How To Make Odds For Betting
2021年9月6日Register here: http://gg.gg/vx46s
*In betting, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 3 to 1 mean the first party (the bookmaker) stakes three times the.
*If you bet on 4/1 (said “four-to-one”) odds, you will get $4 profit for every $1 you bet. You will also get your original stake back. Fractional odds refer only to the profit you’ll make on your bet. Multiply your wager by the figures above and add the product on top of your original wager to get the final returns.
*Sports betting odds are designed to, at a glance, give readers an idea of how likely it is that each team/competitor will win as well as how much money you could make with a successful bet on that.
*How Are Odds Determined? Odds are engineered to attract equal action on both sides of a betting line. In a perfect world, a sportsbook receives equal betting volume on both sides of a wager then, win or lose, they’ll make 5-10% on the juice (or ‘vig’).
*How Do Bookies Make Odds
*How To Make Odds For Betting Odds
*Betting Odds Defined
Get Better Odds - Try Exchange Betting. Fixed odds bookmakers employ teams of odds traders and use tons of maths and analysis to set prices, margins and balance books. While it is possible to find the loop holes and get a great price it is very hard to do on a regular basis. Most professional bettors almost exclusively bet on exchanges.
-----------------------------------------------------------------------
FREE FOOTBALL TRADING STRATEGY MASTERCLASS, BOOK YOUR SEAT!
Would you like to discover the EXACT football trading strategies that the top 1% of traders are currently using in 2021?
Plus how to make beautiful GREEN screens like this for yourself? Sports Trading Life TV’s Ben Michaels is holding an Exclusive football trading strategies webinar where ALL will be revealed. This online masterclass is 100% FREE and you can view from home! Viewing spots are running out fast!)
To learn more and book your FREE seat, CLICK HERE!
----------------------------------------------------------------------- This is a guest post from sports betting expert and successful punter Bradley Gibbs. This is definitely a very important read for anyone who wants to punt profitably and you should bookmark this page and refer back to it very, very often!
Being able to compile your own odds is one of the key steps to being a successful punter. All of the profiting gamblers I’ve ever met or have indeed read about price up events for themselves and stress the importance of doing so. This article takes a look at why it is very useful to compile odds, and how it can be achieved.Who compiles odds?
Many people associate odds compiling and the pricing up of events as practices carried out solely by bookmakers or the people bookmakers employ to do so – often known as ‘odds compilers’.
The bookmaker forms a market by compiling a set of odds and the punter comes along and places their bet. The majority of punters are happy to accept whatever odds are offered on a particular market and place their bets without thinking too much of it, and for much of the betting world this is how it goes.
But of course, as with many things, there are a few diamonds in the rough, a small percentage of punters out there who aren’t willing to conform to this normality. These are the shrewd punters who make that extra effort to tilt the scales in their favour by compiling their own odds. In doing so this type of punter uses their own odds in comparison with the odds set by the bookmaker in order to find and exploit good value.Why compile our own odds?
If you’re serious about making a success of your punting efforts then compiling your own odds is something you really ought to be doing. For you can be sure, at least to some degree, that the successful minority are indeed compiling their own sets of odds.
To some it might seem a bit long winded and perhaps even unnecessary to compile your own set of odds for each market you want to bet on, but the reality is – as with almost everything in life – to get results you have to put the work in. Pricing up events is an essential part of the work carried out by the serious punter.
The main advantage of pricing up events is that it allows the punter to compare their own prices with those available with the bookmakers or on the exchange.What do you need to price up?
It seems to be a fairly common misconception that compiling your own odds is a highly advanced process and can only be done by those who are blessed with a superior mathematical brain. This is simply not true. You don’t need to be a numbers genius to price up events for yourself, all you really need to do is be able to carry out some simple arithmetic.
