Learn the Standard Formula for Calculating Odds in Betting
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Are you ready to bet and win? Do you know the betting odds and how to compute them? If you are hesitating to give an answer, then you are not yet ready to bet and win. Unless you have proper clarity on the formula for odds, you cannot bet. Sports betting odds are not straightforward as you might think to learn them easily. But, there is the math behind them that you must learn thoroughly. Understanding odds, their working, and calculation are vital if you want to make regular profits from your bets. This post is going to prove really beneficial for you if you are a novice bettor. So, skim it carefully to be ready to read odds, calculate winnings and payouts. Checkout about the investigate this site.
What are the odds in betting?
Well, you might have little idea about the odds. But, little knowledge does not work in betting. So, odds are the predictions for the final outcome of a particular match between 2 teams. They are used to compute winning probability and can tell you the potential payout upon winning the bet. For instance, you are going to bet on an NBA team. The odds will tell you what the chance of the team to win is. There are 3 types of odds in sports betting that you must know. So, let’s start the journey to understand these odds stepwise below.
American/Moneyline odds
Understanding these odds is not an exigent chore if you have some basic mathematics skills. You probably have learned these skills in your school so you can easily make calculations. These are the typically used odds in the United States by novice and pro bettors. They are typically shown by online sportsbooks as + and -. Therefore, for one team, you can see the odds like +200 and for another like -250. A team with a plus sign have fewer chances to win, and a minus is a favorite with more chances to win.
Now, how to calculate these odds? So, if your betting stake is 200, then for the underdog, the formula would be:
Stake 200/100 and multiply with odds, i.e., 200. So, it will be (200/100) x 200 = 400.
Similarly, for favorites or minus
100/odds 250 and multiply by stake, i.e., 200. So, it would be like (100/250) x 200 = 80.
Decimal odds
You would be happy to know that these are the easiest odds to understand and compute payouts. The formula for odds with decimal points is really straightforward. You simply need to multiply your wagering amount with the odds. But, first, let’s discover how these odds look like.
The decimal odds are mainly popular among European bettors. They are also popular among kangaroos and Canadians. The popularity of these odds is mainly due to their simple computations. So, these odds will look as an example:
New York 4.0
Chicago 5.0
As a bettor, you can calculate payout by simply multiplying the stake to these odds. So, if your wagering amount is 10 bucks and you bet for NY, then you will get 10×4 = 40. If you bet for Chicago, then you will get 10×5 = 50. But, remember that the stake will be included in the payout. However, you can also compute the net profit earned with these odds. For this, you simply need to minus the stake from the total payout.
40 -10 = 30 for NY
50-10 =40 for Chicago
So, you can see that understanding and calculating these odds is smooth like a breeze. But, you can only find these odds easily if you know the math behind them. So, you need to practice these odds as well for accurate payout computation.
Fractional odds
These odds are preferred by the UK bettors and are trickier to understand and calculate the payouts. They will look strange in the fraction of numbers and will look as an example.
5/2 and 2/3
The number on the left represents the chances a team does not have to win. The right number represents the chances to win. However, these odds tell that you will win 5 for the wager of 2. In order to compute payout for these odds, the formula is:
Add the odds and then multiply them with the stake. Suppose 10 is divided by one. So, it would be for 5/2
(5+2) x (10/1) = 70.
For 2/3, it would be
(2+3) x (10/1) = 50.
Fractional odds are mainly used for the sports like horse racing. However, they are the toughest odds but can be understood wisely using the mathematical formula for odds. You can learn to use these odds if you are betting on this particular sport. However, you can switch to other odds as well to make the calculations easy and fast.
The Bottom Line
These are the 3 main odds that are used in sports betting. The formula for odds has a unique mode of calculating the payouts. So, you can go through these odds thoroughly to understand them gently. You can only make good bets when you have insight into these betting odds.