To begin betting, whether, at a casino, sportsbook, slots or elsewhere, you must first comprehend the hazards. It would be insane to place a wager unless you have a firm grip on the many types of betting odds and the ability to analyze and comprehend the various connected formats.
Betting odds are classified into three categories: fractional, decimal, and American. The payoffs are the same in each of these presentations, which are only alternative ways of expressing the same message. As a result, the likelihood of occurrence of an event can be stated using any of the odds types mentioned previously.
What Is the Meaning of Fractional Odds?
In different countries like the United Kingdom and Ghana, bookmakers prefer fractional odds (sometimes known as British odds, UK odds, or traditional odds). As in 6/1 or 6-1, the expression “six-to-one” is frequently represented by a “slash (/)” or a “hyphen (-).
Fractional odds are frequently employed by some of the world’s most reputable bookmakers, making them the most popular odds available.
If the odds are given as 6/1 (six-to-one), you can win $6 for every $1 bet and still receive your money back (i.e., the amount you wagered). For instance, if you wager $1 and win $6, you will receive a total payout of $7, which includes your initial wager of $1. As a result, if you bet $10 on 6/1, you will gain a total of $70 ($60 profit + $10 risk).
The following fractional odds were assigned to the team’s chances of winning the NBA Championship in 2017-18 by one of the most popular sports betting sites. Here are the three teams with the poorest chances of winning.
- 10/11 odds on the Golden State Warriors
- Houston Rockets, September 4th
- The Cavaliers of Cleveland are 7/1.
Houston and Cleveland have significantly better chances of winning than the Golden State Warriors. If you wager $11 on the championship, your gains will be limited to $10. In comparison, if Houston wins, one receives $9 for every $4 staked (or 3.25 times the amount risked), which is a less likely outcome. A $1 wager on Cleveland pays off $7.
How to calculate decimal odds?
European odds (also known as continental odds, digital odds, or digital odds) are the most widely used decimal odds in Europe, New Zealand, https://22bet.ng/slots and Canada. These are more manageable and understandable. Within seconds, you may determine who the favorites and underdogs are entirely based on statistical data.
A decimal odds value is displayed for each dollar wagered. When decimal odds are utilized, the total payout is displayed rather than the profit. Calculating the payoff is straightforward because your stake is already included in the decimal value, which eliminates the need for additional effort.
If you win $100 on Joe Biden, you can receive a total payoff of $130 (100 x 1.3). By deducting $100 from this sum, the gambler obtains his net profit.
As can be seen by comparing the bookmaker’s odds for each candidate, Biden (the favorite) has a better chance of winning than Trump. A candidate with a bigger total payment (i.e., a larger decimal odd) has a reduced chance of winning (and hence is riskier).
Conclusion
If you intend to operate in the betting or gaming industry, you must be able to analyze comprehend all forms of odds. To comprehend how the house always wins, it’s necessary to first grasp the three most prevalent types of odds (fractional, decimal, and American).
Please refer to The Math Behind Betting Odds & Betting for additional information on how odds are computed, how implied probabilities are converted, and how odds differ from the true chance of a result.