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How To Understand Betting Odds The people behind this page VideoHow Betting Odds Work - Odds Types Explained 7/7/ · Betting odds represent the probability of a specific outcome. And, odds show the profit, or return, that you can get if your bet wins. This likelihood of a certain outcome is additionally known as the implied probability. You need to know what implied probability is if you are going to bet on sports. How to Understand American Odds. If you're new to sports betting, the odds are usually listed in one of three ways: American; Fractional; Or Decimal; American odds work a little differently to the others. The odds for a favorite team to win the game are usually listed with a '-' sign, which indicates the amount a better would need to bet to win $ How To Read And Understand MoneyLine Betting Odds First there are the moneyline betting odds, which is the bet on who will win the event outright with no point spreads or other variables. You simply pick the team you think will win and place the bet.
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Betting odds represent the probability of an outcome occurring and the return profit you will receive if your bet is a winner.
It could be the likelihood of all of your final four betting picks being correct. Understanding the implied probability is crucial.
Because you should only bet when you believe the probability of an outcome occurring is higher than the implied probability.
But if you would like to learn more about betting odds and alternative odds formats, try this odds converter. The Giants are at odds of to cover the betting line of The probability implied in the odds is You have not found a value bet and should not place a bet on the Giants.
Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins.
William Hill. Betfred Sports. Fox Bet. Barstool Sportsbook. Hollywood Casino. The easiest way in this instance is to multiply 2.
Now that you understand betting odds and how they work, you can begin to use them to your advantage.
Browse all the latest sports betting odds or sign up to Grosvenor Casinos today to get started. Using our bet calculator , you can now work out how much a potential bet could return.
The calculator gives you the option to select the bet type, the win odds, your stake, and whether the bet placed will be each way or not.
How do betting odds work? We Thought You May Enjoy This. View More. Many online betting websites offer an option to display the odds in the preferred format.
The table below can help convert odds with pen and paper, for those interested in doing the calculations by hand. Converting odds to their implied probabilities is perhaps the most interesting part.
The general rule for the conversion of any type of odds into an implied probability can be expressed as a formula:.
As shown, the formula divides the stake amount wagered by the total payout to get the implied probability of an outcome.
Plug the numbers into the formula, which is a simple matter of dividing 8 by 13 in this example, and the implied probability equals The higher the number, the greater the probability of the outcome.
Using an example of decimal odds, a candidate has 2. If so, the implied probability is Lastly, using the American methodology, Australia's odds to win the ICC Cricket World Cup is Therefore, the implied probability equals Moreover, the odds displayed by different bookmakers can vary significantly, meaning that the odds displayed by a bookmaker are not always correct.
The key is to consider a betting opportunity valuable when the probability assessed for an outcome is higher than the implied probability estimated by the bookmaker.
The odds on display never reflect the true probability or chance of an event occurring or not occurring. There is always a profit margin added by the bookmaker in these odds, which means that the payout to the successful punter is always less than what they should have received if the odds had reflected the true chances.
The bookmaker needs to estimate the true probability or chance of an outcome correctly in order to set the odds on display in such a way that it profits the bookmaker regardless of an event outcome.
If you notice, the total of these probabilities is This is because the odds on display are not fair odds. The first step to understanding betting odds is appreciating what they do.
Betting odds may be displayed in three different formats at US sportsbooks and online and mobile sports betting platforms: American odds, fractional odds and decimal odds.
American odds start with either a positive or negative sign e. When it comes to calculating the return from a bet made using American odds there are two different formulas that can be used:.
This applies to a variety of sports including NBA, NHL, NFL and MLB games. This means that the team you are betting on must win or not lose by a predetermined margin of points.
Fractional odds are some of the most simple to understand, as they present your potential winnings as a fraction of the money you stake: while the denominator represents the amount bet, the numerator is the amount your stake will yield in a winning bet.
Want a real-life example? You can use the following formula to calculate potential returns with fractional odds:. The decimal odds format, also known as European odds, represents the multiple of your stake that you will get back for winning a bet.