Betting odds are numbers that show the possibility of an event happening, deciding how much money you will win if the event happens. These odds have three elements: favourites, underdogs, and the actual odds. The first is a team or outcome favoured to win, while the second is the team or player expected to lose.
Simply put, betting odds reveal key things about an event. It shows the amount of money you could win on a bet and the possibility of an outcome (according to the bookmaker). Primarily, the higher the odds, the more money you could win, but the slimmer the chance of it happening. For example, odds of 2.0 mean you’ll get twice your money if you win, while odds of 1.5 mean you’ll get your money back plus half again if you win.
Since we understand that well, let’s now look into the details that can help you better read betting odds.
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Contents
Understanding the Basics of Betting Odds
Betting odds are the backbone of sports betting, and knowing them is essential for reducing your risks. They are decided by bookmakers based on various factors, such as:
- Probability: This is the likelihood of an event occurring.
- Public Perception: This is how the general public views the event.
- Team or Player Performance: Recent forms, injuries, and other factors that might impact the outcome.
Apart from this, the following are the common types of betting odds that you should know:
- Moneyline Odds: This stands for the probability of a team winning outright.
- Point Spread Odds: This shows the possibility of a team winning by a certain margin.
- Over/Under Odds: These indicate whether a game’s total score will be over or under a specific number.
Different Odds Formats and What They Mean
Understanding the different odds formats is also essential for reading betting odds accurately. These formats include American (or moneyline), Fractional, and Decimal Odds.
As the name implies, American odds are popular in the USA, and sportsbooks represent them using positive and negative numbers. To describe a player or team with a high chance of winning, bookies use a minus (-) sign. As for underdogs, their chances of winning are represented by a plus (+) sign. Depending on the sign, moneyline odds show the wager amount needed to win $100 or what you win for every $100 stake.
Meanwhile, decimal odds are used more often in Europe, Canada, and Australia. This format uses decimal numbers to represent the probability of an outcome, and it’s much easier to understand.
To illustrate, let’s assume there’s a match between Man City and Ipswich Town. In this scenario, Man City has odds of 1.5, while Ipswich, the underdog, has 8 odds of winning. If you bet $10 on Man City to win, you will receive $15 as your total payout ($10 x 1.5). On the other hand, if Ipswich wins, you will recover $80 ($10 x 8) as your total earnings.
Lastly, fractional odds use fractions to depict the probability of an event. This format is more popular in British and Irish betting markets, and it’s written with a slash (/) or hyphen (-). An example is an odd of 8/1, meaning every $1 you wager could yield $8 in net profit. Essentially, it is a ratio of your potential profit to the initial bet.
Common Mistakes Beginners Make When Reading Betting Odds
Below are some common mistakes made by newbie gamblers:
- Misreading unfavorable American odds: This is when you think seeing odds such as -200 means you may lose $200. But in the actual sense, it implies that you must bet $200 before you can earn $100.
- Running after the big numbers: By running after the big numbers, you get attracted to high odds without understanding the risks involved. Ignoring more likely outcomes with smaller payouts may result in losing your wager amount.
- Errors from Calculator: There’s a high possibility of getting decimal wrongs resulting from calculator errors when calculating potential wins. This could be because the device settings are wrong.
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Final Thoughts
Learning how to read betting odds could be confusing at first. However, as you practice continuously, it will become even easier to read and use the odds.
