Understanding online sports betting odds is key if you want to know who the bookies feel is the favourite to win a particular game, match or race. The odds will also give you a good indication of how much you can in at the end of the day, and if the risk is worth the reward.
In New Zealand, most betting sites post their odds in decimal format. However, this is not always the case and if you are betting at any international site, chances are you will need to understand all of the main types of betting odds used online. For anyone just starting out, it is important be able to quickly understand the value of the different sports betting odds and how much you stand to win.
Betting odds are usually displayed in one of three ways. Firstly, they can be displayed as decimal odds as is the case here in New Zealand. They can also be displayed as fractional odds or American odds, sometimes referred to as money line odds.
Let’s start off by looking at American odds. As you may have guessed, American or money line odds are commonly used on US sports such as basketball, baseball, American football and Ice Hockey. While popular in the US and Canada, many international sites use American odds.
Identifying American odds is quite easy. The odds will be displayed as a number with either a plus or minus in front such as +125 or -130. When seeing these types of odds at online or mobile sports betting sites, including the live sports betting sites, the numbers relate to how much you can win by off a $100 stake. In the case of -130, you would have to stake $130 to win $100. On the other hand, with odds of +125, a stake of $100 would pay out of $120.
Fractional odds are popular in many countries around the world and will be displayed as a fraction such as 6/1 (six to one) or 15/3 (fifteen to 3). The best sports betting brands in Europe and the UK will often post fractional odds. To understand how much you are going to be paid out, a simple calculation is needed. To calculate payouts, take the first number and divide by the second then multiply by your stake. If we place a $5 bet at odds of 15/3 the calculation would be 15 divided by 3 = 5 multiplied by $5, which gives us a payout of $25.
Of all the odds posted at on sports betting sites, decimal odds are the easiest to understand. Decimal odds are displayed a number with a decimal such as 5.00 or 1.20. While the numbers may look complicated, they are actually very easy to understand. If you want to know how much you can win at the end of the day, simply add a dollar sign to the front of the number. For example, odds of 1.20 become $1.20.
What this means is that for every $1 you bet, you will be paid out $1.20. As you can see the best football odds would have higher numbers meaning you would be paid out more for every dollar you bet. To calculate your exact payout, multiply the odd by your stake. If we placed a $50 bet at odds of 1.50 we would be paid out 50 x 1.5 = $75 which includes our initial stake.