It is important to note that although you don’t need to be a particularly gifted mathematician to compile your own odds, you will need a strong knowledge of the event you’re planning to price up. For example if you’ve only got a beginners knowledge of racing then compiling your own odds will be pretty pointless as you will likely be hugely inaccurate. So first off make sure you are thoroughly educated in the sport you’re going to bet on.How do you compile your own odds?
Firstly you need to note that all odds should be converted into percentages and then summed for all possible outcomes. For example if a particular horse has a 90% chance of winning a race the odds of the horse need to reflect this percentage.
Converting odds into percentages is a fairly simple exercise, all you have to do is divide 100 by the odds themselves when dealing with decimal odds or divide 100 by the odds and add 1 when dealing with fractional odds. For example a 2.5 shot on Betfair represents a 40% share of the market (100/2.5). Alternatively a 3/1 shot with a bookmaker represents 25% of the market (100/4+1).Pricing up a simple football market:
Let’s use a simple win/draw/win football market example to put this into practice. We’ll imagine that top four chasing, Tottenham are travelling to face struggling, Newcastle. We’ll start by looking at the relative home and away form of each side. To keep the example simple let’s look at Newcastle’s last 10 home games and Tottenham’s last 10 away games.
Newcastle last 10 home games = Won 3, lost 4 and drawn 3
Tottenham last 10 away games = Won 3, lost 3 and drawn 4
What we now need to do is use these figures to determine the odds on a home win, away win and the draw.
To get a Newcastle win we add their 3 home wins to Tottenham’s 3 way losses = 6
To get a price for the draw we add 3 Newcastle draws to the 4 Tottenham draws = 7
To get Tottenham’s price we add their 3 away wins to Newcastle’s 4 losses = 7
This leaves us with the following: Newcastle 6, Draw 7 and Tottenham 7. In order to get the percentage chances from this all we do is divide each number by the total number of matches sampled. So in this case 20.
Newcastle percentage = 6/20 = 30%
Tottenham percentage = 7/20 = 35%
Draw = 7/20 = 35%
As discussed above all we do now is simply divide 100 by the percentage figure in order to express the chances of each team as odds.
Newcastle – 100/30 = 3.33
Tottenham – 100/35 = 2.85
Draw – 100/35 = 2.85
We have now priced the win/draw/win market up as; 3.33 for a home win and 2.85 for both a draw and an away victory. Let’s assume that you feel Tottenham are much the stronger team and you expect them to win the game; however, the price available is only 2.65. You wouldn’t bet an away win at these odds simply because they are lower than the odds you have calculated yourself (your own odds being the ones you believe to be the true representation). Betting on a price below this would represent a bad value bet. On the other hand let’s imagine that you could back Tottenham to win at 3.00. At these odds Tottenham would be a better bet and would indeed represent good value.
Of course using just a sample of each teams’ relevant home/away form is quite a simple example and there are of course plenty of other factors you can consider when pricing up a game such as this. For example you may wish to consider a longer streak of games, perhaps 20. You can also consider both the home and away form of each side rather than just one or the other. Considering how the teams fared against similar opposition is also something that is recommended.Pricing up a horse race –
Pricing up a horse race can be a bit trickier than a simple win/draw/win football market. The main reason for this is that there are less tangible statistics in a horse race. You will need to have an expert knowledge of form and be able to consider all the different factors involved in analysing both races and a particular horses’ chance.
As for the actual pricing up of the event itself, then this is pretty much the same as that which is discussed above. It is important to price the race to 100% and assign a percentage figure to each horse in the race.
Keeping things simple, let’s say that having analysed a three runner race you have compiled odds on the three runners to 100% and your prices show: 2.00 (50%), 4.00 (25%) and 4.00 (25%). By these calculations you believe that the favourite should be an even money shot and therefore has a 50% chance of winning. However, the actual prices available are: 2.50 (40%), 3.00 (33.3%) and 3.50 (28.6%). If this were to be the case – assuming you were right in your analysis – the value would lie in betting the favourite at a price of 2.00. This is simply because judging by your own prices the horse has a 10% greater chance of winning the race than the odds available suggest.
