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In the world of online sports betting understanding the betting odds is essential if you want to place a successful bet. The betting odds give you an indication of the likelihood of the bet winning, as well as the amount you stand to be paid out if you choose to place the bet. With sports like horse racing, it is easy to see which horses are pipped to win the race simply by looking at the odds.
Before placing any significant bet, it is always best to ensure you have found the best odds for the particular event and market you want to place a wager on. Sports betting odds are usually displayed in 1 of 3 ways. Firstly, they can appear as fractional odds such as 2/1 (two to one) or as American odds such as -150 or +155. In New Zealand, most off the odds are displayed as decimal odds such as 2.10 or 5.40.
Decimal Odds and Implied Probability
The best sports betting brands should have a conversion button, but if not, decimal odds are quite easy to understand. With decimal odds you can easily calculate the implied probability as well as the amount you will be paid out. Without going into the math, the higher the number, the less likely the bet is to win. Any odds over 4.00 or 5.00 have a much lower probability of winning than odds of 2.10 or 1.80.
If you want to know the exact probability number, you can use the formula 1/(odds) x 100. If we have odds of 4.00 then the implied probability is 1 divided by 4 x 100, which equals 25%. So, in this case, the bet theoretically has a 25% chance of being a winner. If the online or mobile sports betting site offers very low odds of 1.90, then the implied probability is 1 divided by 1.9 x = 52.6. Here, we can see that the bet theoretically has a 52.6% chance of being a winner.
Calculating Payouts
If you are looking for the best football odds and you want to calculate exactly how much you are going to be paid out, decimal odds are the easiest to understand. In this case, simply multiply your stake by the odds displayed. Alternatively, you insert a dollar sign in front of the number itself. For example, odds of 5.40 will become $5.40. This means that for every $1 you bet, you will receive a payout of $5.40.
If you have are looking to place a $50 bet on odds of 3.50, then you can calculate your total payout by multiplying your stake by the odds: $50 x 3.5 which equals $175. If your bet is successful the sports betting site will pay you out a total of $175. This includes your original stake of $50, which means the profit from your bet is actually $125. With decimal odds, the higher the number, the more you stand to be paid out. However, if the number is higher, the implied probability is lower, meaning you have a much lower chance of being successful.