Watching a live sports match has always been the most common pastime for sports enthusiasts. Some people tune into live sports matches to experience the thrill of witnessing athletic talent in real time, while others do so to cheer, support, and place bets on their favorite players or teams.
Accordingly, sports betting has surged in popularity probably due to the fact that the whole process has been made easy thanks to modern technology. In western countries, betting on live sporting events appears to be the fastest growing form of gambling and has almost doubled in popularity over the last decade.
If you also heard about sports betting and would like to participate in such a thrilling pastime, it is necessary to learn how to read the odds. As such, it is in this article where we will discuss the importance of knowing betting odds, its most common types, and how they work.
Why Is It Important to Know the Betting Odds?
Sports betting odds are the numerical representations that indicate the probability of a specific or certain outcome to occur in a sporting event as well as the potential payout for a bet placed by a sports bettor.
Understanding the odds is crucial because it directly influences the ability of a sports bettor to make informed and strategic decisions. If a sports bettor understands what the odds mean on an online betting platform such as Bet way, it allows them to identify the opportunities where the odds may be in their favour thereby maximizing the potential returns while minimizing betting risks.
As part of understanding the betting odds, a casual or newbie sports bettor must also know that odds are presented in different ways and the numbers may mean drastically different from one another depending on the system an online betting platform is using.
Types of Sports Betting Odds
There are three primary betting odds used in sports betting: American odds, fractional odds, and decimal odds. Here is an overview of each and a brief illustration of how they work.
American Odds (Moneyline Odds)
The American odds also known as the moneyline odds are a type of betting odd popular in the United States. Accordingly, it is also the most widely recognized betting option for casual sports bettors in Betway and in other reputable online betting platforms.
These odds are presented with a “+” or “-” symbol that precedes the numeric odds for both sides of a bet. These symbols indicate which sports team is expected to win and which is deemed the underdog. Any team with a “-” in front of its odds is a betting favorite while a “+” denotes the team is an underdog.
To illustrate, let’s say you are placing a bet on the Denver Broncos for a match they have with the Kansas City Chiefs. In the online betting platform, the Broncos is listed as “-115” therefore, to win $100, you will need to bet $115.
Now, let’s say you want to bet on the underdog based on the above mentioned example which is the Kansas City Chiefs. On the platform, it provides a “+110” so if you bet on them for $100, you would make $110 in case the Kansas City Chiefs wins.
Fractional Odds
The fractional odds are the betting odds most commonly used in the traditional sportsbooks and online betting platforms in the United Kingdom and Ireland. The betting odds are expressed as a fraction with either a hyphen (-) or a slash (/) between digits.
To illustrate its calculation, let’s say you are fond of baseball and are planning to bet on the Texas Rangers. When checking Betway or another similarly reputable online betting platform, it shows that the odds for Texas Rangers is 5/1 that means if you placed a $10 bet you will win $50 plus your initial bet, totalling $60.
Decimal Odds
Rarely seen in US online betting platforms, the decimal odds are often used in platforms in continental Europe, Australia, and Canada. Still, it is important to learn about this type of betting odds just in case this format ever comes up on Betway or on your selected online betting platform.
This type of sports betting odds is represented in decimal form and is characterized to be a straightforward way of presenting the odds showing the total payout rather than just the profit.
To calculate your potential winnings with decimal odds, simply multiply your bet by the decimal odds. For example, you placed a $20 bet on your favorite team with odds of 6.0. As such, multiply your $20 by 6 so if your team wins, you will get $120.
Final Thoughts
Familiarizing yourself with American odds, fractional, and decimal odds and how they reflect the probability definitely allows you to make more informed bets when cheering on your favorite teams.
Now that you have the basic understanding of the three most common odd formats all that is left is to constantly practice betting. As always, bet responsibly and enjoy the live sports match!