There are a lot of factors to consider when pricing up a race, so as a basic starting point it is advised that when beginning to do so you focus on smaller field events – probably 8 runners or less. Any more can become quite a headache, even for the more experienced odds compiler! The best thing to do before attempting to price up a horse race is to simply know your stuff! Learn about the different aspects of analysing racing and race form, there is tons of information out there, most of which is readily available at the click of a button. Read up on everything you can regarding the best ways to look at races and just generally learn as much as possible!The benefits of compiling your own odds
As we can see from both the racing and football examples above, the reason punters would choose to price up events for themselves is that it helps to both identify and exploit value. Of course “value” or “true odds” can be pretty vague terms, after all despite what some people may say, whether or not a selection represents good or bad value is never really more than matter of opinion, an opinion that is only proved right or wrong after the event has finished.
There is no doubt that being able to compile your own odds – using them as a comparison with those that are available on betting exchanges or with bookmakers – is an invaluable skill when aiming to be successful as a punter. Being able to do this though is nowhere near as useful as being able to do it correctly! This comes from hard work and knowing your stuff.
The bottom line is this; work hard, learn all there is to learn, practice compiling your own odds and through a combination of having an expert understanding of betting on your sport and the ability to compile your own odds you will give yourself an edge over the majority of the betting world.Check This Out Next:
-----------------------------------------------------------------------
FREE FOOTBALL TRADING STRATEGY MASTERCLASS, BOOK YOUR SEAT!
Would you like to discover the EXACT football trading strategies that the top 1% of traders are currently using in 2021?
Plus how to make beautiful GREEN screens like this for yourself? Sports Trading Life TV’s Ben Michaels is holding an Exclusive football trading strategies webinar where ALL will be revealed. This online masterclass is 100% FREE and you can view from home! Viewing spots are running out fast!)
To learn more and book your FREE seat, CLICK HERE!
-----------------------------------------------------------------------
If there’s one thing you know, it’s sports. You’ve been making friendly bets with your buddies for years, and almost always come up a winner. But do you really understand odds in sports betting?
Sports betting odds can be tricky to understand at first, especially since you may see the odds posted in more than one way.
From plus/minus to decimal, to fractional — how is anyone supposed to know how to place the best bets?
Don’t sweat it, we’ve got you.
In this guide, we’ll explain everything you need to know about how to understand odds in sports betting, and how you can start creating your own odds.Understanding Sports Odds: What Are They?
So, you want to place a bet on the upcoming match but you’re not sure how to get started.
First things first, you have to understand the odds to know which bets are worth the risk. We’ll touch more on that in the sections below.
Secondly, you need to know that there are a variety of formats for which odds are displayed, such as:
*American (plus/minus)
*Decimal Odds
*Fractional Odds
All of them are easy to understand, and we’ll show you in the upcoming sections of this article.
Lastly, odds are used to calculate the implied probability of a particular outcome in any sporting event.
Once you have a solid understanding of how the odds work, you’ll be able to determine which bets offer the best payouts and how much money you are willing to wager.Sports Odds Explained: American Odds
If you don’t know how to calculate sports betting odds, don’t worry, you’re not alone.
The most common type of sports odds used in North America is American Odds, which uses a plus/minus system for calculating payouts.
Below, we’ll answer your question: how are odds calculated in sports?
We’ll start with the American way, and give you some betting odds examples so you know exactly what you’re looking at the next time you want to make a wager.
But first, it’s important to know what odds are designed to do.
*Odds flag potential bettors as to the implied probability of the bet
*Odds announce the payout you could win if you bet on that outcome
However, odds can be influenced by more than the events that are relevant to the outcome of the game or match.
Many traditional sportsbooks are known for manipulating the odds in their favor and factor in how much the book is charging for you to place your bet. You may hear fellow wagerers refer to this cut as the “juice”, “vig”, or “cut.”How Does Plus/Minus Work in Sports Betting?
