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How Sports Betting Odds Work. odds can be a little confusing. Beginner or not, the sheer number of choices in online sports betting can be overwhelming for anyone. There are a lot of decisions to make when betting on sports – the types of bets, the event itself and the odds. But learning how different betting odds work can help you understand the value of your bet. Moreover, it will help you to make an informed decision before making any investment.
Therefore, to help you improve your betting strategies, in this guide we will walk you through all the basics. First, you’ll learn what sports betting odds are and how they work. Next, we will discuss the different types of probabilities and how to study them. Or, in other words, how to calculate betting money. In addition, we will teach you how to calculate the implied probability. And finally, we also have a step on how to place a sports bet for all of you who are just starting out. Of course, there is also a FAQ section to answer some of the most common questions asked by Filipino players.
Philippines – How Sports Betting Odds Work?
Sports betting odds give you a chance to profit if you correctly predict the outcome of an event. The higher the odds, the more likely you are to win. And vice versa – the lower the odds, the lower the payout. Therefore, depending on the probability of winning, odds can be classified into three main types:
- Even odd – If the probability of a certain outcome occurring or not occurring is equal – it is given equal odds. So in this case, the fractional or decimal form is used. Of course, the potential winnings will be equal to your stake.
- Long odds – You see long odds when an event is statistically less likely to occur. This suggests that you are more likely to be successful than otherwise. In other words, the payout is higher. However, the chance of losing is more than double the odds.
- Small odds – The more frequent an event is, the more the operator is assigned a smaller capacity. Despite the high probability of this happening in this case, the potential victories are also rare.
What Are Sports Betting Odds
Simply put, betting odds represent the probability that a certain outcome will occur in a sporting event. It can be used for any event offered by the bookmaker. And the best online bookies always offer a wide variety of sports for them, including football, basketball, politics and even weather.
Online bookmakers take into account many factors when setting the odds, such as the teams that will play, past statistics, probability of winning, etc. For example, tenth inequalities are more common in Europe, while British textbooks use the decimal system.
Types of Sports Betting Odds
Depending on where you are, and the sportsbook operator, the odds on sports betting can present themselves differently. For example, the way European sportsbooks normally present their odds is completely different from what Asian bookies do. Hence, there are a few formats that you need to know before you bet.
Fractional Odds – One of the oldest and most popular formats in sports betting is Fractional Odds. It is generally used in the UK and other Commonwealth countries. There are two numbers that are separated by a space, e.g. 2/1 (pronounced “two-for-one”).
So, here’s how it works: for every $1 you bet, add $2 to your bet. Of course, only if your bet is successful. Alternatively, you can calculate the fractional odds by multiplying your bet by the first number, then dividing by the second.
Decimal Odds – Decimal differences are common in European countries. Therefore, these are also often referred to as European or Continental bad habits. As the name suggests, decimal odds are presented with a decimal point to separate the total payout from the original stake. The number indicates the total potential payout including the amount of shares. Therefore, the total potential profit on the stock can be calculated as follows:
Total Return = Equity x odd decimal number
For example, a bet to win at 2.5 will return a total of $2.5 for every $1.
American Odds – American or money line odds, as the name suggests, are really popular in the US market. Unlike fractional odds, they function differently for favorites and underdogs. In short, American bets indicate how much money you need to risk to win a certain mount.
Usually the odds of the top bets are indicated by a minus (-) sign. It shows how much you have to stake in the sportsbook to win $100. However, odds for less popular odds are indicated by a (+) sign. This shows how much you earn for every $100 you stake. For example, if you bet $120 on a favorite with -120 odds and the bet wins, you will receive a total of $220. That’s your original $120, plus another $100 because you guessed right.
Hong Kong Odds – Hong Kong odds are the easiest to understand. In case the coefficient is a decimal less than 1, this team is the favorite. Return less than 1 for every 1 unit you base.
For example: Japan beat Australia in soccer, HK odds – .4
This means that for every $100 you wager, you will receive $40. If you lose, all the money goes to the sports exchange. If the odds are 1, you get $100 for your $100 bet, bet x HK odds.
Other Types of Odds – Of course, there are many other obstacles available for Filipino online betting. Some of the most common formats you can come across include Malay Odds, Indonesian Odds, Asian Odds and many more.
Reading Coefficients – How To Calculate The Payout From The Bet
Reading the possibilities can be a bit confusing, especially if you are not familiar with the different types available in the market. But don’t worry, we’ll discuss the three most common forms here. First, let’s consider the decimal possibilities: here, it’s simple – the bigger the number, the bigger the earning potential. So if you want to calculate winnings from decimal odds, multiply the odds by the stake. The resulting numbers will reflect both your winnings and your share.
On the other hand, for fractional odds you have to win and then add the stake to determine the total return. This is done by multiplying the stock with the top number in the fraction and then dividing by the bottom number. For money line odds – they are always in terms of 100. In other words, money line bets show how much money you have to bet to win $100.
How to Calculate The Implied Probability
One of the secrets of successful sports betting is understanding the odds and knowing how to calculate the odds. Essentially, implied probability is the conversion of betting options into percentages. The advantage of calculating it is that it helps in estimating the potential value of certain markets. Below are the calculation methods for different conditions:
Calculating Implied Probability with American Odds
- To calculate the implied odds for betting on favorites, use this simple formula:
Implied probability = 100 divided by (positive probability + 100).
- The formula when you bet on the underdog is:
Implied probability = negative probability divided by (negative probability – 100).
Implied Probability and Fractional Odds
Getting the implied probability of betting with fractional odds is quite simple:
Denominator/ (denominator + numerator) x 100 = implied probability
Implied Probability of bets with Decimal Odds
Calculate the implied probability for a decimal probability using the following equation:
(1/decimal probability) x 100 = implied probability
Making Bets
Betting online on your favorite sport is easy and fun and in this article you will learn how sports betting odds work. Here’s a step-by-step guide to betting on SportsPlus online sportsbook:
- Select your preferred online sports and register.
- Familiarize yourself with the options and betting markets available.
- Select the team or sport you want to bet on.
- Calculate the possible return from betting.
- Deposit the amount you want to make.
- Fill the concrete by following the on-screen instructions.
