Major Components Of Sports Betting

A major component of sports betting is understanding the odds, especially if you want a successful career in this. There are different types depending on the country you’re in, but the most common are; fractional (British), decimal (European), and money line (American).

These types are all presenting the same concept since the payout terms have no differences. Basically, it’s just a presentation of the percentage probability or chance of an event happening and can be shown through any of the three. Below is an introduction to the three main formats of odds, and I hope it can help clear up any confusion you may have.

American Odds

American odds are formatted differently than British or European odds. For one, they are formatted around $100 as the standard because it’s a 1:1 ratio. This means that for every $1 that you bet, you’ll get back $1 if your bet wins. In American betting or money lines, the favorites are represented through negative numbers and indicate how much you would need to bet in order to get a return.

You need to put more than $100 on a favorite in order to get that $100 back. On the other hand, when it’s positive, you can put less than $100 and have the chance to win more, but the actual percentage of the underdog winner is lower. If the odds are -150, this means you’ll have to bet $150 to get a return of $100, but if the odds are positive, then you’ll win $150 if your bet is $100 or more.

In simple terms, if there’s a plus sign, then you can win more than $100, but if it’s a minus sign or underdog, you’ll have to wager more to get $100 back.

Fractional Odds

As the name implies, they are represented through fractions which makes it easy to understand the profit you can win by multiplying the fraction with the bet amount. For example, if the odds are 3/1 and you bet $10, then you will have a profit of $30 plus the $10 you started with.

Favorite bets will have a larger denominator than the numerator, like ½ or ⅖. Underdog bets have a larger numerator and a smaller denominator, such as 7/4 or 3/1. 

Decimal Odds 

These are shown as one number, which is the amount the bettor would win if they were correct based on $1. One and Two is the favorite, whereas two is an even money bet. If the odds were 6, then the bettor would win a $5 profit with the $1 bet. Decimal odds make it easier if the fraction is ugly or hard to convert, such as a 20/23 fraction where the decimal would be 1.87, and on a $10 bet, the profit would be $18.70. 

Conclusion

It’s important for beginners just getting into betting to understand the main points and different formats of odds. This is the only way someone can place a well-educated bet and have a greater chance of winning a profit. Sportsbooks are a great way to look at and compare different odds at once.

An added bonus is that the math is already done for you, so you don’t need to feel the stress of working out the probabilities. Odds aren’t always exact, but they do set up a good frame of reference for someone looking to make a bet.

A goal for bettors is for them to spot the values and set their wager in a way that will make them a profit.