Betting odds in sports wagering refers to the probable outcomes and a brief about the needed or to be risked.
In sports betting, odds refer to the possible outcomes. It also shows the winning amount in any specific bet and the player’s amount to risk. The odds will be much lower when an event is likely to arise. Similarly, if the event is unlikely to occur, the odds will be higher. In brief, this whole system resembles a simple concept, i.e., the more the odds, the less will be the winning chances, though you will get a significant profit. Likely, smaller odds mean there will be a high chance of winning, but you will have less profit. This article summarises the various types of betting odds available on sports wagerings.
Popularly known as money Line odds, this type is prevalent in the States and Canada. This type is straightforward to understand and revolves around a bet of $100. Aside from your bet, the American odds will display a positive or negative sign. If a positive sign is placed beside your odd, it will show how much a $100 bet will win if placed. On the other hand, the negative symbol represents the amount of money that must be wagered to win $100.
For example, you bet on Chelsea at -170. It indicates that you need to wager on $170 to win $100. In this case, if your team wins, you will get your bet amount back and get $100 as a net profit.
Countries like United Kindom and Ireland prefer this type of betting odds. This type of odds is especially based on fractions. This one is a bit confusing and tough to calculate. Money is calculated as a fraction like 1/1.
Suppose, on a fraction betting odds of 3/1 on $100, you will receive $300 plus your original stake amount on winning.
It is the most usable and popular odd in the world. Despite being an alien to the country, many pro gamblers prefer to use these decimal odds in sports betting. Australia, the UK, and many other counties opt to use this odd. Unlike different types, decimal odds do not use positive or negative signs or fractions. It simply uses decimals beside your bets, and hence, it is quite easy to understand.
For example, if you wager $100 on 2.0 decimal odds, you will receive $200. Your original stake will be calculated on your total winning, and you will get that back. In this example, your net profit will be $100 on a stake of $100, i.e., you will get $200 on winning.
The odds depend on the gambling market and keep on changing. The online gambling platforms keep on changing the odds according to the market’s demand. Some sites will offer -150 while betting on teams, and some might go for -160 or even more significantly. Moreover, these differences allow the gamblers to get a colossal profit against the bookmakers. Popular sites like UFABET runs the betting odds market. You can bet on any sports events and also play live casinos.