When you see +130/-240 (or any other three-digit combination) you know you’re dealing with American odds.
The plus or minus indicates whether you’re betting on the favored team or the underdog.
A negative number on the betting line implies the favorite, and exactly how much you have to bet to walk away with a $100 payout.
Positive numbers belong to the underdog, and let you know how much you’ll win if you bet $100.
For example:American OddsTeamOddsThe GameVikings-130FavoritePackers+260UnderdogHow Do Bookies Make OddsHow Do You Understand Odds in Sports Betting With American Odds?
Using the above example, calculating your odds look like this:
To win $100 on the Vikings (favorites), you would need to wager $130. If you bet $100 on the Packers (underdogs), you’d be paid out $260 in addition to receiving your $100 bet back. Calculating Payouts
Let’s say you don’t want to bet $100 of your money — we get it, that can add up.
Many people prefer to place a series of smaller bets on multiple games to get the most out of the experience.
Winning two and losing one can be more appealing than losing it all in one shot.
With the above example, let’s calculate the odds of betting the underdog with only $10, instead of $100.
Using the +260 odds on the Packers, a $10 bet would payout $26 in profits, plus the return of your original $10 bet for a total of $36 back in your pocket.
In most cases, the sportsbook you’re betting with will do the calculations before you even place the bet.
You’ll know the exact payout before you confirm your bet.Calculating Implied Probability
If you’ve started to research exactly how sports betting works, then you’ve probably heard the term “implied probability”.
The odds are what suggest a particular outcome in any match, and the implied probability refers to the prospect of that outcome.
To calculate the implied probability you need to convert the odds into a percentage.
The reason you’d want to calculate the implied probability is to determine if the estimated probability of a match you wish to bet on is different from the sportsbook so that you can adjust your bet accordingly.
Remember, that all odds available at a sportsbook include the “juice” or “cut” so you’ll need to factor that in, as the implied probability of every conceivable outcome of a match is going to be above 100%.
This is called overround, and it’s the reason you should remove the “juice” from betting lines before calculating what the oddsmakers actually expect the outcome to be.Sports Odds Explained: Decimal Odds
Of the three types of odds you’ll come across, betting with decimal odds are the easiest to learn.
Decimal style odds are typically used in Europe, but many Sportsbooks default to American odds. However, you should be able to set the preference to any betting style.
Decimal odds look like this:Decimal OddsTeamsOddsFavoredThe MatchToronto Blue Jays2.10UnderdogNew York Yankees1.40FavoriteHow Do You Understand Odds in Sports Betting With Decimal Odds?
Calculating your potential winnings with decimal odds is easy. All you have to do is multiply the amount of money you’re wagering with the odds attached to the team you’re betting on.
For example:Your BetThe OddsWinnings$30x1.40 (New York Yankees)= $42$30x2.10 (Toronto Blue Jays)= $63Calculating Implied Probability
Calculating your implied probability is a valuable tool to determine if a wager is worth the risk.
Using our example above, we’ll determine implied probability using the following formula: 1 / Decimal odds
With the above example, the Toronto Blue Jays implied probability of winning is:
1 / 2.10 = 47.6%
And the New York Yankees implied probability of winning is:
1 / 1.40 = 71.4%
In this case, the New York Yankees have a much higher probability of winning, and therefore the safer bet… unless you know something we don’t. Sports Odds Explained: Fractional Odds
Fractional odds are most commonly used in the UK and can typically be seen when placing bets on horse races.
They’re sort of funny looking odds, but when you understand what they mean, they are really easy to calculate.How Do You Understand Odds in Sports Betting With Fractional Odds?
Let’s say you want to bet on a horse in the Breeders’ Cup Classic.
You open up your betting app and see strange-looking figures such as 8/3 or 1/2 (which, by the way, we would say “eight to three” or “one to two”).
