Odds are one of the critical things in sports betting and underlie your whole betting process. So, you can only be a sports bettor if you know what it is. Odds represent your team’s side of winning and what you will get from the wager if it’s successful. So, they are essential in making the right bets on trusted betting sites, including PlayAmo online.

Hence, as a sports bettor, you must understand how to read and calculate odds before placing bets. Because merely reading them on a surface level without knowing what they entail puts your chance and money at risk. There are different types of odds, which may pose various complexities in understanding. However, they are necessary and can be understood when you take the time to learn them.

What are betting odds?

Betting odds are numbers put together by bookmakers to represent the likelihood of an event happening. These odds may take the form of decimals (2.1), fractions (3/1) and the money line way (+200). Betting odds are used in sports betting events to represent the bookmaker’s presumption of the event’s outcome.

The different forms or types of betting odds, including decimal, fractional or Money line odds, are the different ways bookies express the odds in a particular event. The odds can be converted depending on the betting company.

Fractional (British) odds

Fractional (British) odds

Fractional or British odds are used chiefly by British betting companies. They are often represented by (-) or (/). For instance, if a fractional odd is released as 6/1, you get $6 for every $1 you wager and get your money back, that is, the amount you wagered. 

The formula for calculating fractional odds is Total profit (TP) = (Stake (Numerator/denominator) + stake. So if your stake is $20 and the fractional odd is 6/1, your total profit will be (20(6/1))+ 20, which amounts to $140.

Decimal (European) odds

Decimal odds are a bit easier to understand than fractional odds. They are most commonly used in Australia, New Zealand, Canada, and Europe. You can find the underdogs and favourites just by looking at the numbers. Decimal odds are the amount you win for every $1 you wager. Thus, the number represents the total payout you will receive if your bet wins. So you will not need to add in your stake as they are already added to the decimal.

The formula for calculating decimal odd is Total profit = stake x decimal. So, for instance, if your stake is $30 and the decimal odds is 2.5, your total gain will be $75.

Money line odds

Money line odds

The money line odd, or American odds, is indicated with – and + on a betting line. These signs represent your prospective payout and show the underdog and favorite in the game. While odds for the underdogs have the + sign, favorites are indicated with the – sign. The stake here is per $100, so you stake $100 for every odd presented; if you win, you get the amount won in addition to your initial wager. So, for instance, if you have:

  • New Englands Patriots -130
  • Miami Dolphins +115

If you wish to bet on the Miami Dolphins, which has a lower probability of winning the game, you need to stake $100 to make a win of $115, which, in addition to your initial wager, will be equal to $215. However, if you’re betting on the New Englands patriots, with a high chance of winning, you are required to stake $130 to get a win of $100 which will result in $230 if they do best.

If you’re willing to stay a long time in the betting world, you need to understand all types of odds well and know how to convert between different formats of odds

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