How To Read Betting Odds: Examples & Complete Guide

To calculate odds, betting companies look at the probability of an event outcome occurring and the probability of punters wagering on an event outcome. Odds can change over the course of a day, so make sure you check them regularly. Decimal odds are common worldwide and are presented as a single decimal number. These types of odds are easy to understand and are more precise than fractional odds. Every sportsbook has its oddsmakers that draft odds for each game in every sport featured in their offer. Let’s take a look at the football example we’ve discussed when talking about decimal odds, only this time in fractional odds.

Betting Odds and Payouts

This is primarily because this betting odds format is also the simplest of the three. A bookie doesn’t exist to predict the future – its reason for existence is to make money, and it ensures itself profit through its oddsmaking. An ‘overround’ is factored into the odds you see on https://lyncconf.com/how-to-use-betting-odds-to-your-advantage/ a bookie’s website, which is their margin on their pricing. They also adjust their odds constantly as people make bets, aiming for the same volume of betting on all sides of an event. This allows them to ensure that they make their profit regardless of the outcome of that event.

How do sportsbooks calculate odds?

Alternatively, if you’d prefer to avoid maths altogether (and really, who wouldn’t?), most online odds converters will immediately calculate the implied probability for you. If this sounds confusing, that’s very understandable – but don’t worry, you’re very unlikely to have any need to understand moneyline odds if you’re betting in the UK. If you think the odds-on favorite is a sure thing, I’ll take your money. Favorites are statistically more likely to win, but sports are unpredictable. If favorites were sure things, bookies would be out of business, and I’d be writing “10 Myths About Selling Real Estate” instead.

Soccer Betting Odds

Essentially, in terms of odds explained, the greater the risk, the higher the potential return. These are fractional or UK odds, decimal or European odds, and moneyline or American odds. If you’re a beginner bettor, one of the first and most important things you need to understand is how different types of betting odds formats work. Two alternative odds formats you should know about since they do pop up in American sportsbooks occasionally are fractional odds and decimal odds. Armed with this knowledge of how the bookmakers set their odds, you can concentrate on finding value.

Calculating Winnings with Fractional Odds

These tools enable you to input odds into any format and calculate the potential payout for any given bet, and can be found on all of our recommendedbest betting sites. Bookmakers have been known to alter odds to attract more bets towards a specific outcome. In some cases, large volumes of bets being made on a certain outcome can also move the odds. This is done by bookmakers in an attempt to mediate their own risk and to maintain profitability.

• Knowing what these odds mean and how to read them is essential so you are fully aware of what you are putting your money on.
• More precisely, the favorite team is always marked by the minus sign, showing the amount of money you need to bet to win $100.
• The line adjusts based on factors like injuries, weather, or betting action, allowing sportsbooks to manage their risk and encourage balanced betting.
• When you bet on negative odds, you are betting on the favorite to win.
• A futures bet can be placed before or during the season, and odds will change almost daily due to various factors, including injuries and transactions.
• If the bookies think that a side has a 50% chance of winning but you think they’ve got a better chance than that, that’s value.
• The format of odds can vary significantly, but they all share a similar essence.

Betting Odds Explained: Why Do Betting Odds Change?

The basic business model of a sportsbook is fairly uncomplicated. When that event ends they pay out everyone who backed the winner and then keep the rest for themselves. In the sections below, we will provide a comprehensive overview of how betting odds function and influence your betting decisions.

Can I make money betting on sports?

If you are in the United States, you will most likely only have to deal with American odds, but sometimes, you may come across decimal or fractional odds. Knowing what these odds mean and how to read them is essential so you are fully aware of what you are putting your money on. You can bet on the winner of most individual awards and the leader of the majority of statistical categories across professional sports.

• The house edge in American roulette is higher due to the additional pocket, so players should always check which version of roulette they are playing.
• Even for those of us who’ve never visited a betting shop, racecourse, or bookie website, betting odds will crop up on the news or in general discussion.
• Betting odds are calculated by the probability of something happening.
• Known as the “lemming effect,” if one bookmaker lowers or raises the odds on a specific event, it is likely that others will follow.
• Fractional odds might be 9/10, meaning you could win $9 for every $10 wagered.

Types of Sports Betting Odds Explained

On the other hand, if you place $100 on the Lakers at -780 odds, you’d stand to win just a little over $12, making the bet hardly worthwhile. For example, Manchester City are playing Liverpool in a regular Premier League fixture. Luckily, you will be able to see the best and fastest soccer players in this match. Here’s another example of what you can expect if you bet on football, as there’s usually a third potential outcome to bet on.

Combine Odds with Data Analysis

It’s quite surprising how much odds can change from bookmaker to bookmaker. Plus, that gives you the opportunity to take advantage of the bookmakers’ bonuses and earn free cash. All of these have different possibilities, probabilities, chances – or odds – of happening. Competing bookmakers’ odds are also a factor and are often used to ensure read trends and to remain competitive. Known as the “lemming effect,” if one bookmaker lowers or raises the odds on a specific event, it is likely that others will follow.