So, how do
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*In betting, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 3 to 1 mean the first party (the bookmaker) stakes three times the.
*If you bet on 4/1 (said “four-to-one”) odds, you will get $4 profit for every $1 you bet. You will also get your original stake back. Fractional odds refer only to the profit you’ll make on your bet. Multiply your wager by the figures above and add the product on top of your original wager to get the final returns.
*Sports betting odds are designed to, at a glance, give readers an idea of how likely it is that each team/competitor will win as well as how much money you could make with a successful bet on that.
*How Are Odds Determined? Odds are engineered to attract equal action on both sides of a betting line. In a perfect world, a sportsbook receives equal betting volume on both sides of a wager then, win or lose, they’ll make 5-10% on the juice (or ‘vig’).
*How Do Bookies Make Odds
*How To Make Odds For Betting Odds
*Betting Odds Defined
Get Better Odds - Try Exchange Betting. Fixed odds bookmakers employ teams of odds traders and use tons of maths and analysis to set prices, margins and balance books. While it is possible to find the loop holes and get a great price it is very hard to do on a regular basis. Most professional bettors almost exclusively bet on exchanges.
-----------------------------------------------------------------------
FREE FOOTBALL TRADING STRATEGY MASTERCLASS, BOOK YOUR SEAT!
Would you like to discover the EXACT football trading strategies that the top 1% of traders are currently using in 2021?
Plus how to make beautiful GREEN screens like this for yourself? Sports Trading Life TV’s Ben Michaels is holding an Exclusive football trading strategies webinar where ALL will be revealed. This online masterclass is 100% FREE and you can view from home! Viewing spots are running out fast!)
To learn more and book your FREE seat, CLICK HERE!
----------------------------------------------------------------------- This is a guest post from sports betting expert and successful punter Bradley Gibbs. This is definitely a very important read for anyone who wants to punt profitably and you should bookmark this page and refer back to it very, very often!
Being able to compile your own odds is one of the key steps to being a successful punter. All of the profiting gamblers I’ve ever met or have indeed read about price up events for themselves and stress the importance of doing so. This article takes a look at why it is very useful to compile odds, and how it can be achieved.Who compiles odds?
Many people associate odds compiling and the pricing up of events as practices carried out solely by bookmakers or the people bookmakers employ to do so – often known as ‘odds compilers’.
The bookmaker forms a market by compiling a set of odds and the punter comes along and places their bet. The majority of punters are happy to accept whatever odds are offered on a particular market and place their bets without thinking too much of it, and for much of the betting world this is how it goes.
But of course, as with many things, there are a few diamonds in the rough, a small percentage of punters out there who aren’t willing to conform to this normality. These are the shrewd punters who make that extra effort to tilt the scales in their favour by compiling their own odds. In doing so this type of punter uses their own odds in comparison with the odds set by the bookmaker in order to find and exploit good value.Why compile our own odds?
If you’re serious about making a success of your punting efforts then compiling your own odds is something you really ought to be doing. For you can be sure, at least to some degree, that the successful minority are indeed compiling their own sets of odds.
To some it might seem a bit long winded and perhaps even unnecessary to compile your own set of odds for each market you want to bet on, but the reality is – as with almost everything in life – to get results you have to put the work in. Pricing up events is an essential part of the work carried out by the serious punter.
The main advantage of pricing up events is that it allows the punter to compare their own prices with those available with the bookmakers or on the exchange.What do you need to price up?
It seems to be a fairly common misconception that compiling your own odds is a highly advanced process and can only be done by those who are blessed with a superior mathematical brain. This is simply not true. You don’t need to be a numbers genius to price up events for yourself, all you really need to do is be able to carry out some simple arithmetic.
