In the online casino and sports betting world, gambling odds are of importance to both the punters and the websites that offer the gambling and betting services.
After all, the gambling odds usually indicate the amount that the online casino should pay you once you win as well as indicating the anticipated outcome of the event that you wish to wager on. Transfer betting odds is not a science per say, but once you get a drift of the odds, you are likely to win huge amounts of money at the various casinos.
The main aim of this article is to make you have a better understanding of gambling odds at all the levels. In the article, the gambling odds will be explained, so, that you understand some of the most popular odds formats and guide you on how you can use some of them online.
The Relationship between Chance and Gambling Odds
A quick search of the word chance on the internet will bring you a simple definition of “A likelihood that an event will happen.” In simple words, a chance will measure the probability of an event happening.
- For example, when you flip a coin, the chances of landing a tails or head are 50-50. When a dice is rolled, the possibilities are equal at 16.66%.
On the contrary, there are a lot of factors to be considered when this is viewed from a sports perspective. However, the underlying principle that is used for calculating the above is used in calculating the outcome of each event, and will be represented in the form of gambling odds.
Understanding Gambling Odds | Fractional Odds
Fraction odds are widely used in the UK and mostly used in the horse racing events. They are usually sometimes referred to as the traditional odds, UK odds or the British odds.
To some people, Fractional odds have proven to be daunting to understand but in fact, they are the easiest to understand. As most of us, the Brits, have a better understanding of the fraction odds, this section will only be a recap.
Fractional odds normally quote the net total that you will be paid out once you bet, in the event you win, relative to your stake. In simple terms, the first number in the fraction odds will represent the amount of money that you will win if you place the amount of money that is indicated in the second number.
- For example, if you have a game with odds of 4/1, and you stake £10, your payout will be £40 in winnings. These odds that are quoted usually don’t include the amount that you have put at stake. Therefore, if you decide to stake £10 at fractional odds of 4/1, you are going to receive £50 in total.
In other cases, you may see the fractional odds with a number on the left-hand side being higher than that on the right, for instance, 2/7. In such a case, you will have odds on.
In the 2/7 example, if you place a bet of £10 at the fractional odds of 2/7, you are going to receive a payout of £2 plus the additional stake of £10. This means that your total amount will be £12.
Decimal Odds Explained
Decimal odds are mostly used in Australia, Canada, and Europe and in my opinion, they are the easiest and straight forward odd formats.
They are commonly used in exchanges such as Betfair, but some of the leading online sports bookies and casinos also offer this format. Unlike the Fractional odds, the decimal odds payout is inclusive of the stake you place.
- The example indicates a good example of the use of decimal odds. Manchester United host Bournemouth in their last game of the season as they seek to qualify for the Europa Championship competition. The odds are indicated as shown in the image below.
- For this case, we are going to use an example of £10 stake. The simple calculation will be {The odds × The Stake} – The Stake = The Profit.
- The profit of Manchester United winning will be {1.66 × £10} - £10 = £6.6: Profits resulting from the draw will be {4.20 × £10} -10 = £32: and the profits resulting from an away win will be {5.25 × £10} - £10 = £42.5.
Note, that the decimal odds will vary. In our case, double chance (Manchester United to draw or win), has lower odds than Manchester United to win since it accommodates two possible outcomes.
American Odds
Just as the name suggests, the American odds are widely used in the United States of America and the whole Atlantic Ocean region. They are also referred to as the money line or line odds.
Unlike the other odds, the American odds will usually have the + or – sign at the beginning. If the American odds are indicated with a plus sign, the number will usually indicate how much you are going to win plus a £100 bet (excluding the amount you stake).
The – sign at the beginning of the stake indicated how much you are required to stake so that you can get £100.
- For example, if the Oakland Raiders are predicted on winning the NFL at the Fractional Odds of 10/1, then the American odds equivalent will be +1000. Similarly, if Seattle Seahawks have a 5/1 chance of winning the NFL, then the American odds equivalent will be -320.
Conclusion
At this point, the American Odds should wrap up the topic “Understanding Gambling Odds.” You should now go ahead and try out practicing some of the odds.
However, you need to note that you shouldn’t gamble if you aren’t sure of what you are doing. Get somebody who has a better understanding of the gambling odds and other markets to guide you through your first steps!
