If you are going to start betting in a casino, then you need to know how do betting odds work. Placing bets obviously needs having a good knowledge on the main betting types of odds and the ability to figure out and interpret the various formats. In this article, we will guide you to a complete explanation about odds. So, read carefully before you start your favorite game!
What are Betting Odds?
Before we go to the explanation on how do betting odds work, let’s start from the basics. Betting odds are used for two simple purposes. Firstly, it is to showcase the chance of that selection. Secondly, it is to highlight the returns for the punter.
There are multiple ways that odds can be displayed, which include fractional, decimal, and money line. Well, different types of odds can be converted into each other using the simple formulas. There are online tools that you can use to show the odds in your preferred format.
How Do Betting Odds Work in General
The 3 main types of betting odds are fractional (British odds), decimal (European odds), and also money line (American odds). These remain as the alternate ways of showing the same odds and hold no difference in terms of payouts.
It means that the probability (or the percentage chance) of an event occurring can be converted and presented in any of the odds we mentioned earlier.
- The 3 main types of betting odds are fractional, decimal, and money line.
- These remain as the alternate ways of displaying the same thing and hold no difference in terms of payouts.
- British fractional odds are the percentage or ratio of the amount (profit) won to the stake.
- European decimal odds represent the amount one winnings for every MYR 1 bet.
- According to the negative or positive sign, American money line odds either show the amount one needs to bet to win MYR 100 or the amount one will win for every MYR 100 bet.
1. Fractional Odds Work
The first on how do betting odds work, fractional odds or British odds are popular among British and Irish gambling. They are commonly written with a slash (/) or hyphen (-). A fractional listing of 6/1 (six-to-one) odds means that you win MYR 6 against every MYR 1 you bet and get your money back.
In other words on how do betting odds work, this is the ratio of the amount won to the first bet. It means that you will get your bet MYR 1 to the profit MYR 6, resulting in a total payout of MYR 7. Thus, if you bet MYR 10 at 6/1 and win, you will get a total payout of MYR 70 (MYR 60 profit + MYR 10 bet).
The total return on a bet can be states ad:
Tp = ( S ( N / D ) ) + S
- Tp = Your total payout
- S = Stake
- N/D = The numerator of the fractional odd (example 28/6)
2. Decimal Odds Work
The second on how do betting odds work, decimal odds or European odds are popular in continental Europe, New Zealand, Canada, and Australia. These remain a bit easier to work and understand. The favorites and underdogs can be spotted immediately by looking at the numbers.
In addition, the decimal odds number represents the amount one wins for every MYR 1 bet. For this type of odds, the number represents the total payout rather than the profit. In other words, your bet is already involved in the decimal number, which makes its total payout calculation easier.
The total return on a stake can be accumulated as:
Tp = S * D
- Tp = Your total profit
- S = Stake
- D = Decimal odd
3. Money Line Odds Work
The last on how do betting odds work, moneyline odds or American odds are popular in the United States. The odds for favorites represented by a minus (-) sign and indicate the amount you need to bet to win MYR 100. On the other hand, the odds for the underdogs are represented by a positive (+) sign and indicate the amount won for every MYR 100 bet.
What Does the + And – Mean in Sports Betting Actually?
Besides how do betting odds work, there are two key symbols in American odds: the plus sign (+) and the minus sign (-). These are symbols everywhere across the industry in North America. The symbols are put in front of odds or lines, showing the favorites and underdogs.
The favorites will be shown with a minus sign, whereas underdogs in sports betting have the plus sign. Well, this is the case for all types of bets, including the money lines and point spreads.
When you are looking at a bet that you are interested in making, these symbols will commonly give clear indication as to which outcome the online sports betting deems more likely. Those are what does the + and – mean in sports betting.
What are 7 to 2 Odds in Gambling?
The 7 to 2 on how do betting odds work imply that every MYR 2 bet can win you MYR 7 if the bet is successful. With the fractional odds, the number on the left expresses how much you can win, while the number on the right shows how much you need to bet.
What Do Negative Odds Mean?
Another thing you should know about how do betting odds work, negative numbers (in money line odds) are reserved for the favorite on the betting line and show how much you need to bet to win MYR 100, you commonly need to put down more to win MYR 100 on the favorite.
Conversely, the positive numbers are attached to the underdog and refer to the amount you can win if you bet MYR 100. You can stand to make more money on the positive odds, however, the probability of a win is lower.
If you have a plan to join the online sports betting Malaysia, it is important to be able to understand how do betting odds work. You need to be familiar with the conversions of the odds formats, the conversions of odds into implied probabilities, and the differences between the true probabilities of a result, as well as the odds on display. Only then, you can place a well-educated bet.