It is important to note that although you don’t need to be a particularly gifted mathematician to compile your own odds, you will need a strong knowledge of the event you’re planning to price up. For example if you’ve only got a beginners knowledge of racing then compiling your own odds will be pretty pointless as you will likely be hugely inaccurate. So first off make sure you are thoroughly educated in the sport you’re going to bet on.How do you compile your own odds?
Firstly you need to note that all odds should be converted into percentages and then summed for all possible outcomes. For example if a particular horse has a 90% chance of winning a race the odds of the horse need to reflect this percentage.
Converting odds into percentages is a fairly simple exercise, all you have to do is divide 100 by the odds themselves when dealing with decimal odds or divide 100 by the odds and add 1 when dealing with fractional odds. For example a 2.5 shot on Betfair represents a 40% share of the market (100/2.5). Alternatively a 3/1 shot with a bookmaker represents 25% of the market (100/4+1).Pricing up a simple football market:
Let’s use a simple win/draw/win football market example to put this into practice. We’ll imagine that top four chasing, Tottenham are travelling to face struggling, Newcastle. We’ll start by looking at the relative home and away form of each side. To keep the example simple let’s look at Newcastle’s last 10 home games and Tottenham’s last 10 away games.
Newcastle last 10 home games = Won 3, lost 4 and drawn 3
Tottenham last 10 away games = Won 3, lost 3 and drawn 4
What we now need to do is use these figures to determine the odds on a home win, away win and the draw.
To get a Newcastle win we add their 3 home wins to Tottenham’s 3 way losses = 6
To get a price for the draw we add 3 Newcastle draws to the 4 Tottenham draws = 7
To get Tottenham’s price we add their 3 away wins to Newcastle’s 4 losses = 7
This leaves us with the following: Newcastle 6, Draw 7 and Tottenham 7. In order to get the percentage chances from this all we do is divide each number by the total number of matches sampled. So in this case 20.
Newcastle percentage = 6/20 = 30%
Tottenham percentage = 7/20 = 35%
Draw = 7/20 = 35%
As discussed above all we do now is simply divide 100 by the percentage figure in order to express the chances of each team as odds.
Newcastle – 100/30 = 3.33
Tottenham – 100/35 = 2.85
Draw – 100/35 = 2.85
We have now priced the win/draw/win market up as; 3.33 for a home win and 2.85 for both a draw and an away victory. Let’s assume that you feel Tottenham are much the stronger team and you expect them to win the game; however, the price available is only 2.65. You wouldn’t bet an away win at these odds simply because they are lower than the odds you have calculated yourself (your own odds being the ones you believe to be the true representation). Betting on a price below this would represent a bad value bet. On the other hand let’s imagine that you could back Tottenham to win at 3.00. At these odds Tottenham would be a better bet and would indeed represent good value.
Of course using just a sample of each teams’ relevant home/away form is quite a simple example and there are of course plenty of other factors you can consider when pricing up a game such as this. For example you may wish to consider a longer streak of games, perhaps 20. You can also consider both the home and away form of each side rather than just one or the other. Considering how the teams fared against similar opposition is also something that is recommended.Pricing up a horse race –
Pricing up a horse race can be a bit trickier than a simple win/draw/win football market. The main reason for this is that there are less tangible statistics in a horse race. You will need to have an expert knowledge of form and be able to consider all the different factors involved in analysing both races and a particular horses’ chance.
As for the actual pricing up of the event itself, then this is pretty much the same as that which is discussed above. It is important to price the race to 100% and assign a percentage figure to each horse in the race.
Keeping things simple, let’s say that having analysed a three runner race you have compiled odds on the three runners to 100% and your prices show: 2.00 (50%), 4.00 (25%) and 4.00 (25%). By these calculations you believe that the favourite should be an even money shot and therefore has a 50% chance of winning. However, the actual prices available are: 2.50 (40%), 3.00 (33.3%) and 3.50 (28.6%). If this were to be the case – assuming you were right in your analysis – the value would lie in betting the favourite at a price of 2.00. This is simply because judging by your own prices the horse has a 10% greater chance of winning the race than the odds available suggest.
