If you are a beginner at betting, one of the first things you should learn is how betting odds work. It is essential because the odds allow you to understand what will most likely be the game’s outcome and the potential winnings you would have.
In betting, the odds represent the ratios between the amounts gambled by parties to a wager or a bet. Meaning, betting odds are the probabilities of an event, in which you wager what will happen next and how much money you would have if you won the bet.
But in different parts of the world, the odds can appear in different ways, and if you are a novice in betting, this will confuse you. So here are some of the odds formats that are used prevalently in the world.
For most Individuals, the decimals odds format is possibly the easiest odds to understand. That’s why most bookmakers prefer it to present their wagers for the new ones on betting and are the commonly used format in Europe. By multiplying the decimal odds with your stake, you can compute your winning bet.
Let’s assume, for example, that the odds of Bayern Munich, Al Ahly, and Auckland City winning the FIFA club world cup like this:
Bayern Munich – 2.00
Al Ahly – 3.00
Auckland City – 5.00
For every penny put in, including your stake, this money would reflect how much it might win. For instance, you bet $100 for Bayern Munich; then you will win $200. Hence, your stake will be returned at 100% at $100 plus your profits at $100 when Bayern Munich wins the match. Similarly, you will win $300 and $500 if you have made a bet on Al Ahly and Auckland City, respectively.
In Great Britain, fractional odds are often used and can, at times, it is a little bit confusing. Fractional odds quote the net amount that would be paid out, compared to your stake, should you win. You will typically see them written as follow: 5/1, 11/8, 2/9, and et cetera. We’re going to use the same teams as an example.
Bayern Munich – 10/11
Al Ahly – 9/4
Auckland City – 5/1
In this scenario, you would win $91 in earnings if you bet $100 on Bayern Munich in the FIFA club world cup:
[ $100*(10/11)] = $100*0.91 = $91 (0.91 is rounded off from 0.90909…)
You’d get back $191 along with your initial stake. It will look like this with a $100 bet if Al Ahly wins the FIFA club world cup:
[$100*(9/4)] = $100*2.25 = $225 and you would get $325 with your initial stake.
If Auckland City won the FIFA club world cup with a $100 bet and you’d back $600 with your initial stake.
For good about the stake, bookmakers always indicate the sum to be paid out. Thus, before playing with this kind of betting odds format, always double-check because a minor adjustment from the ratio will give you a different result in total.
American odds are a little simpler to grasp. When you bet on a favorite team of the game, they tell you how much money you need to put down to win $100 and how much money you will gain with $100 if you bet on the most likely underestimated team in the match.
If Bayern Munich and Auckland City, for example, If Bayern Munich is the favorite of the upcoming match, then, for example, the odds favorite is (-200), which means you have to place a bet at $200 to get a betting profit at $100. So if Bayern Munich wins the match, then you would receive $300 all in all.
If Auckland City was the underdog at (+175), then it means you would win $175 of profits if Auckland City wins the game. So that all in all, you could receive $275, including your stake.
Do some research before you dive right into betting, especially at the betting odds portion, because this is your basis on how would you bet on a game. And when you are betting on an online betting platform, you should make sure that the site you have signed is legit and avoid baits and scams. Good luck with betting!