Anyone who has placed a bet once must have wondered how they come up with the odds they give each team in a match. More important is understanding the profit that’ll be earned from the odds available. A lot of factors are taken into account to get it, like a team’s overall performance, league ranking et al. The decimal odds given by bookmakers in this part of the world make it easier to understand and quickly know what is expected in the outcome of the match. This is not to say surprises don’t happen as most people have come to realise in betting. Favourites aren’t always favourites and underdogs make favourites pay when taken for granted as we’ve come to know.
The decimal odds is very popular but is not the only way bookmakers provide odds to punters all over the world. There are a few others that have that has proven hard for punters to fully understand and that is what we here to address. At the end of this article, you will be able to understand the difference between the odds and how to convert between these odds types.
There is three main betting odds format used by the different bookies for their customers. This can be tailored to what any punter prefers and is comfortable with. The three formats are:
Fractional odds are mostly used in the United Kingdom, where they are used by bookmakers and live horse racing bets.
Some simple examples include:
2/1 ( said as two to one)
10/1 (ten to one)
Example of odds against include
1/2 (two to one on)
It is used mainly in the UK and in international horse racing and less popular online nowadays.
It tells you the amount of profit relative to your stake if you win your bets.
For example, if you bet £10 at odds of 3/1, you receive £30 profit if you win.
This is the most commonly used format by betting sites in the world. This is most likely as a result of it being the simplest of the three formats. Odds are usually displayed using two decimal places and show exactly how much winning a stake will return on a betslip.
Common around the world, especially in Europe.
Shows the amount you will receive in profits if you win, including the return of your stake.
For example, if you bet $10 at odds of 3.75, you will receive $37.50 in total if you win.
Moneyline odds are also known as American odds, are used mostly in the United States. This format is a little more complicated to understand but with practice, you will become familiar with it. Moneyline can be either positive (with a + sign) or negative (with a -sign).
Popularly used by US bookmakers hence it’s other name.
Based on a single bet (on the single outcome of a match event)
If the Moneyline is positive, the amount quoted is the amount you would win on a $100 bet.
If it is negative, the amount quoted is what you would need to bet to win $100.
How to Convert Fraction Odds to Decimal Odds
Converting a fractional odd into a decimal odd is done by dividing the first number (the numerator), by the second (the denominator), and adding 1.
Calculation: (numerator/denominator) + 1 = decimal odds
Example: 6/5 is equal to 2.20. Divide 6 by 5. This equals 1.20. Add 1, and you get the decimal 2.20.
How to Convert Moneyline/American Odds to Decimal Odds
Positive Sign – 1 plus (the american odds divided by 100) e.g. american odds of 300 = 1 + (300/100) = 4.
Negative Sign – 1 minus (100 divided by the american odds) e.g. american odds of -300 = 1 – (100/-300) = 1.333.