Sports betting has expanded with a variety of fans, especially with the emergence of online sportsbooks. But, if one is a newcomer to the world and all its terminology, then it might appear daunting. The first step involves comprehending the odds and terms that are fundamental to your success.
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What Are Betting Odds?
Betting odds denote the possibility of a given result in addition to the payout you stand to gain when placing a gamble. They describe just how probable an event is and the possible profit if one wins.
Decimal Odds
Decimal odds are easy to understand and ideal for beginners. This is the total amount you stand to be paid if you win inclusive of your initial sum. Payout is determined from the amount staked and the decimal odds.
If the odds are 2.50 and you put down $10, the calculation is:
$10 x 2.50 = $25 (Total payout, including your initial $10).
Your profit in this scenario is $15, as the remaining $10 is your original wager.
Fractional Odds
Fractional odds show the potential profit relative to your bet. 5/1 (read as “five to one”) means that for every $1, you can win $5.
If you place $10 at 5/1 odds, your potential profit is $50. The formula is:
$10 x 5 = $50 (Profit).
So, the total payout is $60, which includes the $50 profit plus your original $10 stake.
Key Terminology
It’s also important to familiarize yourself with common terms you’ll encounter often:
- Favorite: They are the beloved option, dominating but often with negative odds (-150 for example). This means that they are favored to win, but if they do you’ll get less money than you staked.
- Underdog: The underdog usually means a positive probability (like +200), which has a higher payout because the chance of winning is low.
- Point Spread: An option that makes it easy for teams with different abilities to draw their level to one baseline. A group that is expected to lose by -7 means that it has to win by the difference of the spread, more than 7 points in this case.
- Over/Under (Total): An option that makes it easy for teams with different abilities to draw their level to one baseline. A group that is expected to lose by -7 means that it has to win by the difference of the spread, more than 7 points in this case.
- Parlay: A stake in the combined total of both scores of the two teams. You see if the overall points will be greater or lesser than the number provided to you.
- Prop Bet: An option that allows many outcomes in one wager.
Calculating Payouts
Let’s also look at how to calculate your potential winnings.
- For positive odds (+250), the formula is:
- $100 x 2.50 = $250 (Profit). Add your original $100 back, making the total payout $350.
- For negative (-150):
- $100 ÷ 1.50 = $66.67 (Profit). Add your initial $100, making the total payout $166.67.
Tips for Novices
This will help you improve your chances if you’re inexperienced:
- Start small. Limit your risk while you’re still learning and research teams and players. Don’t go in blindly. Look into statistics, current forms, and injuries to make informed decisions.
- Compare odds. Not all sites offer the same probabilities. Check many platforms to find the best value for your money.
