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Odds Explained: How To Bet On Sports Like a Pro

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Sports betting can really enhance watching a game either live or from the comfort of your own home. Making money while watching your favourite team play sounds great, right? However, it isn’t always that simple. Don’t worry, we’re here to help. This article will explain how you can bet on your favourite sports like a pro. We will explain odds and how they work.

Have you ever wondered, what are odds, and how do they work? Odds are used to determine a particular outcome almost similar to probability.

How do Odds work in Betting?​

If you plan to start betting, it’s best to educate yourself about odds and what they are. By knowing your odds, you can access some of the best casino bonuses there are to offer. If you’re not familiar with sports betting odds, don’t despair, you’re not alone.

There are three main types of betting odds, namely:
  • Decimal (European) odds
  • Fractional (British) odds
  • Money line (American) odds

These types of odds don’t usually have any difference in terms of payouts.

Decimal Odds​

Decimal odds are popular in Europe. They are considered the easiest to understand. Decimal odds represent the amount you win for every $1 you wager.

Decimal odds look like this:

Decimal Odds​

Teams​

Odds​

Favoured​

The matchA1.40Favourite
B2.10Underdog

This is how you calculate your potential winnings with decimal odds.

Your Bet​

The Odds​

Winnings​

€301.40€42
€302.10€63


With the decimal odd, your stake is already included in the odd, so there is no need to add it back.
This is the calculation:
Total Payout = Decimal Odd Number x Stake

Fractional Odds​

These are used in the UK.

The odds usually look like this
8/3 (eight to three)
1/2 (one to two)

The number on the left tells you how many times the outcome might fail, and on the right, the number dictates the number of times expected to succeed.
If you bet the same €30 on the 8/3 odds, the calculation will be as follows

(30 x 8)/3 = 80 + 30 = €110 is what you will win
Total payout = Stake + [ (Stake x expected to fail) / the odd success]

Money Line Odds​

These are common in the United States and depend on the negative or positive sign. The odds for favourites are accompanied by a minus (-) sign and indicate the amount you need to win $100. The odds for underdogs will be accompanied by a positive (+) sign and indicate the amount won for every $100 staked.

The odds usually look like this:
-130 / +240

To win $100 on the favourites, you need to wager $130. If you bet $100 on the underdogs, you’d be paid out $240 in addition to receiving your $100 bet back.
 
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