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Did you know that roughly 106 million people bet on a daily basis? If you’re interested in getting into betting, it’s important to inform yourself how to read sports odds. But how do you understand sports odds, and why is it an important part of betting?
Understanding sports betting odds is a critical point in making informed bets. For more information on understanding betting odds, read on for a quick guide.
Different Odds
To start, there are three different forms of odds that you’ll see. These odds tend to mean the same thing but are shown differently.
Many sites may show sports odds in one form but not others. As such, it’s important that you learn how to read all three types of betting odds. That way, you’ll have no issue reading odds no matter what platform you’re using.
Decimal
We’ll start with decimal odds, as these are considered the easiest to understand. Most sites will show decimal odds in conjunction with other types.
Decimal odds are the most popular due to being the simplest. As you may suspect, decimal odds are displayed in decimal format.
For example, let’s use a decimal odd of 1.61. To calculate your winnings with this odd, you would multiply your bet by the decimal odd of 1.61. A $75 bet would turn to $45.75, should you be successful.
Another way to consider these odds is with implied probability. To calculate the probability, make a fraction with the decimal odds on the bottom and 1 or 100 on top, depending on your preference. Our previous 1.61 bet turns to a 62.11% odds with this method.
If you’re caught off by the mathematics, you may need to buckle in. Calculating these odds and winnings is a crucial part of betting on sports. Decimal bets make it easiest, so if you’re not a fan of these calculations, you may want to learn decimal over other formats.
Fractional
Fractional odds are most common in the United Kingdom and Europe. They’re mostly associated with betting on horse racing, but you may see them used in other sports.
These odds are displayed as a fraction. The first number shows how many times the betting site expects the predicted outcome to fail. The second number shows the opposite, telling successes.
Additionally, both numbers would add up to the full number of attempts. These bets are read as X to Y. For example, 5/5 is read as “five to five” and predicts that the outcome has a 50% chance of occurring.
To take this bet to be a bit more complex, let’s assume we have a 3/7 bet for a certain horse to win. The “three to seven” bet implies that out of ten attempts, the chosen horse would win seven times.
You can do the math to figure out your fractional odds as well. Divide the denominator (the second number) by the total of both. The 3/7 bet would be 30%, as the fraction turns to 3 divided by 10.
Is your head spinning from the math? Many people find doing these calculations an aggravating part of the process. While it’s important to understand how to read sports betting odds, don’t forget that there are many online calculators.
American
Finally, American odds are the third popular type. As you may suspect, these are most common in the United States. Many also consider them the most difficult to read, but once you understand them, they’re delightfully simple.
If you’ve ever seen a betting card with a “-” and a “+” then you’ve read American. These numbers show your prospective payout and whether the side you’re picking is the favorite or underdog.
Negative numbers are the favorite on the betting line. It shows how much you would need to bet in order to win $100. The positive number indicates the underdog and shows how much you’d win if you bet $100.
For example, the Atlanta Braves are playing the Mets. When you read your betting card, the Braves have -130, while the Mets have +110. Can you read what these numbers mean?
By this hypothetical, the Braves are the favorite. If you bet $130 on the Braves and the Braves win, you would make $100. For the Mets, they’re the underdog, and a bet of $100 would net you $110 overall.
Reading Uniformity
Now that we understand the three most common types of bets, you should be able to read the gist of any betting line. Higher numbers tend to indicate a more likely winner. Betting on underdogs is riskier but may net you more in winnings.
But how can you read these bets on all sites? Will any betting platform display betting sides the same? Is a 3/7 odds for a fight on Site A guaranteed to be the same odds for a fight on Site B?
Moving Lines
It’s important to know that the lines aren’t static. Betting lines can change up to the moment the game starts. For some sites, bets can continue to be accepted past the start of an event.
Use this volatility to find some risky but worthwhile bets. Sports betting is all about risk, so don’t go into it squeamish.
Different Books
More importantly, not all sites will display their bets in the same metric. Instead, you’ll find some sites displaying utterly different odds.
What’s a 3/7 bet on one site may show as a 1/9 bet on another. Sites can show enormous discrepancies between what they have as bets.
As such, you can sometimes maximize your winnings by moving to different sites and platforms. Sports betting shouldn’t always be done on a single platform. Take your MLB picks to multiple sites and see which is giving you the best betting odds to maximize your income.
Calculating Payouts
Speaking of income, how do you calculate your payouts? With American money line bets, it’s a bit easier to guess how much you’ll make.
But guessing when it comes to money isn’t always a wise choice. Here are some ways you can figure out how much money a bet may make you.
Betting Slips
The first and most obvious place to check is the betting slip. If you’re betting in person, such as at a horse race or fight, you’ll receive a slip.
The slip will have multiple bits of information written down. Your pick for the contest, the amount you’re betting, and more. One of the things you can typically find is what your winnings are predicted to be.
While this number isn’t always exact, it’s a good digit to follow. If you placed your bet in advance, there’s a chance odds may have changed.
General Ballparks
There’s nothing wrong with giving an educated guess at how much you’ll make. Don’t hesitate to give a general ballpark of how much.
For this, reading odds is a crucial skill. You can often calculate precisely how much you’ll make if you know the odds and the amount of your bet.
Fractional and decimal odds are the easiest to calculate. American odds are somewhat more complicated, as the math has more steps. However, American odds are ultimately easy to complicate as well once the formula is understood.
Exact Calculations
If you’re itching to know the exact amount you’ll win, consider using a calculator. Many online betting sites come with a calculator that can show you how much you’ll win.
Should this fail, consider instead looking online for a calculator. There are dozens of online sports betting calculators that will show you how much you stand to make.
Eyeing the Odds
Now that we understand how to read odds, how do you place a bet? Once you know the odds, there are a few more things to consider. Here are two factors to think of when betting on sports.
Value Versus Risk
The first thing to understand is value versus risk. Some people get into betting for fun, but sports betting tends to focus on the money you stand to make. Why make a bet just to win a few dollars?
When it comes to maximizing how much you make, riskier bets will almost always net you more. However, keep in mind that there’s less chance of you winning in a risky bet. It’s a high risk, high reward situation that you’ll want to decide for yourself.
Comparing Lines
Furthermore, you should learn how to compare lines. There’s more to seeing the risk of a bet just from reading the odds.
One useful trick is to visit several platforms.
Reading odds from several sources can bring a new dimension to betting on sports. By comparing the sports betting odds from several sites, you can get a better understanding of the true risk – and which will pay the most.
Nailing the Sports Odds
Being able to read sports odds is a critical skill for anyone interested in betting on sports. Do your best to familiarize yourself with American, decimal, and fractional betting odds systems. That way, you’ll never have a situation where you can’t read the odds.
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