Online sports betting odds are one of the most important aspects of online sports betting. They represent the probability of an event occurring and are used to calculate the payout for a winning bet. This guide will explain how online sports betting odds work, the different types of odds, and how to calculate payouts based on these odds.
I. Understanding Online Sports Betting Odds
Online sports betting odds are represented in a variety of ways, but the most common are decimal, fractional, and American odds. Each type has its own advantages and disadvantages, so it is important to understand all three in order to make an informed betting decision.
1、Decimal Odds
Decimal odds are the most commonly used type of odds in Europe and Asia. They represent the amount you will win for every unit you bet, including the unit itself. For example, if the decimal odds are 2.50 for a particular team to win a game, you would win 2.50 units for every 1 unit you bet.
2、Fractional Odds
Fractional odds are common in the UK and Ireland. They represent the amount you will win for every unit you bet, but do not include the unit itself. For example, if the fractional odds are 2/1 for a particular team to win a game, you would win 2 units for every 1 unit you bet.
3、American Odds
American odds are used primarily in the United States. They represent the amount you will win for every dollar you bet. For example, if the American odds are -110 for a particular team to win a game, you would win 1 unit for every dollar you bet.
II. Calculating Payouts Based on Odds
Calculating payouts based on online sports betting odds is relatively simple once you understand the concept of probability and how it applies to each type of odds. Here is a brief overview of how to calculate payouts for each type of odds:
1、Decimal Odds Payout Calculation
Let's say you want to calculate the payout for a bet on a particular team to win a game with decimal odds of 2.50. Your bet amount is 1 unit, and the decimal odds represent the amount you will win plus the unit itself (2.50). Your total payout would be:
Payout = (Unit Bet / Decimal Odds) + Unit Bet = (1 / 2.50) + 1 = 0.40 + 1 = 1.40 units won
2、Fractional Odds Payout Calculation
Using the same example as above, let's calculate the payout for a bet on a particular team to win a game with fractional odds of 2/1. Your bet amount is 1 unit, and the fractional odds represent the amount you will win divided by the unit itself (2/1). Your total payout would be:
Payout = (Unit Bet * Fractional Odds) / Unit Bet = (1 * 2) / 1 = 2 units won
3、American Odds Payout Calculation
For this example, let's calculate the payout for a bet on a particular team to win a game with American odds of -110. Your bet amount is 1 unit, and the American odds represent the amount you will win divided by the unit itself (-110). Your total payout would be:
Payout = (Unit Bet * American Odds) / Unit Bet = (1 * -110) / 1 = -110 units won
III. Types of Online Sports Betting Odds
In addition to the three main types of online sports betting odds mentioned above, there are also several other types that may be encountered depending on the sportsbook and type of event being wagered on. These include but are not limited to:
- Moneyline odds: These are simply the odds of one team winning compared to another team losing without any consideration of spread or total points scored. Moneyline odds are often represented in decimal or fractional format depending on where you are located or which sportsbook you use. For example, if Team A is favored to win at -200 and Team B is an underdog at +200, that means you would need to risk $200 on Team A to win $100 or vice versa if you were to choose Team B as your winner prediction based on their higher probability of success according to these moneyline odds provided by an online sportsbook offering such services within its platform interface where users can place wagers directly from their computer or mobile device without having to visit an actual casino or sportsbook location first before