There are a lot of factors to consider when pricing up a race, so as a basic starting point it is advised that when beginning to do so you focus on smaller field events – probably 8 runners or less. Any more can become quite a headache, even for the more experienced odds compiler! The best thing to do before attempting to price up a horse race is to simply know your stuff! Learn about the different aspects of analysing racing and race form, there is tons of information out there, most of which is readily available at the click of a button. Read up on everything you can regarding the best ways to look at races and just generally learn as much as possible!The benefits of compiling your own odds
As we can see from both the racing and football examples above, the reason punters would choose to price up events for themselves is that it helps to both identify and exploit value. Of course “value” or “true odds” can be pretty vague terms, after all despite what some people may say, whether or not a selection represents good or bad value is never really more than matter of opinion, an opinion that is only proved right or wrong after the event has finished.
There is no doubt that being able to compile your own odds – using them as a comparison with those that are available on betting exchanges or with bookmakers – is an invaluable skill when aiming to be successful as a punter. Being able to do this though is nowhere near as useful as being able to do it correctly! This comes from hard work and knowing your stuff.
The bottom line is this; work hard, learn all there is to learn, practice compiling your own odds and through a combination of having an expert understanding of betting on your sport and the ability to compile your own odds you will give yourself an edge over the majority of the betting world.Check This Out Next:
-----------------------------------------------------------------------
FREE FOOTBALL TRADING STRATEGY MASTERCLASS, BOOK YOUR SEAT!
Would you like to discover the EXACT football trading strategies that the top 1% of traders are currently using in 2021?
Plus how to make beautiful GREEN screens like this for yourself? Sports Trading Life TV’s Ben Michaels is holding an Exclusive football trading strategies webinar where ALL will be revealed. This online masterclass is 100% FREE and you can view from home! Viewing spots are running out fast!)
To learn more and book your FREE seat, CLICK HERE!
-----------------------------------------------------------------------
If there’s one thing you know, it’s sports. You’ve been making friendly bets with your buddies for years, and almost always come up a winner. But do you really understand odds in sports betting?
Sports betting odds can be tricky to understand at first, especially since you may see the odds posted in more than one way.
From plus/minus to decimal, to fractional — how is anyone supposed to know how to place the best bets?
Don’t sweat it, we’ve got you.
In this guide, we’ll explain everything you need to know about how to understand odds in sports betting, and how you can start creating your own odds.Understanding Sports Odds: What Are They?
So, you want to place a bet on the upcoming match but you’re not sure how to get started.
First things first, you have to understand the odds to know which bets are worth the risk. We’ll touch more on that in the sections below.
Secondly, you need to know that there are a variety of formats for which odds are displayed, such as:
*American (plus/minus)
*Decimal Odds
*Fractional Odds
All of them are easy to understand, and we’ll show you in the upcoming sections of this article.
Lastly, odds are used to calculate the implied probability of a particular outcome in any sporting event.
Once you have a solid understanding of how the odds work, you’ll be able to determine which bets offer the best payouts and how much money you are willing to wager.Sports Odds Explained: American Odds
If you don’t know how to calculate sports betting odds, don’t worry, you’re not alone.
The most common type of sports odds used in North America is American Odds, which uses a plus/minus system for calculating payouts.
Below, we’ll answer your question: how are odds calculated in sports?
We’ll start with the American way, and give you some betting odds examples so you know exactly what you’re looking at the next time you want to make a wager.
But first, it’s important to know what odds are designed to do.
*Odds flag potential bettors as to the implied probability of the bet
*Odds announce the payout you could win if you bet on that outcome
However, odds can be influenced by more than the events that are relevant to the outcome of the game or match.
Many traditional sportsbooks are known for manipulating the odds in their favor and factor in how much the book is charging for you to place your bet. You may hear fellow wagerers refer to this cut as the “juice”, “vig”, or “cut.”How Does Plus/Minus Work in Sports Betting?
