The betting industry is one of the most profitable industries that is influenced by sports. Millions of people place bets on their favourite teams, players, etc. each day. Betting odds are used by bookies to determine the likelihood of a certain outcome in various games. There are tons of betting options and the riskier and more-unlikely the option is likely to happen, the odds will be higher, thus giving you a bigger potential profit.
The process of betting is universal around the world, but not all countries use the same way to determine the odds. There are 3 main types and they can be very confusing to a beginner in the game. So, we wanted to educate everyone on this topic and explain how to read all 3 types of betting types.
Decimal (European) Odds
Decimal odds are most commonly used when it comes to placing bets. These odds are probably the simplest to read. The scenario that has higher chances of happening has a lower decimal number, while the unlikely scenario has higher decimal odds. These odds are also known as European as they are used the most on that continent. It’s also easy to calculate what your profits will be – you just multiply the decimal number with the stake. If you have multiple bets, you multiply all of them and then you multiply the total score with the stake.
American Odds
As the name itself suggests, the American odds are used on American soil and they are the most complicated out of all. While watching the odds for vs odds against, you will notice that there are the plus and minus signs before each number. The more-likely scenario usually has a negative number, while the unlikely scenario has a positive number. In the case of both scenarios having a positive number, then the lower number is the more likely scenario.
The negative odds represent the amount that you will have to stake to win $100. For example, if the odds for a favourite to win a certain match are -240, that means that you will need to bet $240 to win $100. On the flip side, the positive odds imply the amount that you will win if you bet $100. For example, the favourites to win the 2020 NBA Finals are the Lakers with +240. That means that if you bet $100 on the Lakers, you’ll win $240.
Fractional (British) Odds
Finally, the fractional odds are the last on our list. These odds are mostly used in the UK and are written with a slash (/), sometimes even with a hyphen (-). For example, a fractional odd of 5/1 is pronounced five-to-one. The first number represents the amount that you will win if you stake the second number. In this case, for every $1 wagered, you win $5. Sometimes, the most likely scenario will have odds like 10/12. That means that for every 12$ wagered, you will have a profit of $10.
Although the most well-known way of placing bets is to go to a betting shop, a new and revolutionary way of betting became popular in the last few years. Online bookies are flooded with clients because they have numerous advantages over the land-based bookies. They offer better odds, 24/7 availability, numerous bonuses, and are reachable at any place; all you need is a stable Internet connection.
Experts believe that online bookies will completely dwarf land-based bookies in the next few years. We all know just how popular betting is and it is no wonder that bookies use the technology in their favour and try to push the boundaries when it comes to a good and unique experience.
