potential profit over the stake. Negative American odds indicate the amount you need to bet to win $100. Positive American odds determine the payout if you bet $100 and win.

Bookies determine the odds based on how likely they consider an event to happen. They factor in all the relevant data, develop the real odds, and then add the house edge to leverage the risks.

If the match ends undecided in a draw no bet market, the stakes are returned regardless of the odds.

Only the format differs, with American odds of 5/1 translating into European odds of 6.00.

The odds are expressed in American format, signifying that you make a profit of $100 for a $200 bet.