When you see +130/-240 (or any other three-digit combination) you know you’re dealing with American odds.
The plus or minus indicates whether you’re betting on the favored team or the underdog.
A negative number on the betting line implies the favorite, and exactly how much you have to bet to walk away with a $100 payout.
Positive numbers belong to the underdog, and let you know how much you’ll win if you bet $100.
For example:American OddsTeamOddsThe GameVikings-130FavoritePackers+260UnderdogHow Do Bookies Make OddsHow Do You Understand Odds in Sports Betting With American Odds?
Using the above example, calculating your odds look like this:
To win $100 on the Vikings (favorites), you would need to wager $130. If you bet $100 on the Packers (underdogs), you’d be paid out $260 in addition to receiving your $100 bet back. Calculating Payouts
Let’s say you don’t want to bet $100 of your money — we get it, that can add up.
Many people prefer to place a series of smaller bets on multiple games to get the most out of the experience.
Winning two and losing one can be more appealing than losing it all in one shot.
With the above example, let’s calculate the odds of betting the underdog with only $10, instead of $100.
Using the +260 odds on the Packers, a $10 bet would payout $26 in profits, plus the return of your original $10 bet for a total of $36 back in your pocket.
In most cases, the sportsbook you’re betting with will do the calculations before you even place the bet.
You’ll know the exact payout before you confirm your bet.Calculating Implied Probability
If you’ve started to research exactly how sports betting works, then you’ve probably heard the term “implied probability”.
The odds are what suggest a particular outcome in any match, and the implied probability refers to the prospect of that outcome.
To calculate the implied probability you need to convert the odds into a percentage.
The reason you’d want to calculate the implied probability is to determine if the estimated probability of a match you wish to bet on is different from the sportsbook so that you can adjust your bet accordingly.
Remember, that all odds available at a sportsbook include the “juice” or “cut” so you’ll need to factor that in, as the implied probability of every conceivable outcome of a match is going to be above 100%.
This is called overround, and it’s the reason you should remove the “juice” from betting lines before calculating what the oddsmakers actually expect the outcome to be.Sports Odds Explained: Decimal Odds
Of the three types of odds you’ll come across, betting with decimal odds are the easiest to learn.
Decimal style odds are typically used in Europe, but many Sportsbooks default to American odds. However, you should be able to set the preference to any betting style.
Decimal odds look like this:Decimal OddsTeamsOddsFavoredThe MatchToronto Blue Jays2.10UnderdogNew York Yankees1.40FavoriteHow Do You Understand Odds in Sports Betting With Decimal Odds?
Calculating your potential winnings with decimal odds is easy. All you have to do is multiply the amount of money you’re wagering with the odds attached to the team you’re betting on.
For example:Your BetThe OddsWinnings$30x1.40 (New York Yankees)= $42$30x2.10 (Toronto Blue Jays)= $63Calculating Implied Probability
Calculating your implied probability is a valuable tool to determine if a wager is worth the risk.
Using our example above, we’ll determine implied probability using the following formula: 1 / Decimal odds
With the above example, the Toronto Blue Jays implied probability of winning is:
1 / 2.10 = 47.6%
And the New York Yankees implied probability of winning is:
1 / 1.40 = 71.4%
In this case, the New York Yankees have a much higher probability of winning, and therefore the safer bet… unless you know something we don’t. Sports Odds Explained: Fractional Odds
Fractional odds are most commonly used in the UK and can typically be seen when placing bets on horse races.
They’re sort of funny looking odds, but when you understand what they mean, they are really easy to calculate.How Do You Understand Odds in Sports Betting With Fractional Odds?
Let’s say you want to bet on a horse in the Breeders’ Cup Classic.
You open up your betting app and see strange-looking figures such as 8/3 or 1/2 (which, by the way, we would say “eight to three” or “one to two”).
So, how do
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