Point Spread

You could wager on a team’s odds to win its respective championship, conference, or any other accomplishment that will be settled in the short- or long-term future. Hitting a futures bet will result in a high payout due to the difficulty of picking a league winner when there are still plenty of games left to be played. You should bear in mind that decimal odds include your stake. So, if you bet £10 at odds of 2.5, you can expect to win £25 (£15 on top of your £10 stake). You should also know that 2.0 is the evens line, so numbers lower than this return a profit that is lower than your stake.

Even a 60% probability of winning still leaves the door wide open for the result to go the other way, and in this game, that is exactly what happened. Conversely, if you thought the Clippers had a good chance of pulling the upset, a winning bet of $50, $100, or $300 would result in a profit of $63, $126, or $378, respectively. Keep in mind that moneyline bets simply entail picking the team you think will win outright, unlike a point spread bet where the margin of victory matters. You will have seen above that we’ve spoken about both fractional and decimal odds.

What are the easiest odds formats for beginners?

For example, odds of 3 (the equivalent of 2/1 in fractional odds) indicate that you’ll receive a total return of £3 if you bet £1 (£2 in winnings plus your original stake). You can use the odds, whether they are negative or positive (American), to help calculate the potential profit and total payout based on the money you risk. Using the appropriate formula, whether you are using the American, fractional or decimal odds, you can calculate your total return. Understanding what is sports betting odds is fundamental to becoming a successful bettor. Odds reveal the likelihood of outcomes, dictate payouts, and help shape your strategy.

Money lines and point spreads use the same information when they’re calculated, and both of their payouts are tied to the odds of a team winning or losing. In fact, both try to account for the relative strength of each team. Money lines change the amount charged for bets on a team, while point spreads change the team scores that would count as a win. The information in money line markets may be more precise than that in point spread markets, according to some financial studies. The “money line,” in betting terminology, refers to the integers that show the payoffs for betting on a game.

They are just different ways of conveying the same information but they do add another layer of complexity. As the season progresses or new information becomes available, the odds can change drastically. Market demand, influenced by the response to betting action, can lead to fluctuations in odds. For example, heavy betting on a particular team can cause odds to shift in their favor due to the sportsbook’s need to balance the betting action. Understanding market demand and its effects on odds can help you identify potential opportunities and trends.

The opposite may also happen, with bookmakers lengthening odds on outcomes no one is betting on to attract more bettors. Within our helpful guide, you will find everything there is to know about betting odds, including how odds are calculated, what they mean, and why betting odds can change. Plus, find out how to use betting odds to your advantage when it comes to placing bets and boost your overall online gambling experience as a result. If you’re new to gambling, betting odds can seem overwhelming or confusing. It’s a crucial part of the betting industry, so you need to have an understanding of betting odds to calculate the probability of a particular outcome occurring. To briefly sum up this guide on betting odds, the key things to remember are that there are three main types of betting odds, moneyline, fractional, and decimal.

How To Read Betting Odds: A Step By Step Guide

While the difference is not that noticeable, you can still tell who’s the favorite right away by looking at the + and – signs. On the other hand, if you decide to put your $100 on the Bucks winning the NBA championship, you’d be doing so on odds of 9/4. It enables you to clearly spot the favorite and the underdog and assess their balance just by looking at their respective decimal numbers.

Here, we break down everything you need to know about sports betting odds, how they work, the different types of odds you’ll see at sportsbooks, and how to read them. Because of the many factors involved, it is impossible to calculate exact probability in sports betting. All your bookmaker can do is set a probability based on the likely outcome (adjusted slightly for profit); this is known as ‘implied probability’. Betting odds are created by bookmakers to summarize the probability of a particular outcome occurring. If something has a high probability of happening, it has a lower risk, which means that it won’t pay out as much. If an outcome is unlikely to happen, the bet comes at greater risk, though if you win, the payout will also be higher.

We’ve all encountered betting odds in life at least occasionally. Even for those of us who’ve never visited a betting shop, racecourse, or bookie website, betting odds will crop up on the news or in general discussion. But if you don’t know how they work, they can be distinctly mystifying, especially when they’re in the form of fractions but don’t seem to correlate to how fractions actually work. As you can see, the combined implied probability of the selections above is 100%.

Learn how to read and make sense of decimal, fractional, and American odds with clear examples and sharp insights. Closing lines are typically sharper because they reflect the most up-to-date information and betting action. In emerging sports or lower leagues, you can sometimes get better prices early—if you’ve done your homework. They’re not always smarter than the average bettor, but their bankroll means the casino pays attention… even if they’re betting on a whim. Johnny Covers is a seasoned expert in the sports betting field and a key contributor at Bettor In Green. Known for his sharp analysis and reliable picks, he shares his expertise with a loyal following on X.

If Team A is favored to crush Team B, the spread levels the playing field. A +7.5 spread means Team B can lose by 7 points, and you still win. This guide will arm you with all the jargon you need to blend in with seasoned bettors at the sportsbook or, at the very least, to make your group chat livelier.

Legal sports betting is sweeping the nation as more states legalize mobile sports betting. Betting on sports is now legal in 33 states and online sports wagering is permitted in 26, so bettors have more options than ever as the popularity soars. If you the odds have a negative value, this tells you how much money you need to wager to win $100.